Tuesday, April 10, 2018

How much does it cost to prepare my home to sell on the market?

How much does it cost to prepare my home to sell on the market?

Overlooked and misunderstood, homeowners place their homes on the market unprepared for prospective buyers who are willing to pay top dollar.

The misconception comes in with sellers being so caught up with the hype of the current sellers market, where they feel as if they can just list and their home will sell as fast and high as their neighbors... Unfortunately, that is furthest from the case.

Before we dive into this, lets talk about the factors that go into home pricing:

  1. Location
  2. Condition
  3. Market
  4. Marketing

Preparation truly being key. You see, according to Inman, 78% of homeowners invest roughly $5,000 on average across the country on preparing their home for sale. The costs include but are not limited to, painting, staging, moving, etc.

There are a few vital areas that 99% of sellers and agents don't think of. The following items will offer a strong return on investment, as well as satisfied buyers and banks. Follow these steps for a successful sale.
  1. Aside from making sure to declutter and depersonalize, make sure that you thoroughly clean your property. Here are the major areas to cover!
    1. Front entrance walkway. Are there cobwebs around the lights? Does the home need to be power washed? Overgrowth around the front of the home?
    2. Floors! Is there dog hair or dust bunnies on your floor? In the corners of the floor? Stuck in-between hardwood surfaces? Make sure that your floors shine clean! 
    3. Bathrooms! Is there mold in the bathrooms? Odor? Are the fixtures shiny and clean? Make sure the bathroom smells fresh and sparkles! 
    4. A clean kitchen represents the overall health of a home. Are there grease marks and hand prints all over your cabinets? Did you forget to take out the trash? Dishes in the sink? Make sure your kitchen is clean and clear and ready for a buyer to fire up their imagination on what they can conjure up for their guests in your amazing kitchen! 
    5. Utility areas need to be cleared for easy home inspection as well as buyer access. 
  2. Can buyers get financing on your home? FHA, VA, Rhode Island Housing and USDA all require that the property be safe for an individual to move into! In brief, make sure to figure this out before you list.                                                                                                                                                                         An experienced real estate agent and pre list home inspection from a reputable home inspector can assist with helping you identify what the property can not have:
    1. Chipping and peeling paint on the exterior or interior. 
    2. Broken windows
    3. Missing handrailings
    4. Broken heating system
    5. and many other items
  3. Fix the red flags and disclose everything else! Buyers ask for $3 worth of concessions or repair credits for every actual $1 worth of repairs. When you price your home appropriately for the work that is left over after doing a pre list home inspection and disclose what needs to be done, buyers sign off on the disclsoures and accept the work needed when they place their initial offer. 

Tuesday, March 20, 2018

Traditional Solo Realtor Vs. Team of Realtors

By Emilio DiSpirito February 28, 2018

Real Estate Home Listing FAQs

Weekly, customers come to us at the DiSpirito Team and ask us, what is the difference between a real estate team and an individual agent? Is there an unbiased place to get information to their real estate questions about whom to hire on the web?

Recently, one of our clients reached out and and shared that he does not believe there is such a place to find equitable content for homeowners on which is the best way to sell his home.

"I've searched the internet for hours upon hours not finding anything relevant to my questions. You will find nuggets of information scattered here and there, but there has not been one reliable resource online that has answered any of my questions such as, when selling my home, which type of agent and service will truly earn me the most? Will selling my home for sale by owner vs using a Realtor or a Team of Realtors net me more? How about a discount brokerage vs. a traditional Realtor or Team? Not anywhere is there such information and it's frustrating to say the least.. can you point me in any direction?"

This article is our effort to assist homeowners in getting a straightforward, "non-salesy" approach to questions that our clients and many other consumers have.

Book your no-obligation consultation with a noted Top Team of Realtors in Rhode Island and Massachusetts here ---> www.Calendly.com/emiliodiv

Traditional Solo Realtor Pros and Cons

Pros of using a Traditional Solo Realtor

  • One call does it all: One phone call will get you to the direct source of where the information you need lives. 
  • Personal touch: Some people want to see and talk with only one person. This is for the client who feels most comfortable dealing with one individual. 
  • Accountability: You will know exactly who to speak with about any concerns. 

Cons of using a Traditional Solo Realtor

  • Limited Availability: Realtors cannot make a living on only one transaction and need to constantly be prospecting as well as working with multiple buyers and sellers. When a solo agent is performing these other tasks, often times, her availability is scarcely low to assist all of her clients in a reasonable time. 
  • Juggling Act: When a solo agent takes a vacation or a day off or is simply working with other clients, there is not anyone to respond to showing requests, client needs or to assist with marketing. 
  • Limited Resources: Individual agents are self-employed and cover the costs of all of the marketing materials which are often times overlooked due to lack of availability of funds and time to do it all. 
  • Inaccuracies in Paperwork: Realtors often times are fantastic sales people, however, are not the greatest at paperwork. Paperwork should be prepared with care and vital dates should be met. The details in this step could be the difference between winning or losing a boatload of money at any given point of the transaction. 
  • Lock Box Showings:  With other listings and buyers to tend to, a solo agent will depend on other Realtors, not associated with their company and unaware of your properties features and benefits, bring their clients in. When questions to simple answers are not taken care of on the spot, this could lead to objections which could cost the sale. 


