Uncategorized April 10, 2021

What Defines Me As A Rhode Island Realtor?

I am fueled daily by the desire to make a difference in the lives of all those around me. A focus that is universal and all-encompassing and innate. It’s a focus on helping others. Real Estate is the perfect conduit to do just that. To be highly engaged throughout RI in a profession that is built on my role in advocating, guiding, and championing others truly is a gift. I simply love what I do and whom I do it for and give my ALL and then some to each and every client!

What frames my approach to real estate?
Authenticity– I am very genuine. I am a huge believer in presenting the good, the bad the ugly.  Being honest and open with my clients and communicating freely and openly from day one so that we reach our mutual goal of a successful sale is my daily approach.
Work ethic. – incredible drive, professionalism, thorough approach. I’ve always had a huge internal drive – as a student growing up, as a competitive tennis player, varsity athlete, and as a Grad student, teacher, and Realtor. . I hold myself to very high standards and set daily goals, always pushing further than the day before.
Staying current – Being on top of all the latest in social media, local news-( RI development/ economy/ real estate market),  technology, video making, Sotheby’s tools/marketing capabilities, staying top of mind through rigorous daily print and online presence on behalf of my clients so that I can optimally present the true “story ” of each and every home I’m blessed to represent.
My network – Born and raised here in RI- Connections in Barrington, PVD , summers in South County, Newport etc., Brown network,  hockey, La Salle/ Prep School network, Gilbane building network,  Barrington friends looking to move back to RI, huge Ma connection. , SIR relationships referrals.  I am actively receiving referrals from agents within SIR and agents who follow me on Social media and I also send many outbound referrals to other Sotheby’s agents. I am an active member of all the private Sotheby’s network groups on social media and within RI real estate networks which I use to push out my listings to add further exposure.

https://www.loom.com/share/9284b49a160f4c90bd9c6b33547c0a03

Uncategorized April 10, 2021

Curious about life in Barrington, RI?

 

I may be small in stature but I am BIG on supporting others. For me, it’s  my “why.”  I am “still” here despite years of severe health challenges so that I can help people. I believe that to be true with all of my heart. Each day my intention is one of helping others. It’s what has me rising early, with a game plan in mind and has me resting a weary head at night, thinking of who else needs to be helped, guided or supported.  It’s my why.

It’s why being a Realtor brings me such a great sense of reward. Each day I’m able to guide, advocate and fight for those that I care about deeply. It was the same satisfying feeling I got from teaching elementary school in Brookline Ma. To know that each day I was making a difference in the lives of my first, second and third graders was the best feeling ever. A feeling that had me arriving at 6 am to start preparing for the day and one that had me up late at night planning for the next morning’s lessons. I still have that sense of drive and discipline as a Realtor.  Early mornings and late nights fueled by my desire to make a significant difference in the lives of others.

It is within that framework that I decided to sponsor Parkbench, Barrington RI. I wanted to create a site that supported the small businesses that fuel our little town in Barrington, RI. To be able to highlight their hard work, their ingenuity and their fortitude especially during a pandemic became a “must do.”  In so doing I hope to shine the light not only on the heartbeat behind our small town but on the way of life and the incredible humans that make this seaside town, my hometown, so endearing.

Uncategorized April 5, 2021

Looking for 5 hot spots to dine at in the East Bay area of RI?

Craving the “skinny” on five local hot spots to dine in or out of in the East Bay area of Rhode Island?

 

 

Uncategorized March 24, 2021

Growing up in a small town in Rhode Island

Growing up in Barrington, RI in the 1970s and 1980s was pretty darn magical. I lived one block away from one set of cousins, two blocks from another and around the corner from my grandparents.  We lived on Ferry Lane until age 8 and then moved “all the way” to Rumstick.  My parents still live in our Rumstick house and I now live 2 blocks from our first home on Ferry Lane.

