I’m ready to sell my home but can’t find a home to buy. What do I do? – Emilio DiSpirito

By Emilio DiSpirito, License Partner/Real Estate Advisor with Engel & Volkers

www.dispiritoteam.com

Thousands of homeowners here in Rhode Island are faced with the same challenge… you have massive amounts of equity, maybe a higher than current mortgage rate, are ready to downsize or upgrade, but can’t find anything. What can we do?

For nearly three years, Rhode Island home buyers have been faced with a low inventory market. Currently, there are only 673 single family homes available here in Rhode Island. 228 of which are priced over $700,000 and only 42 priced under $200,000! This means, we are left with only 403 homes in total, near median pricing. That’s roughly 10 per town in Rhode Island.

Here is what you can do!

• Expand your search area
  • Add in Connecticut! CT home prices are between 10% to 30% lower in for the same house and more land!! Maybe you add 10 to 20 minutes on your commute.. or maybe you are working from home? This is a fantastic opportunity to leverage your profits and store some away for a rainy day or those dream travel plans (one day soon.).
  • Add in additional towns you may be overlooking!! If you do not have kids that are of school age and are in a more flexible situation, seek neighboring towns as well.
• Ease up on your search “requirements”!
  • You may be too specific in your search results and may be looking over homes which were listed with incomplete or inaccurate information.
  • Maybe drop the two-car garage requirement and find a property where you can add one later?
• Sell and Stay! Sell your property at the highest ever median pricing right now and stay at the following options.
  • With family or friends
  • Rent month to month
  • Airbnb
• Relocate!
  • Leverage our global relocation network and find yourself in warmer climates where your dollar will go further, and taxes are limited.
• Home swap! There are thousands of homeowners just like you who may want to exchange homes.
  • You may be looking to downsize, and they may be looking to upgrade.
• Engage our off-market search option! This is where we connect you with off market homeowners who are willing to sell at the right price, but not yet listed. Here is how we find them.
  • Withdrawn and expired listings on MLS. Homeowners who were previously listed and did not sell over the recent past.
  • For sale by owners! These are not technically “on the market” as they are not publicly listed through MLS. They are harder to find for buyers and are on an assortment of websites.
  • Homeowners who have inquired previously. We have hundreds of homeowners who have reached out and are on the fence! We may be able to play match maker.
  • Other Realtors! As members of RI, MA and CT MLS, we have access to nearly 30,000 real estate agents in our network and can find what is coming on.
  • Coming Soon listings! These are properties due to hit the market in the next 2 to 4 weeks.
  • Algorithm! Leverage our proprietary software in which can estimate who may be likely to sell. One of our advisors will reach out to the homeowners, gage their interest and get you an off market showing when they are ready to sell.

Despite the challenges of this low inventory market, when there is a will there is a way. Make sure you have the correct real estate advisor on your side, walking your way through your options.

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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!

In September of 2017, I married my best friend, Jaclynn, and we have two wonderful children, Destinee and Emilio, V.  We have 3 dogs, one of which is a rescue and live in lovely Rhode Island. Jaclynn owns a high-end hair salon in addition to an on-location hair and makeup business!

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 my family, riding my mountain bike, eating at a number of local restaurants, enjoying live entertainment, hiking, skiing or reading!

Contact:  [email protected]