Michael Sweeney is the founder of the Sweeney Advisory Group and a leading producer at Residential Properties Ltd., where he ranked No. 1 in Providence last year for both sales volume and transaction sides, generating 93.5 sides and $94.3 million in sales in 2022.
Sweeney got his start at another Rhode Island real estate firm about seven years ago, exceeding $15 million in sales in his first year in the business. Sweeney runs The Sweeney Advisory together with Ali Bazar, the group’s director of operations. The Sweeney Advisory was behind the largest single-family property sale per square foot this year in Providence, listing and selling 20 Cooke St. for $2.79 million in late May.
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PBN: What has inventory been like for single-family homes in Providence this summer? Has it dried up? What’s your perspective?
SWEENEY: Inventory for single-family homes has continued to dwindle as listings are down nearly 25% since last year. It is certainly still a seller’s market with this lack of inventory, plus prices have slightly increased another 2%. I believe sellers are no longer listing their homes simply to “cash in” on this housing boom. Rather sellers are only putting their homes on the market if they have a bona fide reason to relocate.
On the buyer side, there is still a huge influx of people coming to the state and they are on the hunt. I get direct messages on Instagram often asking if I have certain types of properties coming on the market, stating, “we will pay a premium.” I’d love to help every single one of them, but the inventory issue still is a component I’m hoping will loosen up in the fall.
PBN: Are you seeing bidding wars for homes? What’s that competition looking like for homebuyers right now in Providence?
SWEENEY: Considering inventory is still at record lows, we are still seeing bid wars. Aside from price, we still find that the terms of an offer are equally important. Often, the buyers winning bid wars are waiving both inspections and mortgage contingencies. Pro tip: A buyer can still waive a mortgage contingency but retain the right to finance the property if they so choose without it being a condition of the sale. The key is working with an amazing lender who will perform an in-depth pre-approval analysis to determine if buyers are in a position to do so. Waiving a mortgage contingency makes you appear as a “cash buyer” without being one. I love getting creative and working with my clients to win a bid war. If a client tells me they “can’t lose this house,” my track record is spot on.
PBN: How have the interest rates on mortgage loans impacted all of this? According to Freddie Mac, mortgage rates are at their highest level since November 2022. The average mortgage rate on a 30-year fixed-rate mortgage is 6.96% as of mid-July 2023.
SWEENEY: The increased interest rates are weeding out both sellers and buyers that don’t “need” to move. That being said, they are coming down a bit and lenders are getting creative. To echo what I said above – using a creative and local lender is key to this and I work with the best of the best.
PBN: What has this past year been like for you and The Sweeney Advisory?
SWEENEY: This past year has been a whirlwind in the best way! We are the No. 1 small team both at Residential Properties and statewide, and Ali and I couldn’t be more thrilled. Though business has been booming since we launched in September, I have been incredibly intentional in the way I have grown the brand. I only take on clients that I can devote my full attention to without running the risk of burning out – an all-too-common symptom many agents experience.
One of the core values of The Sweeney Advisory is to serve our community. I am honored to serve on the board at Trinity Repertory Company and am involved in multiple charities and nonprofits, including Special Olympics Rhode Island and The Miriam Hospital.
PBN: What’s your outlook for you and the Sweeney Advisory moving forward, especially given how competitive this market is right now?
SWEENEY: I am more motivated than ever to continue serving the Rhode Island community. My focus for the Sweeney Advisory is to continue to build my team to provide a highly individualized experience for our clients. With our full team support, plus using real data, we are confident we will be able to continue to guide our clients to make the best decisions to achieve their goals and also enjoy the process along the way. Ali and I have such different roles and they both fit us to a “T.” I think the true full-service aspect has made for success and much more efficiency.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
