Julie Ochs is a licensed Realtor at LAER Realty Partners, working in Rhode Island with a heavy focus on green energy, offering clients advice on how to make money on their home sale or save money on their electricity by installing more energy efficient technology.
Ochs informs clients about the state’s incentive programs for installing energy efficient windows, appliances and other cost-effective features, along with home energy audits offered through the Cranston-based RISE, an employee-owned company that provides energy efficiency services to commercial, industrial, multifamily, institutional and residential buildings throughout New England.
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PBN: Something that you’ve talked about with real estate clients is energy efficiency features. How big of a factor is this for buyers to know that a home they’re considering uses the most modern, premium energy efficient materials and technology?
OCHS: In my experience, young professionals are the largest demographic seeking what you refer to as “the most modern, premium energy efficient materials and technology.” In general, however, more and more people across the board are seeking high-performance, energy efficient features in homes and with the current state of utility costs. Their interest is piqued when they hear about easy strategies to utilize in the effort to save money on utilities.
PBN: What advice and tips do you offer homeowners, especially those who may be selling, about going green? What do you tell them to consider doing?
OCHS: My first piece of advice to those interested in going green, regardless of whether they be sellers or buyers, is the energy assessment discussion. In the case of selling, I recommend scheduling an energy assessment ASAP prior to listing the home to take advantage of what I refer to as “low hanging fruit” – the easiest and most cost-effective ways to add efficiency and market value to the home.
In the case of buyers, my advice is to schedule the audit as soon as the utilities are in their name after closing. If this can be accomplished, it is less intrusive in the moving process and can be a part of it. In general, there are many ways to green your lifestyle that include purchasing energy efficient home electronics, recycling, composting to create a zero-waste kitchen, eliminating indoor air quality toxins in the home, cleaning the home with products that omit harsh chemicals for an effective, healthy clean, and many other suggestions.
PBN: What’s one word you would use to best describe the current housing market? And why do you say that?
OCHS: One word I use to describe the current housing market is “opportunity.” It is all about perspective. Many buyers are unhappy with the interest rates and lack of inventory, and rightly so. The plus side to this situation is that the buyers who are active in the market are fewer than before due to discouragement and the aforementioned interest rates, which means less competition for those remaining buyers. Buyers who are serious and persevere are the successful ones.
The very best time to buy is yesterday. One can always refinance when the rates fall; however, one can never change the price paid for a home. I remind clients that they date the rate but marry the home. Real estate on average appreciates about 5% per year; and sellers have found that due to the lack of inventory, their ROI [return on investment] is very high.
PBN: What can you say about the frequency of offers and the time it takes for a seller to decide on which offer to accept in this Rhode Island market?
OCHS: In my most recent experience, buyers’ agents endeavor to bring their clients to the listings as soon as possible after the listing comes to market. I am seeing multiple-offer situations and walk seller clients through the process of comparing and contrasting in order to choose the one for acceptance. I do my best to expedite this process with the goal of making notifications within a couple of days. When serving in the role of a buyer agent, the waiting truly is the hardest part, as Tom Petty would say.
PBN: Based on your observations this year, how are prices in neighboring Massachusetts and what’s the impact been on Rhode Island real estate?
OCHS: In the past year with the continuing inventory challenge, prices are increasing and illustrating supply and demand. The increase in prices in Massachusetts seems to be driving prospective buyers over the border into Rhode Island to find more value for their money.
The changes in the workforce supply and locations brought on by the pandemic have made Rhode Island an attractive alternative for those who work from home and/or commute via train. The Ocean State has a lot to offer new residents; and with the close proximity to Massachusetts, I expect the number of people moving from Massachusetts to Rhode Island to continue to increase.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