Being raised in a town surrounded by family members in a community filled with families was a joy. Days were spent biking around the neighborhood, biking to “town” to get an ice cream at Friendly’s or to check out the latest candy at Ben Franklins; located next to the old Almacs. Trips to Chellel’s market were taken almost daily usually with about 4 or 5 friends where buying a Whatchamacallit was ridiculously easy when no cash was exchanged and it was simply added to your family account.

On weekends I left early in the morning and returned in time for dinner; only to then go back outside after dinner to play “Kick the Can” or “Flashlight Tag” with my neighbors.  Days were spent walking and exploring the beach or the harbor wall, climbing trees , walking through Mr. Jones’ rose garden or playing tennis on the courts in the neighborhood if my mom was on ours.  Sports were the activity of choice for many of us whether it be via the Barrington Youth Soccer organization or the Barrington Softball league. I adored all the years I spent playing softball and soccer with my classmates and neighbors.  Learning how to ride horses at a barn my friends  and I stumbled upon during a game of kick the can was incredible. Competitive tennis soon took over yet it is those weekends spent on Barrington beach or tubing in the Cove or the late nights at a long softball game at Haines Park that I relish. Days where 80s music frequently blasted on boomboxes, sunblock was used minimally and the worries were few and far between. My time as a student in Barrington were joy-filled. Nursery School at Barrington College, Kindergarten at Maple Ave elementary and then Nayatt and the Middle School before I headed to good ole BHS. Days filled with laughter, a bit of trouble making and lots of joy with friends I treasure.

Friends who have now also returned to the town they adored as a kid to raise their families. Friends who despite not seeing them often due to crazy work schedules and family life will always be my best of friends because they were my Barrington childhood friends.  They were the ones I explored Barrington with, discovered seaside laughter with and experienced all the ups and downs of teenage hood with.

It’s a special place, this small town by the sea and one I adore sharing with countless clients who come here for reasons that I found so compelling all those years before.

Uncategorized March 24, 2021

Why you should think of listing prices as an Auctions’ reserve price

Every day is auction day lately. The offer price is merely the ticket assigned to the commodity. A commodity whose “worth” escalates exponentially as soon as it hits the market. It’s a market the resonates pure “supply and demand theory” and it’s actively “on display” throughout this state in which I engage in real estate.

It’s a market in need of buyers’ with a savvy, well-informed mindset. Buyers who are cognizant of where values are at within each municipality. For it is only then that the buyer is best qualified to get the final “whack” of the gavel signifying his or her winning bid!

 

For generations, the homebuying process never really changed. The seller would try to estimate the market value of the home and tack on a little extra to give themselves some negotiating room. That figure would become the listing price of the house. Buyers would then try to determine how much less than the full price they could offer and still get the home. The asking price was generally the ceiling of the negotiation. The actual sales price would almost always be somewhat lower than the list price. It was unthinkable to pay more than what the seller was asking.

Today is different.

The record-low supply of homes for sale coupled with very strong buyer demand is leading to a rise in bidding wars on many homes. Because of this, homes today often sell for more than the list price. In some cases, they sell for a lot more.

According to the Home Buyers and Sellers Generational Trends report just released by the National Association of Realtors (NAR), 45% of buyers paid full price or more.

You may need to change the way you look at the asking price of a home.

In this market, you likely can’t shop for a home with the old-school mentality of refusing to pay full price or more for a house.

Because of the shortage of inventory of houses for sale, many homes are actually being offered in an auction-like atmosphere in which the highest bidder wins the home. In an actual auction, the seller of an item agrees to take the highest bid, and many sellers set a reserve price on the item they’re selling. A reserve price is the minimum amount a seller will accept as the winning bid.

When navigating a competitive housing market, think of the list price of the house as the reserve price at an auction. It’s the minimum the seller will accept in many cases. Today, the asking price is often becoming the floor of the negotiation rather than the ceiling. Therefore, if you really love a home, know that it may ultimately sell for more than the sellers are asking. So, as you’re navigating the homebuying process, make sure you know your budget, know what you can afford, and work with a trusted advisor who can help you make all the right moves as you buy a home.

