Patricia Chretien is a branch manager for Coldwell Banker Realty, running the company’s East Greenwich and Newport offices. Before getting into real estate in 2018, Chretien had a banking career for more than 25 years, including financing, residential and semi-commercial projects. Chretien speaks French as her first language, as a native of northeast Canada.
PBN: What has this spring been like so far in the local real estate market compared to five years ago and 10 years ago?
CHRETIEN: As the spring has sprung, so are the listings. We see a slow shift toward a more balanced market as listing days on the market are longer, compared to five years ago. Five years ago, the real estate industry was going through a major transition due to COVID. People working from home decided to flee the big cities to go to a quieter neighborhood where they can enjoy life after work, with a full leisure mindset and no more long commutes. Rates were historically low back then, creating a large movement in real estate.
Ten years ago was a whole different scenario. As you all know, real estate is constantly changing and goes through cycles. Back then, it was a buyer’s market, with some foreclosures and short sales, which we have not seen as much lately. It doesn't mean it won't come back if the mortgage rates are climbing and pricing stays strong. For now, the Federal Reserve Board is holding the rate as is in order to avoid moving toward a recession. But for how long, who knows.
PBN: What are some of the biggest challenges for you and fellow Realtors right now?
CHRETIEN: Pricing is still strong. Inventory is still not sufficient to absorb the demand, and rates are fairly high compared to COVID times but just normal if you compare with the last 20- to 30-year rates. I was working in banking in 1996 when you could see a 16% mortgage rate. So, it’s not so bad right now with an estimated 7% mortgage rate.
PBN: What are your best tips to prospective home sellers in this market in the Rhode Island area?
CHRETIEN: Get your home ready. People don't have vision. They want to see an uncluttered property that is fairly clean. Pricing should be set by a professional, not based on what your neighbor sold their house for years ago. A well-selected agent should be your first guidance. Exposure and marketing material also make a big difference.
PBN: Why is it so important that a home seller finds a reputable real estate agent to list their property? How big of a difference can it make?
CHRETIEN: Getting the right exposure, guidance and knowledge will make the sale of your property a much better experience. Be sure that your agent is well trained and has the full support of their broker. As you may get multiple offers, you definitely need the best agent to present and manage such a volume of offers – an agent that has a great reputation [and] works well with real estate attorneys, inspectors, repairmen, stagers if needed, etc. Collaboration is the key to a successful transaction.
PBN: If you were able to go back in time, what advice would you give yourself as you were just entering the real estate industry?
CHRETIEN: Start by joining a great agency and probably a team where we can grow your sphere of influence and support. Be present in your community. Volunteer in a cause that you identify yourself to and always learn so you can provide the best service ever. Be honest, be fair, be respectful and, above all, be prepared.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X @Marc_La_Rock.
