I found this little gem today on the Providence Daily Dose from an ABC News report back in the 1980’s regarding tourism. A young Mark Patinkin from the Providence Journal even makes an appearance. Journalist Hughes Rudd is right, bigger isn’t necessarily better. Enjoy!

In these challenging economic times of increased foreclosures and stringent qualification requirements for obtaining a mortgage, more and more Americans are finding themselves back in the rental market for the first time since college (or ever.) The landscape most likely has changed dramatically since those days. Here are some tips for how to navigate the apartment wilderness…

Educate Yourself.
Before you do anything become familiar with the area you want to rent in. Drive around the various neighborhoods within your town of interest. Stop for lunch and talk to people about where they live and how they like it. Write down some streets you particularly like and search several websites, like craig’s list, to get a feel for what’s out there within your general price range.

Make Funds Available.
Even with an abundance of rental inventory out there, the best deals still go quickly. If one apartment really stands out, be ready with your checkbook to put down a deposit and make sure funds are available in your checking account. In the time it takes you to get organized, someone else can pull the rug out from under you.  No matter what the agent tells you, an application alone only goes so far.

Work with a Realtor®.
Ok, I know I’m biased, but there are good reasons to use a Realtor. Generally we have access to a large inventory and we can do the leg work for you as far as providing information, setting up appointments and negotiating the rent. Also, we will usually go over the lease with you and work out any details, such as pets, parking, etc., in your best interest.

Consider Your Needs.
Take some time to figure out your “nice to have’s” and “need to have’s,” as far as square footage, number of bedrooms, parking, level of finish and any other items important to you. The clearer the picture in your mind, the faster and easier the process will be for you.

Timing.
As always, it is everything. It’s a good idea to start educating yourself a couple of months before beginning your search. Generally 6-8 weeks in advance is an ideal time to start looking. Any earlier and properties may not yet be available, but obviously if you wait too long you could miss your window. Talk to your Realtor, as certain areas (Providence being one of them) have heavy seasonality with their rental inventory which will affect your search.

If you are ready, check out our rental listings, or send me an email for assistance.

A recent report from Deutsche Bank confirms what I have been seeing around my offices lately, while the impact of the first time buyer tax credit is up to debate, there is no doubt that the activity spurred by the credit to date has certainly elevated the mood of my agents, and spurs hope for the future of the market.

The Deutsche Bank report concludes “While the actual impact on sales numbers may be relatively light, the impact on consumer psychology, and that second-order impact on the housing market, could be meaningful, and should serve to take a worst-case scenario off the table, at least over the next several months”.

Economists at Goldman Sachs estimate that with the expanded income limits around 70% of all current homeowners will be eligible for the tax credit and that should actually help to raise home prices over the next few months.

In September, existing owners accounted for around 60% of sales, which means that around 42% of all sales last month would have been eligible for the new credit, following Goldman’s count, in addition to the 30% of sales that went to first-time buyers.

This Week’s Real Estate Insight:

The housing market is still constrained by unemployment, foreclosures and tighter credit. Serious sellers should grab this opportunity to really make their house shine; the $800,000 cap on homes eligible for the credit will exclude only around 3% of all homes. There are buyers out there, but they need to know that they are getting maximum value.

If home sellers are serious about selling, they can take advantage of the psychological impact of the new tax credit. Research the comps in your neighborhood and properly price your house to sell. Clean, de-clutter, and stage it to the max. Make sure you that you choose a Realtor that has a good web presence and that you have quality photographs.

Though we are still in the autumn season, now is the time to search through your closets for those articles of clothing that you may not need. Perhaps you have downsized your wardrobe through a weight loss program. Help this year is important.

Mayor Cicilline has launched his campaign requesting residents, businesses, students and workers to donate warm and clean winter clothing to the annual coat drive.

New or clean, gently-used (and oversized) adult winter coats, hats, gloves and mittens, boots, heavy socks, sweatshirts and sweatpants and blankets will be donated to Crossroads Rhode Island, for distribution to families and individuals in need.  The City will also collect new personal care items: shampoo, toothpaste, shaving goods and feminine hygiene products.

Specially-marked bins are located in public buildings throughout the city.

Crossroads Rhode Island will also accept donations through their website.

The US Senate passed the extension of the First Time Home Buyer Tax Credit by a vote of 98-0. The measure was added to a bill which provides an extension of unemployment benefits and also allows all businesses that have incurred losses in 2008 and 2009 to seek refunds for taxes paid on profits over the past five years.

The legislation would extend the $8,000 tax credit through June of next year as long as the buyer enters into a binding contract before April 30. It doubles the income ceiling for qualification to $125,000 for individuals. The credit is available for homes purchased at under $800,000.

The measure also strengthens the ability of the IRS to stop people who are not eligible for the program from filing fraudulent claims.

It includes a $6,500 credit for existing homeowners who have been in their homes for at least 5 years. Sen. Johnny Isakson, R-Ga., a cosponsor of the measure said, “[it] is going to help us boost what is the problem in the U.S. housing market today and that is what is called the move-up market.”

The bill should be passed by the house shortly and sent on to President Obama for signature.

Ed.Note: The House approved the measure today on a 403-12 vote, sending it to President Barack Obama for his signature.