Subscribe!
Rhode Island Homeowners May Be in a Stronger Position to Upsize Than They Realize – Emilio DiSpirito
By Emilio DiSpirito, Real Estate Advisor | License Partner of Engel & Völkers Oceanside – contributing writer
Coventry, RI – Rising property values and a recent dip in mortgage rates have created a unique opportunity for some Rhode Island homeowners to consider moving into larger homes.
One recent case in Coventry highlights the trend. A couple who purchased their home in 2021 for just under $500,000 with a 3.1% mortgage rate and 10% down had an all-in monthly payment—including mortgage, PMI, taxes, insurance, and fire tax—of roughly $3,350. Today, that same home is valued between $700,000 and $750,000, leaving the owners with an estimated $230,000 to $270,000 in net proceeds after accounting for all selling expenses, including brokerage fees, transfer taxes, attorneys’ fees, and mortgage payoff.
Meanwhile, mortgage rates have slipped into the low 6% range, opening a window where buyers are seeing more inventory and less competition than in recent years. This balance is not expected to last—if rates continue to decline into 2025, inventory will likely tighten and bidding wars could return, pushing prices higher.
For example, a 2,200-square-foot Colonial with four bedrooms, 2.1 baths, a two-car garage, and a half-acre lot in Wood Estates, Coventry, is currently listed at $589,900. With 30% down, buyers moving from a comparable home could keep approximately $50,000 in tax-free cash from the sale of their current property while carrying a monthly mortgage payment of about $3,479—similar to what many are already paying, while also gaining additional room for their growing family.
As a local advisor, I make it my mission to guide clients into opportunities they may not realize are available to them. Over the years, I’ve researched and identified exclusive programs designed to help families transition seamlessly into their next home. One such option is Cash for Keys by Annie-Mac, which allows homeowners to use their current home as collateral to purchase a new property first, move in comfortably, and then list their existing home within two weeks. With this program, my clients are able to make cash offers without a home-sale contingency, making their bids more attractive to sellers and often allowing them to beat out even higher competing offers. This strategy gives families confidence, flexibility, and peace of mind as they move into the next chapter of their lives.
With rising equity, softening rates, and access to programs like Cash for Keys, many Rhode Island homeowners are in a stronger position to upsize than they may realize—at least while this current market window remains open.
If you’re curious about what your home could sell for today and how programs like these might work for your family, I’d be happy to provide a confidential, personalized analysis. [email protected]
___
Emilio DiSpirito
Emilio DiSpirito is one of Rhode Island’s most recognized real estate professionals, consistently ranking among the top 1% of advisors across the nation and globally. Since beginning his career in July 2012, Emilio has personally assisted more than 1,500 families and closed over $750 million in real estate sales. He leads The DiSpirito Team, which since 2013 has been ranked multiple years as Rhode Island’s #1 team. In 2024, RealTrends recognized the team as #1 in the state for units sold, while Engel & Völkers honored them as #4 worldwide for homes sold.
As License Partner and Owner of Engel & Völkers Oceanside, Emilio and his business partner oversee boutique shops in East Greenwich and Barrington East Bay with a team of 30 advisors and support staff. Their brokerage assists buyers and sellers across Rhode Island, Massachusetts, and Connecticut, and leverages Engel & Völkers’ referral network spanning 35+ countries worldwide. Emilio specializes in new construction, second homes, waterfront properties, and investment properties. He particularly enjoys helping homeowners who need assistance buying and selling congruently, guiding them through complex transactions with clarity and confidence.
Beyond brokerage leadership, Emilio is also a seasoned investor—owning rental properties, developing land into new homes, and revitalizing neighborhoods through nearly 40 home renovations and flips. A trusted voice in the industry, Emilio is a member of the exclusive Engel & Völkers Private Office, reserved for fewer than 300 of 17,000 advisors worldwide, and an active member of REALM Global, connecting with the top 1% of luxury real estate advisors across 18 countries. He is also ranked among the Top 10 BNI producers across the entire region, consistently recognized for his contribution and results through Business Networking International.
Outside of real estate, Emilio hosts The Wealth Architect Podcast with Emilio DiSpirito, airing locally on 104.7 FM, 920 AM, and streaming worldwide on iHeartRadio, Spotify, YouTube, and other platforms. His mission is to help listeners build wealth and well-being—mental, spiritual, physical, and financial—through conversations with thought leaders across industries.
Deeply committed to his community, Emilio serves as an honorary board member of the Caroline Caprio Brain Tumor Foundation, where he was Keynote Speaker in 2023 and Emcee in 2024. At his core, Emilio is a family man—he cherishes weekly Sunday dinners with his loved ones, adventures with his son Emilio V, and time outdoors with his dog Benny. Whether road biking Rhode Island’s scenic paths, skiing in winter, or traveling abroad, he approaches life with passion, purpose, and a drive to leave a lasting legacy.
Contact: [email protected]
https://emiliodispirito.evrealestate.com
License Partner & Real Estate Advisor, Engel & Völkers East Greenwich & Engel & Völkers Barrington East Bay
Recognized as Rhode Island’s top real estate advisor specializing in luxury properties, multifamily units, and investment strategies.
Host of The Wealth Architect Podcast
Follow me on Instagram: @wealtharchitectpodcast
Contact: [email protected] | 401-359-2338