Thanks for subscribing! Please check your email for further instructions.
By Emilio DiSpirito, Real estate advisor and co-owner of Engel & Volkers East Greenwich and Engel & Volkers Barrington East Bay
Look, when your job is to sell advertising, you’re going to hype up whatever you can and motivate people by selling fear. It’s what our media is known to do… and they do it well. We know this. In this article, we are going to break down how the media misrepresented the real estate market in Rhode Island.
For example, headlines show, “Rhode Island Inventory Hits Record Low”, “No homes to purchase in Rhode Island”, etc. This is not “fake news”, but “late news”! As we know… timeliness is vital in real estate!
In February, active single family homes on the market hit the lowest we’ve ever seen! A measly 490 single family homes were active for sale here in Rhode Island. However, when all of these very late headlines went out, inventory had increased by approximately 20%! The active number of homes on the market is just under 600 now.
When you take into consideration inventory levels of homes are historically lower in the winter, consumers should feel a bit more at ease knowing that a number of homes are getting ready to list.
Here is another piece of data we need to look at, so we understand that a good number of homes are hitting the market. There are currently about 1,400 pending single family homes on the market. When you add the 600 actives, approximately 50 coming soon listings, and 1,400 pending, we have 2,050 homes that are on the market. The difference here, is that buyers are emotionally invested in this real estate buzz and are helping to inflate the market.
Oh yea, how about the fact that we have seen a 73% uptick in phone calls of people looking to list, this time this year, over last year.
Without a doubt, there are fewer homes on the market than what is needed, however, having boots on the ground, what we see as realtors here in Rhode Island is that the rising interest rates are going to eliminate a percentage of buyers from the marketplace, by pricing them out of price ranges. Days on market will increase, fewer homes will be pending, leaving more active homes for sale and people who were holding off on selling because they did not see homes they wanted to purchase, will now jump in!
Connect with a local Realtor to understand true market conditions.
To read more articles in RINewsToday by Emilio, go to: https://rinewstoday.com/emilio-dispirito/
If you would have asked me what I wanted to be growing up, little Emilio would have told you “an archeologist” or “an architect” despite the fact that at age 8 I had my first lemonade stand, landscaping business and was recording my first “news show” on my boombox! Well, I never was much good at trigonometry and did could not see myself traveling for months and possibly years at a time, so becoming an architect or archaeologist clearly did not happen!
Fast forward 26 years later and I’m running a team of the finest residential real estate professionals, own a media company and host my very own radio news show about real estate!
For 7 years straight it seemed that I had put in more hours than the day had to give on my real estate business. 7 days a week, 14 to 16 hour days, without a break! Why? My friends and family did not understand the sheer magnitude of moving parts and services we offer to our clients during a transaction! One slip up or one missed call could mean make or break for someone’s dream home or even a lost deposit!
Running a team of like-minded, highly qualified and capable professionals has allowed me to offer a very streamlined, simplified and efficient approach to the sales process for our clients and allowed me to earn personal time again with my family while not missing a beat for my clients!
When I’m not working, I’m with family and friends, riding my mountain bike, eating at local restaurants, enjoying live entertainment, hiking, skiing or reading!