Thanks for subscribing! Please check your email for further instructions.
By Emilio DiSpirito, Team Leader of The DiSpirito Team, HomeSmart Professionals www.DiSpiritoTeam.com
“I’d love to sell…but where will I go?” This has been the same question each of my clients have asked over the past two years.
With the lowest number of homes on the market we have seen (roughly 1200 active homes vs 4,000 active for sale in RI), it’s not only reasonable, but understandable why you may have this thought.
Let’s look at the current situation here in Rhode Island real estate, who the winners are and where we believe this thing is going!
With recent changes to most refinance guidelines, leaving homeowners with increased costs and less equity (https://bit.ly/3aYAFAB), your entry level and second time homeowners will have hardly any motivation to finance and more incentive to “buy up”. Basically, we will see more entry level homes hit the market here in Rhode Island over the next 12 months. This is good and somewhat bad! Currently, the lack of homes under $400,000 available for sale (3 bed 2 bath 2,300 or less sq ft) have driven the pricing to its highest and offers sellers, right now, opportunity to sell without costly upgrades and repair concessions. With increased competition in the coming future, this will change, making selling less profitable to your bottom line, despite slight, expected appreciation.
Homeowners selling first and second homes will be looking for a larger home with room for an in-home office, design studio, work out room, play area, larger outdoor living space, etc. Therefore, the best play for these folks is to sell while the inventory is light in their homes price range to maximize their profits with very few repairs and demands from buyers and beat the crowd to the closing table on a larger home!
Larger homes with four plus beds and 2 plus baths should focus on decluttering, organizing and staging their homes to meet expectations of today’s buyers. It may be worthwhile to invest in landscaping, home office space in that finished basement and other minor projects that will add massive value to your home for the near future. Consult with a top producing Realtor to help guide you in where to invest for the largest return in investment and do it now while contractors slow up due to back to school and election. You’ll save money and make more when you sell.
Come around Spring of 2021, the largest increase in home prices will come to towns with great school systems, larger homes and easier commutes.
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!