Bryan Quinlan is a real estate agent at Keller Williams Realty Leading Edge. He joined the firm in 2024 after working with Redfin. A resident of Johnston, Quinlan earned a bachelor’s degree in business management from Johnson & Wales University and is licensed to practice real estate in Rhode Island and Massachusetts. He was also named a Real Trends Top Agent in 2023, and he received a 2023 Platinum Sales of Excellence Award from the Greater Providence Board of Realtors.
PBN: What are your thoughts on what 2025 will be like for the real estate industry, given economic, political, legal, technological and other changes in store?
QUINLAN: As we head into 2025, I believe the year will present both challenges and opportunities for the real estate market. At the close of 2024, the political landscape created a sense of uncertainty, leading to a temporary standstill as buyers and sellers took a "wait and see" approach. This resulted in properties staying on the market longer.
However, with the arrival of the new year, we’re seeing renewed interest from both buyers and sellers. The demand for homes is picking up, with more buyers entering the market and becoming increasingly serious about making offers.
From a legal perspective, the recent National Association of Realtors settlement regarding commission structures will bring greater clarity to both consumers and industry professionals, particularly regarding who pays commission fees and how those fees are structured.
Overall, I’m optimistic about the year ahead. If interest rates begin to ease, coupled with continued low inventory and growing buyer demand, we could see homes selling quickly, often with multiple offers, as we head into the spring market. I expect 2025 to be a strong year for both buyers and sellers.
PBN: What are some of the biggest challenges for you and your firm as you help clients buy and sell homes right now?
QUINLAN: The current market presents unique challenges on both the buying and selling sides. On the buy side, two primary challenges stand out: First, inventory remains historically low, making it difficult for buyers to find the right property. Second, affordability has become a significant issue. With high interest rates and rising home prices, many buyers are facing mortgage payments well over $3,000 per month for a single-family home, which is simply out of reach for a large portion of the market. Additionally, finding homes in good condition – without the need for extensive repairs or updates – has become increasingly difficult.
On the sell side, the recent NAR settlement has added complexity to the process. In Rhode Island, buyer’s agent commission is now disclosed as part of the offer, rather than being predetermined in the listing agreement. This shift in the compensation structure has led to uncertainty and, in some cases, affordability concerns for buyers. If a seller is unwilling to cover the buyer’s agent commission, the buyer may be forced to assume responsibility, which could make the home even less affordable, especially when factoring in down payments and closing costs.
PBN: What are your best tips to prospective home sellers in this market in the Rhode Island area?
QUINLAN: For sellers in Rhode Island, now is an excellent time to capitalize on the current market conditions, especially if you’ve been considering relocating out of state. Many homeowners have successfully "cashed out" by selling their properties here, where values have risen significantly, and purchased homes in areas with more affordable prices, such as Florida or North Carolina. I’ve helped multiple sellers become mortgage-free by facilitating these moves.
Additionally, for those staying local, simple updates can make a big difference in maximizing your sale price. A fresh coat of paint, replacing outdated light fixtures, or even small touches like updating outlet covers can make your property more appealing to buyers and potentially increase its market value. Small improvements can yield a significant return when selling your home.
PBN: Why is it so important for a home seller to find a reputable real estate agent to list their property? How big of a difference can it make?
QUINLAN: Choosing a reputable, experienced real estate agent is crucial when selling a home. For many people, their home is their largest financial asset, and selling it is a significant life decision. In such a high-stakes transaction, it’s essential to work with a professional who is not only knowledgeable but also committed to guiding you through every step of the process. A skilled agent understands the nuances of the market, can strategically price your home and knows how to effectively market it to attract the right buyers.
With over 150 transactions under my belt, I’ve seen firsthand how each transaction is unique, with its own set of challenges. Having an experienced agent can help you navigate these complexities and avoid costly mistakes. An unseasoned or part-time agent – or even a “family friend” without proper expertise – could potentially undersell your property or mishandle key details of the transaction. Ultimately, working with a reputable agent can make the difference between a successful, smooth sale and a missed opportunity.
PBN: What about buying a multifamily home? Is that becoming a more viable option as single-family home prices have risen amid low inventory?
QUINLAN: Over the past five years, multifamily properties have become an increasingly attractive option, especially in Rhode Island, as single-family home prices continue to rise. Financially, buying a multifamily property – such as a three-unit building – can be an excellent way to offset mortgage costs. In many parts of Rhode Island, these properties are priced between $500,000 and $700,000, and by occupying one unit and renting out the others, buyers can cover a significant portion of their mortgage payment.
That said, the multifamily market is also facing low inventory and intense competition. When a multifamily property hits the market, it often receives multiple offers, with bidding wars pushing prices above the asking price. Despite the competitive landscape, the appeal of reducing personal housing expenses by renting out the other units continues to drive demand for multifamily properties.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X @Marc_La_Rock.