Paul Chapman recently joined Residential Properties Ltd. as a sales associate at the firm’s South County office. Chapman came to Residential Properties following a long career as a licensed general contractor. He also started several businesses as an entrepreneur. Chapman, who grew up in the rural Midwest, has lived in South Kingstown for more than two decades. Chapman is also a Christian minister, who volunteers in prisons, nursing homes and addiction recovery groups.
PBN: You have a background in construction. What’s your sense of how productive the local construction industry is right now, given the lack of housing inventory we’ve heard about in the past few years in Rhode Island?
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CHAPMAN: It has been a difficult cycle for all. Construction is a complex industry with a variety of market forces affecting its productivity and efficiency. The family unit is the building block of every community – and families need homes. When the construction industry and housing markets struggle, so do communities. In this industry, companies are squeezed by increasing supply costs and the weakened buying power of prospective families. Developers are balancing cost, demand, and growing government regulation. At the same time, homebuyers are hamstrung by inflation and high interest rates. As far as current ‘solutions’ for this problem, I fear that these short-term Band-Aids will not prove effective in the long term. Despite all the challenges in the market today, however, an excellent real estate agent can help you navigate the uncertain terrain to fulfill your goals.
PBN: What’s the demand like for homes right now in South County and how do you expect the market to be like this spring there?
CHAPMAN: Demand is high. Every spring brings a rush of activity to the housing market. Hopeful sellers and motivated buyers engage in an epic dance of opportunity and negotiation. I love it. With the complexity of today’s real estate landscape, you can trust an experienced agent to protect your interests and get you the best deal for your family and future.
PBN: What are some of the biggest challenges in helping a family find a home right now in Rhode Island and how are you trying to help them meet those challenges?
CHAPMAN: Inventory and inflation are the two biggest challenges. There is a lot of uncertainty in the market and challenges to overcome, but you are not alone and need not fear. There is a home out there for you. Choose a great real estate agent and begin the search now. An effective agent can also put you in touch with lenders who will understand your situation and maximize your buying potential without breaking the bank. Decisive action is the remedy for fear. The sooner you get started in the home buying process, the sooner your dreams will become a reality.
PBN: What’s your advice for anyone in South County who may be considering selling their home right now?
CHAPMAN: It is a seller’s market. You have unprecedented leverage. As of this writing, there are only 145 active single-family listings in Washington County. If you are thinking about selling, now is a great time to maximize your property’s sales potential. You can still jump in the market to take advantage of the spring rush. At RPL, we have a tremendous team who works together in perfect harmony to market your home and close the deal. I’d love to help you.
PBN: Can you tell us about one of your favorite transactions that you’ve been a part of and what made it special?
CHAPMAN: My motto is – ‘I don’t just sell real estate. I help people.’ When you asked this question, I couldn’t help but think of a young family with five children. They were out of room and in desperate need of a bigger house for their growing family. I helped them sell their starter home for $50,000 over asking price. The market was very similar to the situation today; a seller’s market with low inventory. Through a blend of smart negotiations and intelligent strategies, we were able to beat out 10 other offers even though some were higher. I still keep in touch with this family and get to hear about the memories they’re making in their home to this day. There is a vast difference between a real estate agent who simply facilitates your transaction and an agent with your best interests at heart who becomes a lifelong friend and advisor. I love building relationships and helping people.
Marc Larocque is a PBN contributor. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
