Michael J. Sweeney, a resident of Providence’s East Side for over two decades, first became a full-time real estate professional in 2017, when he exceeded $12 million in annual sales and then doubled that the next year after joining Residential Properties Ltd.
Ever since 2018, Sweeney was part of a top-producing sales team together with Kira Greene, reaching $83 million in team sales in 2021. But recently, RPL announced that Sweeney is stepping out as an independent sales associate for the firm, after Greene became a founding agent for the Providence office of national real estate firm Compass.
PBN: What is the temperature like in the Providence real estate market now that we’ve reached the fall of 2022, compared with earlier this year? Has the demand cooled off at all? Has more inventory become available?
SWEENEY: The temperature in the Providence real estate market is still hot. Sure, with interest rates climbing slowly, there has definitely been a change from the “scorching” temperatures we saw four to six months ago, but that doesn’t mean that homes are not still selling over ask in bidding wars with contingencies being dropped. It is still a great time to sell, but also to buy because I work with lenders still offering 4.5% on interest rates, which is still relatively very low. Though there has been more inventory available, there are still far more buyers than sellers in the Providence market.
PBN: What are some of the qualities that buyers are most often looking for in a home in the Providence area as of late? Any trends? What are buyers looking for in this current market?
SWEENEY: I believe that the quality most buyers are looking for in a home in Providence is something that is “move-in ready.” This often means that the home is renovated, features a neutral color palette and is easily able to change from one owner to another with just swapping out their furnishings.
The biggest trend that I have seen which has seemed to last is the neutral color tone in homes. Buyers, especially millennials (which I can say because I am one), love a light gray, white or very neutral tone throughout the house so that their art and furniture pops. Colors such as yellow, green, red and even blues have faded out, and white and gray with some darker accents have become the trend.
PBN: You recently stepped out as a solo sales associate for Residential Properties, after being part of the Greene/Sweeney Team. Can you tell us about that change and what it means for you?
SWEENEY: I did recently step out as a solo agent for RPL. Luckily, for me, I didn’t have a decision to make, and I was happy to stay where I have been doing so well at Rhode Island’s No. 1 real estate company.
I believe that my clients know me as someone who has their best interests at heart and will advocate for them however and whenever I can. I believe that kindness is key in this industry and “playing nice in the sandbox,” so to speak, goes a long way. I will continue my unwavering dedication to my clients, and they can expect the same level of customer service and accessibility that I’ve built my career on. This is a fun job I love doing, in the state I grew up in, every single day.
PBN: How did you originally get interested in real estate and what keeps you motivated to continue a career in this field?
SWEENEY: I grew up on the East Side of Providence since I was in the fourth grade. When most kids my age were going to sports games or attending arts classes on the weekends, I was dragging my parents to every open house I could. I have always been interested in what was “beyond the front door” of a property. I believe that curiosity is what led me to love real estate the way I do and motivates me every day to continue this career.
I have always been a salesman. I sold my neighborhood a newspaper I crafted weekly when I was 7. I sold pastries for the local bakery when I was in middle school. I sold handbags and jewelry at my mother’s amazing boutique, In The Bag, in high school and I sold on QVC for years after I graduated college. That love of homes, selling and meeting people makes me love my job every day.
PBN: What are some of the ways that you expect this Providence real estate market to behave heading into next year, and how do you think that might impact your work?
SWEENEY: Obviously, nobody has a crystal ball – wouldn’t I love one – but I do feel that this coming year is going to be a strong one for Providence real estate. COVID-19 really put Providence on the map in a huge way. People from all over the country were realizing that our amazing universities, arts, food scene, sports, quality of life and proximity to New York City and Boston were too good to pass up, and that word of mouth spread and continues to.
I love seeing all the new blood from places all over the country settle into Providence. These people and their families along with locals are what will keep our amazing little city interesting forever. I believe I am going to have a very busy 2023 and I am so ready for it.
Marc Larocque is a PBN contributing writer.
