Smithfield-based real estate agent Reba Golden served as this year’s Rhode Island ambassador for the National Association of Realtors’ Commitment to Excellence program, which provides an endorsement to participants who complete training on professionalism, ethics and best practices for customer service.
Golden represented her local HomeSmart Professional Real Estate brokerage in Las Vegas this year at the companywide HomeSmart Growth Summit, where the brokerage received an award for sales volume. Golden entered the real estate industry in 2013, starting at Keller Williams, after getting laid off from a corporate job.
PBN: What’s the Rhode Island residential real estate market been like as we reach late 2022, compared with early on this year, in terms of fluctuations in demand and prices and other factors?
GOLDEN: It’s been quite a journey. The first-quarter single-family median sales price was $375,000, while the third-quarter single-family median sales price was $410,000. It’s interesting to note that we started 2022 with about 3,600 active listings, and we now have just under 3,400 active listings.
Going forward, unless mortgage rates drop, it’s going to be survival of the financially fittest. I’ve recently noticed some price decreases and quieter open houses.
PBN: What do you think may be in store for Rhode Island’s residential market as we head into the winter and 2023?
GOLDEN: For single-family homes, it’s still a seller’s market, with slightly less than two months of inventory. Interest rates are now around 7%. However, pending sales and closings are down. The increasing interest rates are creating some buyer hesitation.
PBN: What kind of advice do you offer to home sellers, in terms of what you’ve called “staging from the mind of the buyer”? And how important can this really be in the grand scheme of things?
GOLDEN: I can best explain this with my own experience covering an open house for another agent. The home was in pristine condition during a buyer’s market. Unfortunately, there were a lot of family photos hanging up. Some of the open-house guests commented that they couldn’t see themselves in the house.
Sellers should be thinking about the home from the outside in because the front yard will be the first thing they see. The house could be beautiful inside. However, if they see tall grass, shoddy landscape and/or a cracked driveway, then they may be turned off. Approaching this from that perspective may do wonders for the property.
PBN: With inventory being so low, what’s your advice for how buyers should approach the challenges that come with trying to buy a new home in this market?
GOLDEN: Buyers need to be preapproved for a mortgage or have proof of funds if paying cash for the home to be competitive in this market. Also, flexibility is extremely important. Don’t pass on seeing a home that doesn’t have everything you want. While you would like a home with a two-car garage, that home with a one-car garage may be “the one.” People shouldn’t take it personally if they don’t get the offer on the home. If they keep plugging, they will find their home.
PBN: Is the holiday season a good time to view homes? Why or why not?
GOLDEN: The holiday season is a great time to view homes. Decorated homes on the market are very inviting. It’s a great way to tour the neighborhood. I’ve found that only the most serious buyers are out searching for a home.
Marc Larocque is a PBN contributing writer.