Bottom Line

Someone who’s more familiar with the housing market of the past than that of today may think offering more for a home than the listing price is foolish. However, frequent and competitive bidding wars are creating an auction-like atmosphere in many real estate transactions. Let’s connect so you have the best advice on how to make a competitive offer on a home in our Rhode Island market.

Uncategorized February 24, 2021

How much leverage do today’s sellers have?

How Much Leverage Do Today’s House Sellers Have?

How Much Leverage Do Today's House Sellers Have? | MyKCM
The housing market has been scorching hot over the last twelve months. Buyers and their high demand have far outnumbered sellers and a short supply of houses. According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), sales are up 23.7% from the same time last year while the inventory of homes available for sale is down 25.7%. There are 360,000 fewer single-family homes for sale today than there were at this time last year. This increase in demand coupled with such limited supply is leading to more bidding wars throughout the country.

Rose Quint, Assistant Vice President for Survey Research with the National Association of Home Builders (NAHB), recently reported:

“The number one reason long-time searchers haven’t made a home purchase is not because of their inability to find an affordably-priced home, but because they continue to get outbid by other offers.”

A survey in the NAHB report showed that 40% of buyers have been outbid for a home they wanted to purchase. This is more than twice the percentage in 2019, which was 19%.

What does this mean for sellers today?

It means sellers have tremendous leverage when negotiating with buyers.

In negotiations, leverage is the power that one side may have to influence the other side while moving closer to their negotiating position. A party’s leverage is based on its ability to award benefits or eliminate costs on the other side.

In today’s market, a buyer wants three things:

  1. To buy a home
  2. To buy now before prices continue to appreciate
  3. To buy now and take advantage of historically low mortgage rates while they last

These three buyer needs give the homeowner tremendous leverage when selling their house. Most realize this leverage enables the seller to sell at a good price. However, there may be another need the seller has that can be satisfied by using this leverage.

Here’s an example:

Odeta Kushi, Deputy Chief Economist at First American, recently identified a situation in which many sellers are finding themselves today:

“As mortgage rates are expected to remain near 3%, millennials continue to form households and more existing homeowners tap their equity for the purchase of a better home…Many homeowners may want to upgrade, but do not for fear that they will be unable to find a home to buy.”

She then offers a possible solution: 

“While the fear of not being able to find something to buy will not disappear in a limited supply environment, new housing supply can incentivize existing homeowners to move.”

There’s no doubt many sellers would love to build a new home to perfectly fit their changing wants and needs. However, most builders require that they sell their house first. If the seller sells their home, where would they live while their new home is being constructed?

Going back to the concept of leverage:

As mentioned, buyers have compelling reasons to purchase a home now, and many homeowners have challenges to address if they want to sell. Perhaps they can make a deal to satisfy each party’s needs. But how?

The seller may decide to sell their home to the buyer at today’s price, which will enable the purchaser to take advantage of current mortgage rates. In return, the buyer might lease the house back to the seller for a pre-determined length of time while the seller’s new home is being built. A true win-win negotiation.

Not every buyer will agree to such a deal – but you only need one.

That’s just one example of how a seller might be able to overcome a challenge because of the leverage they have in today’s market. Maybe you feel a need to make certain repairs before selling. Perhaps you need time to get permits or approvals for certain upgrades you made to the house. Whatever the challenge, you may be able to work it out.

Bottom Line

If you’re considering selling your house in RI now but worry a huge obstacle stands in your way, let’s connect. Maybe with the leverage you currently have, you can negotiate a deal that will allow you to make the move of your dreams. I would love to be of help!

Uncategorized February 20, 2021

The incentive to buy in RI is as clear as a “3 bridge day” in the Ocean State!

