Real Estate in RI: Why the Next 60 Days Could Present a Unique Opportunity for Buyers and Sellers – Emilio DiSpirito

By Emilio DiSpirito IV | Engel & Völkers Oceanside

If I were buying a home in Rhode Island today, I would be actively looking before the November 3 midterm elections. If I were selling, I would be preparing for what I believe could be a noticeable increase in buyer activity immediately afterward.

Real estate is about more than interest rates and home prices. Timing, consumer confidence, competition, and negotiating leverage all play important roles in determining the outcome of a transaction.

And right now, I believe Rhode Island is entering an interesting 60-day window.

Why Buyers Should Be Looking Right – Now

According to the Rhode Island Association of Realtors, September single-family home sales declined 11.7% compared with the previous year, while pending sales fell 14.8%. Yet the median sales price remained relatively stable at $534,000.

What does that tell us?

Buyers have become more cautious, but home values have not experienced the dramatic declines some anticipated.

For buyers who are financially prepared, this creates an opportunity. Less competition can mean more negotiating power, greater flexibility with inspections, and potentially the ability to negotiate seller-paid closing costs or mortgage rate buydowns.

The best time to negotiate is often when everyone else is hesitant.

My Prediction: A Post-Election Increase in Activity

I anticipate an increase in buyer activity following the November 3 midterm elections, potentially lasting until Thanksgiving.

Why?

Election cycles create uncertainty. Regardless of political affiliation, some consumers prefer to wait until the political landscape becomes clearer before making major financial commitments.

Once the elections are behind us, I believe some of those buyers will reenter the marketplace, particularly those hoping to purchase before the end of the year.

This is my market prediction, not a guarantee. Mortgage rates and broader economic conditions will ultimately influence how much activity returns.

What I Would Tell Home Sellers

If your property is already competitively priced and properly marketed, I would generally avoid making an unnecessary price reduction in the final days before the election.

Instead, I would evaluate showing activity, buyer feedback, and competing inventory, then reassess approximately one week after Election Day.

My expectation is that the period between November 4 and Thanksgiving could offer sellers an improved opportunity to attract motivated purchasers.

Of course, a property that is clearly overpriced should not wait for an election to correct its pricing. Strategy matters more than optimism.

The Second Opportunity for Buyers: Thanksgiving Through New Year’s

For buyers who miss the current window, I see another potential opportunity between Thanksgiving and New Year’s Day.

Historically, holiday schedules reduce the number of active home shoppers. Yet sellers who keep their properties on the market through the holidays may have compelling reasons to sell.

That combination can create opportunities for serious buyers to negotiate favorable terms without the pressure of competing against numerous offers.

The tradeoff? There may be fewer homes available to choose from.

The Bigger Picture for Rhode Island

Despite slower sales, Rhode Island continues to face a significant housing supply shortage. September inventory represented just 2.9 months of supply, well below what is generally considered a balanced market.

That underlying shortage is one reason I do not anticipate a widespread collapse in home values.

My advice is simple: Buyers should take advantage of periods when competition is reduced, while sellers should recognize that strategic timing and accurate pricing can make all the difference.

In real estate, waiting for the perfect market rarely works. Understanding the opportunities within the market we have is what creates results.

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Emilio DiSpirito IV is a Private Office Advisor and License Partner at Engel & Völkers Oceanside and leader of The DiSpirito Team. With more than $800 million in career real estate sales, he provides market insight throughout Rhode Island and surrounding Massachusetts communities.