After rising through the ranks of the banking industry, Donna Conway pursued her passion for real estate, becoming a real estate agent in Rhode Island after her oldest child went to college more than 16 years ago.
Conway, a resident of North Kingstown who graduated from Bryant University and studied business administration, is now a sales associate for Mott & Chace Sotheby’s International Realty based at its East Greenwich office.
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Conway is also a member of the Kent Washington Association of Realtors, along with state and national Realtor associations, and she is a board member of the Community College of Rhode Island Foundation.
PBN: With houses being sold quickly after they are listed in the Rhode Island real estate market this year, and the COVID-19 pandemic impacting the way people conduct business, what’s going on with open houses? Are they still being used a lot to sell homes here?
CONWAY: Even during the height of the pandemic, open houses were a valuable tool with proper protocols. Often agents would open a new listing for a two- or three-hour time frame and accommodate showings with 15- or 20-minute appointments depending on the size of the property.
Now that COVID-19 infections have subsided, open houses still are a very valuable vehicle for both buyers and sellers, and there are more open houses that are truly “open” and not by appointment or with masks. Sellers prefer getting as many customers through as possible during a window of time, as it means less wear and tear in house preparations compared to individual showings.
Buyers love the flexibility of going to an open house to preview the home in person with a window of time on a given date, allowing them to sometimes see a few listings on a given day to compare and contrast various properties.
PBN: What are some of the qualities that buyers are most often looking for in a home in Rhode Island as of late? Any trends?
CONWAY: It has been a brutal time for buyers at almost every price point over the last few years. With such a limited inventory, buyers have been faced regularly with multiple offers, waiving inspections and cash buyers that they can’t compete with. Many buyers are weary, but the tide is turning with a slight increase in inventory and for the first time last month, an overall median price decrease on homes.
Buyers, up to a few months ago, made numerous concessions just to have a shot of ownership. With the interest rates now around 6.75%, up from 3% at the first of the year, buyers have a slight edge on price negotiations and any needed repairs if they find the house of their dreams.
Some buyers are trying to time the market and in hopes that prices will hit bottom. That strategy is risky in a rising rate environment, and it is better for buyers to purchase now if they find a house they love that is within their budget and monthly payment expectation.
PBN: How did you get interested in real estate and what keeps you motivated to continue a career in this field?
CONWAY: I credit my parents, and in particular my mother, for my love of, and passion for, real estate. My father was career Air Force and our family moved seven times before I turned 18 years old. We lived on both coasts of the United States and three years each in Spain and Scotland. With every move, my parents immersed themselves into the local culture and my mom was the housing scout. Her mission with each move was to make sure our transition was as seamless as possible, and each new house became a home. That’s where the seed was planted.
Despite the transient upbringing, Rhode Island has always been my anchor and my home base. My father grew up in the Ocean State. In between his military assignments, and while deployed to Vietnam for a year, Rhode Island was our go-to place. Nothing like family and our state’s coast and beaches to keep calling you back.
PBN: What’s your advice to newly licensed real estate agents on how they can become as productive as you have been?
CONWAY: For over 17 years my labor of love has been helping clients buy and sell homes. I am driven not by the sale, but by doing what is in the best interests of my clients. And they seem to appreciate this focus. Ninety percent of my business comes from referrals of past clients, and I have been a top producer for my office and company almost from the start of my career.
PBN: What are some of the ways that you expect the Rhode Island real estate market to behave heading into next year, and how do you think that will impact your work?
CONWAY: Going into the new year, I would expect stabilizing home prices and possibly slight declines in some areas of the state. Interest rates should continue to increase given the Fed’s commitment to lower inflation. It’s important that buyers and sellers work with seasoned, trusted advisers to be able to navigate the changes in the marketplace and find opportunities that best meet their individual needs.
Marc Larocque is a PBN contributing writer.