Home Mortgage Rates by Decade [INFOGRAPHIC]

Home Mortgage Rates by Decade [INFOGRAPHIC] | MyKCM

Some Highlights

  • Mortgage interest rates have dropped considerably over the past year, and compared to what we’ve seen in recent decades, it’s a great time to buy a home.
  • Locking in a low rate today could save you thousands of dollars over the lifetime of your home loan, but these low rates may not last forever.
  • If you’re in a position to buy a home in Rhode Island let’s connect to determine your best move in today’s housing market while interest rates are still in your favor.
Uncategorized January 25, 2021

Real estate market realities for buyers and sellers

There is no doubt the real estate market is booming. No longer tethered to a workplace, many are choosing to leave the cities and head to the burbs. This has put an incredibly high demand on the pre-existing low-inventory of homes nationwide in our surban and suburban areas.

Per the supply and demand principle, prices of homes have escalated tremendously.  It’s made for a very competitive market for buyers where multiple offers are the norm.  Many issues surface in such a robust and “inflamed” market and ones that I like to keep all my buyers and sellers cognizant of. Here are a few to keep in your buying/selling headspace.

1. Low inventory/Multiple offers

A seller’s market is likely to continue for the foreseeable future especially in the suburbs and in states featuring coastline or mountains.  Areas that boast outdoor amenities are now on many- a-buyer “hot list.” I heard on a recent podcast that the “flyover states” have now become the “fly- to states.”  What this all means is that when a house hits, you as a buyer need to be ready to pounce.  Multiple offers are the new normal and learning how to create competitive offers via escalator addendums and waiving some contingencies are areas buyers must be educated in.

2 . The market will NOT pay top dollar for overpriced or dated homes.

Despite the seller’s market one can not throw a listing up there like spaghetti to a wall, with little market prep and/or a high price tag. It simply won’t sell.  Buyers are NOT jumping on these homes no matter how “desperate” they are for inventory. If it’s priced too high or the condition is perceived as poor (ie dated and or cluttered) it simply will not sell.  There are simply too many properties that HAVE been updated and that have been prepped impeccably, staged well etc for buyers to choose from. The real estate market is like a beauty pageant where pretty really does sell and it sells well.

 

3. Transactions will become more accelerated.

Loans and closings took much longer during the beginning of the pandemic.  Addendums were developed for unforeseen delays yet somehow along the way everyone found out how to make the process faster and more efficient. What that means for a buyer is that the ability to go out and look at 15 plus homes has waned. There are simply too many buyers out there surfing online for weeks prior who are ready to see a home and then make an offer.  This is now a market where willing and able buyers are out making offers daily.

 

4. Leaseback options

The more flexible a buyer is, the stronger an offer appears. So many times it’s not the offer price that wins the multiple offer contest but it’s the one with the fewest contingencies and the most flexibility with closing dates and occupancy.  Buyers who can offer sellers the ability to stay in their homes after closing for a specified period of time may have an advantage over a buyer who needs to move in right after closing.

 

5. Appraised values may become increasingly challenged. 

Median sale prices are up 8- 41% in towns across Rhode Island versus where they were a year ago. With that comes the risk that an appraisal comes in below the contract sales price, especially where properties are going well over asking prices.  As an agent, I always give my sellers and buyers a big ‘Appraisal 101″ where I inform them that an appraisal is simply one person’s opinion of value and it may not be the market value and/or the price that the buyer and seller agreed to.  If an appraisal contingency is waived by the buyer to add great strength to the offer, then the buyer will be forced to put down more money to make up for the difference.  Tactics can be taken on behalf of the buyer to provide an element of compromise, where the buyer will agree to come up with x amount of the asking price, or something to that effect but “what if” plans need to be discussed early on in the offer process.  Some buyers may not be able to come up with the out of pocket money needed to pay the difference and that needs to be discussed with their realtor before an offer is made. Likewise, sellers need to be advised on what the repercussions are when an appraisal comes in under the sales contract price.

