Five Questions With: Vickie Pizzarelli

Vickie Pizzarelli is a broker associate for Engel & Volkers East Greenwich, where she is known as an expert in new construction. The real estate firm credits Pizzarelli for her collaborations with local builders and her efforts to line up buyers at new developments, with the firm listing 12 out of the 15 new construction homes in Johnston as of late August. The firm said it also has five Johnston properties in the soon-to-be-constructed pipeline.

Pizzarelli joined Engel & Volkers East Greenwich about a year ago, but she’s been in the local real estate industry as a self-employed real estate broker and Realtor for about a decade.

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PBN: You recently joined Engel & Volkers. What’s it been like so far and what’s your outlook as a broker associate for the firm?

PIZZARELLI: Engel & Volkers is an extraordinary company to work for. I had my own brokerages for years. I needed a change for myself and decided to talk to Emilio DiSpirito and Joe Fazio, shop owners and partners with Engel & Volkers.

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I have watched them over the years. I liked their style and ambition and reached out to them. I actually did not talk to any other brokerages. It was a perfect fit for me. Engel & Volkers has a vast reach nationally and globally. They are a very well-respected company in the luxury market.

I wanted to dive more into that market. … I see Engel & Volkers East Greenwich and Warren making their mark in Rhode Island in the luxury, residential and commercial real estate markets. I am truly honored to be part of their journey.

PBN: What do you think are some of the biggest challenges facing real estate in Rhode Island and the rest of the country right now?

PIZZARELLI: With mortgage rates continuously rising, it is getting harder and harder for homebuyers to buy that dream home, or any home for that matter. Sellers don’t want to sell and lose that low-interest rate they have from years ago. But we all know this at this point. I see it still being a strong seller’s market into 2024. More than likely rates will come down a bit in 2024. It’s an election year. History proves rates go down in election years. The problem with that is the lack of inventory will cause homes to increase and homebuyers will be out more with lower rates and be in multiple-offer situations again. It is going to take time for this all to balance out.

If you are going to buy a home, buy it now and refinance later. This time of the year in Rhode Island is the best time with no competition. The real estate market is slow now, which it always is, and as we move closer to the holiday season, it will get slower. Also, depending on how bad our winter is will dictate the market here in Rhode Island. It happens every year. But when spring hits, you will have lots of competition and will not have that much room for negotiations as a buyer.

Ignore the doom and gloom. I have been in this industry for over 30 years. I have seen a lot, and most of it is pretty predictable. Listen to someone who is in this business with boots on the ground.

PBN: Any advice for people who want to sell their single-family home in the East Greenwich area right now?

PIZZARELLI: Bottom line: If it is the right time to sell for you, sell. Real estate is a very emotional sale or purchase. It has to be right for that seller. If you are going to sell, be prepared. Have a home inspection. Talk to a professional stager. Make sure your Realtor is experienced and aware of different types of mortgages that can help sell your home. Ask them how they market properties and get references.

Selling a home is more than throwing it in the MLS [Multiple Listing Service]. A Realtor has to know how to market your home. Are they taking professional photos and videos? Please, no cellphone photos. Do they have a YouTube channel? How big is their social media following?

If you are purchasing after selling, get pre-approved. I cannot stress this enough. Just because you have a mortgage doesn’t mean you will get another. Talk to a Realtor who can help guide you.

And don’t overprice your home. No matter what market conditions we are in, buyers are educated. They have access to a lot of information on the internet. The last thing you want is for your home to sit with no viewings. If your home is overpriced, you will not get activity on your home. Buyers assume you are not negotiable or are unrealistic. The longer it sits, the worse it looks. Your first impression is your last impression.

PBN: You’ve been doing this for over 30 years. What’s been some of your favorite memories or sales from throughout your time in real estate?

PIZZARELLI: I have so many, but there is one that has always been close to my heart. I had a buyer who was a single mom. She was trying to buy a home to make a better life for her kids. We looked at so many homes. She had a small budget to work with, but we found a home.

The lender needed paperwork from her as soon as possible. She had no way of sending it from home and couldn’t leave the kids as the whole household was sick with the stomach flu. I told her I would pick it up and bring it to the lender for her. … My heart broke for her and her family. She lived in this neglected apartment. It was clear the landlord did not care. The roof was leaking, there was mold and so much more. … I had to make this work for her and her children.

I dropped off the paperwork and told the lender what I saw. We bought them a Christmas tree and presents for the kids and closed on time. My heart broke for her. To this day, I have helped her sons buy and sell homes and helped her buy an investment property.

PBN: You have been getting involved with selling some homes in a newly constructed development called Cherry Blossom Estates in Johnston. With a lack of inventory on the market, how common has it become for people to buy a new home months before construction has been completed?

PIZZARELLI: With new construction, some people have vision, some people don’t. I know it is hard to envision a home from plans and even renderings. The people who can envision it move forward before the foundation is poured. They get to personalize it as much as they can. The ones that wait have very limited choices, if any, at that point.

I am finding that in this hyper-seller’s market, buyers would rather wait for the home to be built. Most likely, it will take six months or more to find a home, and then be in competition with other buyers.

Usually with new construction, there is not a lot of buyer competition in the early stages of the build. I cannot tell you how many times once the home is framed and plastered, the buyers that looked in the early stages now had the vision and wanted to buy the home. Most likely at that point, I already have it under contract, and it is too late.

I do find home sellers are the likely buyers for new construction, as it gives them time to pack their homes up. And buyers are willing to wait for the seller’s home to be built with the limited inventory. New construction is a good solution for the housing inventory. Buyers should be looking more at new builds.

Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.