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By Emilio DiSpirito, Realtor and License Partner of Engel & Völkers Rhode Island
Rhode Island single family home prices, according to Statewide MLS, have surpassed the highest median sales price in history, now at $350,000. Current prices are approximately 70% higher than they were in 2014, hovering around $206,000. The median home is about 1400 sq ft and contains 3 beds and 2 baths.
As demand has skyrocketed with housing supply at a record low of around 650 homes for sale throughout the great state of Rhode Island, days on market have plummeted to under 20! It’s not uncommon for homes to get between 10 to 20 offers in the more desirable areas and in almost all price ranges from starter to the luxury home market.
“We had 143 guests in only two hours with 23 offers and prices reaching over 23% above asking on our newest listing” explains Pamela Hogan, Broker Associate of Hogan Simpson Group at Engel & Völkers East Greenwich. “The most amazing part is that buyers paying top dollar are offering to waive inspections, appraisal and mortgage contingencies, while offering large deposits. It’s pure pandemonium and there is no end in sight with the lack of inventory, low mortgage prices and ease of financing”, says Hogan.
According to Freddie Mac, the United States housing market has a shortage of over 4 million homes for the number of buyers ready and able to currently buy. Many homeowners feel that they are unable to find suitable housing and are hesitant to sell, further feeding the demand for new construction. With the prices of wood and raw materials surging, home prices are only going to continue to increase through the Ocean State.
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!