Chris Whitten is the outgoing president of State-Wide MLS and is the owner of Premeer Real Estate. He has been one of the driving forces in finding new ways to show homes in Rhode Island and was a proponent for virtual showings and tours before the pandemic.
He recently responded to questions posed by the Providence Business News on trends in Rhode Island’s residential real estate market.
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PBN: You helped educate agents and sellers on conducting virtual showings throughout the pandemic. How successful were they?
WHITTEN: As an industry, Realtors adapted well to all the virtual tools available to us since the start of the pandemic in March. We were able to provide buyers with virtual video-guided tours, more-detailed floor plans, additional professional photos, real-time FaceTime or Zoom-type virtual showings and many other advanced tools that helped market our sellers’ homes without having the buyers step foot on the property.
If a qualified buyer showed interest after viewing some of the previously noted methods, including a drive-by and/or exterior-only showing of the property, then they were able to view the interior in person while following strict safety protocols. Both buyers and sellers had success with these methods.
Even in this tech-savvy world we live in, it’s imperative to have the skillful guidance of a dedicated Realtor to guide buyers through the hurdles of this extremely hot seller’s market.
PBN: Are buyers showing less interest in city properties due to pandemic-related restrictions, including social distancing?
WHITTEN: We’ve recently seen much more interest from Boston-area buyers exploring a move down I-95 to Rhode Island, as they have much more buying power. With more and more companies utilizing “work from home” policies for the foreseeable future, we’re seeing buyers looking to leave the bigger cities for larger living areas and private yards, while being a reasonable driving distance from work for those infrequent days they need to be in the office.
PBN: Are people looking for different things in a house compared to years past? If so, what are they?
WHITTEN: We’ve seen an uptick from buyers looking for homes with pools, waterfront and nearby hiking trails, or water access over the last few months since many buyers’ needs have shifted since COVID-19.
PBN: Is the opportunity to work from home leading more buyers to consider locating further from their employer?
WHITTEN: We’ve also been more cognizant to point out potential office space to our clients at each home, with distance learning and working from home becoming more and more prevalent.
PBN: In what parts of the market are sellers having the most success right now, and why?
WHITTEN: Sellers in almost every market are seeing success. The key is pricing the property correctly. Yes, it’s a seller’s market, but you also can’t just pop on the market at $50,000 over market value and expect to have buyers lined up with a trunk full of cash ready to close that afternoon. You need to rely on a trusted Realtor who can provide you an accurate and current market value. I say “current,” as homes are selling for over-asking [prices] in this market, so a “pending” comp today can become a “sold” comp tomorrow, which may raise your market value.
Alexa Gagosz is a PBN staff writer. Contact her at Gagosz@PBN.com. You may also follow her on Twitter at @AlexaGagosz.