 

Bottom line is that the market is hot and buyers and sellers need to be well informed, educated and prepared for anything and everything that MAY come their way.  As a former teacher, I pride myself on my value proposition which rests heavily on knowledge and guidance every step of the way.

Uncategorized January 20, 2021

Owning a home is more affordable than renting one!

Owning a Home Is Still More Affordable Than Renting One

Owning a Home Is Still More Affordable Than Renting One | MyKCM
If spending more time at home over the past year is making you really think hard about buying a home instead of renting one, you’re not alone. You may be wondering, however, if the dollars and cents add up in your favor as home prices continue to rise. According to the experts, in many cases, it’s still more affordable to buy a home than rent one. Here’s why.

ATTOM Data Solutions recently released the 2021 Rental Affordability Report, which states:

Owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report.

That has happened even though median home prices have increased more than average rents over the past year in 83 percent of those counties and have risen more than wages in almost two-thirds of the nation.”

How is this possible? 

The answer: historically low mortgage interest rates. Todd Teta, Chief Product Officer with ATTOM Data Solutions, explains:

“Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check.

In 2020, mortgage rates reached all-time lows 16 times, and so far, they’re continuing to hover in low territory this year. These low rates are a big factor in driving affordability. Teta also notes:

“It’s startling to see that kind of trend. But it shows how both the cost of renting has been relatively high compared to the cost of ownership and how declining interest rates are having a notable impact on the housing market and home ownership. The coming year is totally uncertain, amid so many questions connected to the Coronavirus pandemic and the broader economy. But right now, owning a home still appears to be a financially-sound choice for those who can afford it.”

Bottom Line

If you’re considering buying a home in RI this year, let’s connect today to discuss the options that match your budget while affordability is in your favor. Inventory is low so preparing far in advance is pivotal so that we can “strike when the iron is hot” when a listing hits the market that meets your checklists! Pre-game prep is essential in buying a home and in selling a home. I can help you get game-day ready and truly love the process of doing it!

Uncategorized January 17, 2021

Six Things to Splurge on in the Bathroom!

Bathrooms have a major impact on home value.  What improvements can you make in a bathroom that will add value? What should you avoid doing? Clients always ask me what to do and what to avoid doing in terms of home improvements; especially, if like many, they plan to sell shortly.

Here are a half dozen bathroom ideas you can and should “dive all in” on!
1. Steam in the shower- This is a great splurge. Firstly, there are a lot of health benefits to steam from increased circulation, to stress management and improved moods.  What “turns the heat up” even further on adding steam to the shower is the fact that since the pandemic hit homeowners and buyers are desiring more amenities at home. Any element that adds rejuvenation, and is viewed as a “luxury ” item is so highly coveted with homebuyers right now.
2. Air- jet baths.  These also increase circulation plus decrease muscle aches and pains. It also ups the “feels like a spa” theory sought by buyers.  Many clients ask if they should even have a bathtub in the bathroom. I say yes. Any young family who looks at your house will want at least one bathtub.   (Full disclosure, I am also a “bath every night” kind of gal!)
3. Towel warmers- Seems excessive right? How many of you have and LOVE your steering wheel heaters in your car??? It’s the same concept! Stepping out of the shower and into a warm towel? Pure Heaven!
4.  Mirrors with LED lighting – These are always a great buy. They brighten a room and offer better light for makeup application.  Light also has a huge impact on our mood. A lack of it can seriously dampen our spirits while a bright, inviting space serves to lift!
5. Thermostatic Mixing Valves- The Thermostatic Mixing Valve is used to control the water temperature at the water heater.  it gives you more control over the temperature and water pressure for a more enjoyable shower…and who doesn’t want that!
6. Radiant heat in the floor- Worth every penny!  No noise, no maintenance, easy to install, energy-efficient and did I mention their ability to uniformly heat a room and a floor???
So there you have it- 6 home improvements to splurge on in the bathroom. You will thank me after you implement them and ENJOY them yourselves  AND you will thank me when it comes time to sell!!!
Happy bathing!