5Q: Joseph Luca

 / PBN PHOTO/MICHAEL SALERNO
/ PBN PHOTO/MICHAEL SALERNO

1 You recently were named 2015 R.I. Realtor of the Year. What is the best part of the job?

Helping clients transition from one stage of life to another is tremendously satisfying: a newly married couple buying their first home, a small family up-sizing to accommodate a new baby or “empty nesters” downsizing to a home that will allow them to have more time to travel because it requires less upkeep and maintenance. 

2 What is the most challenging aspect of the residential market? Is inventory low in the state?

Inventory is low in the state and that can be a challenge, but we have to deal with this reality. It is my job as an experienced and knowledgeable Realtor to educate them that we can find the right home if we start our search early, clearly define what we are looking for in a home and obtain a mortgage preapproval from one of the great lenders on my team.

- Advertisement -

3 What do you expect to improve the most in 2016, in terms of sales? Are condos coming back?

Condo sales have lagged behind single-family home sales and in 2016 condo sales may still be a challenge. This is most likely due to financial factors. There are fewer financing programs offered by lenders compared to single-family homes, many condominium developments do not qualify for FHA financing and property taxes in some communities are an exceptionally large component of the monthly payment. This may be all the more challenging if the Fed increases rates, as is expected.

4 Is it still a smart investment to purchase a duplex or a multifamily?

Multifamily and duplex homes are a great option for someone looking to increase their income and/or long-term net worth, if they are willing to be a responsible landlord. … Unfortunately, sometimes price (getting a bargain) is the No. 1 priority of the buyer, which is good, but there are many other factors that need to be addressed and qualified to make a good buy a great buy. There are some tremendous opportunities in Woonsocket and West Warwick but Providence and Pawtucket are typically the most active areas.

5 Is this a good time to find a discounted property?

An inexpensive property isn’t always the cheapest. For example, there will be houses priced below others during the winter months but these may be bank-owned (foreclosed) homes that need a substantial amount of repairs. So the purchase price may be lower but the amount of money needed to take it to a level of condition that the buyer is comfortable with could be significant. •

No posts to display