Realtor Team Pros and Cons

Pros of using a Team of Realtors

  • 24/7 and 365 Availability: A team of agents allows for a homeowner to get someone on the phone who knows the file at any time of day. 
  • Efficient and Effective Systems: A well-organized team of Realtors will have systems in place to ensure effective measures are taken to protect the sellers best interest at all times. There is someone responsible for each individual step from marketing, to showings, paperwork and other vital facilitating tasks.  
  • Accurate Paperwork: Teams have administrative support who work full time to prepare and maintain all paperwork while sales agents are allowed to focus on selling their listings. 
  • Specialize: A team will have agents who specialize in working with buyers and agents who specialize in listing homes. Working with a Realtor with experience and who specifies in listing homes for sale will allow them to assist you in finding the right buyer.  
  • Advanced Marketing: Teams operate as a collaboration of agents, who pool their money together to offer a stronger presence for sellers online. Often times a team will invest hundreds of additional dollars in professional photos, website development, social media and other aggressive marketing channels. 
  • Teams Have More Buyers: Teams will have more buyers than an individual agent and will also have agents who focus specifically on bringing buyers into the teams listings. 
  • Personalized Home Showings: Often times, real estate teams will have a "showing agent" or "servicing agent" who is responsible for bringing buyers and agents through the home. This is a much safer approach than lock boxes, as your property is looked after and someone is there answering questions and clearing objections, often times leading to less days on market and a higher sale price. Negotiations start upon entrance. 
  • Stronger Negotiations: A team of Realtors will often times have two points of contact for the buyers agent to connect with. This allows for the classic "good cop, bad cop" approach when it comes to negotiations and will often times put the sellers at a stronger stance when negotiating offers in their own favor. 

Cons of using a Team of Realtors

  • New Team? If the team is new, there may be many kinks to work out and these sometimes can affect the level of personal service and overall outcome. 
  • No Systems in Place: A team of individuals without a core set of values, standards and systems can be just as disastrous as hiring a solo Realtor who chases his or her tail. Systems are vital and make sure you can get a good idea of what the teams offer under all the "fluff" that you interview. 
Schedule a convenient time to speak with a top Realtor here ---> www.Calendly.com/emiliodiv

Friday, December 15, 2017

Finalized Tax Cuts and Jobs Act Bill - Details Affecting Real Estate

Finalized Tax Cuts and Jobs Act Bill - Details Affecting Real Estate

By Emilio DiSpirito Radio Show Host www.TheRoundTableRadio.com

Realtor Emilio DiSpirito in the iHeartradio studios

The highly anticipated bill dubbed "Tax Cuts and Jobs Act", pushed by the Republicans, has been finalized on Friday, December 15th 2017 and will go to both Houses of Congress Tuesday, December 19th for full approval. Once thereafter it will cross President Trump's desk for his blessing. 

There is a lot of concern that certain details like deductions for mortgage interest and property tax would disrupt the real estate market. As a Realtor and member of agents selling in the top 1% of the country, I strongly disagree. Let me explain.

  1. This bill serves to help the middle class (about time!) with lower tax brackets and double the standard deduction! Federal tax deductions from $6350 to $12,700 filing single and from $12,000 to $24,000 when filing married! 
    1. Think about folks retiring or in retirement! They need deductions more than anyone!
  2. "Main Street" business, aka small business owners will find that their tax rate will be reduced up to 29.6%!
    1. When local business owners pay fewer taxes, they invest in their business and create jobs. 
  3. Corporations in America will be paying -14% less in 2018 than they do today! Currently, at 35%, America is the highest taxed country in the industrial world when talking corporations! 
    1. When companies earn more, they hire and spend more. This stimulates all income classes through job growth.
  4. When there are jobs, there is additional income to be spent, money to be lent and the economic wheel is turning.
  5. Currently, homeowners can deduct up to $1.1 million of their first and second homes in interest deductions. 
    1. Under the new bill, two things happen.
      1. All current mortgages are grandfathered in and nothing changes. 
      2. All new home purchases on 1st and 2nd homes will receive interest deductions on the first $750,000.
  6. Right now you can write off all of your property taxes on your first home, land and vacation homes. 
    1. The bill will allow for a deduction of up to $10,000 total on property taxes. 
      1. Now allowing taxpayers to write off Sales Tax, Income Tax or Property Tax. This allows taxpayers in all circumstances, property owners or not to benefit!
        1. Imagine car sales, luxury goods sold, etc! They will all increase!!
Other Important Factors That Will Increase Spending:
  1. No more Obamacare penalties!
  2. Relief for medical bills!
  3. Expanding ability for citizens to contribute more to non-profits!
  4. Allowing extra support for Grad students!
  5. Significantly improves America's position on energy production
  6. Hurricane Relief
Stay tuned for additional information as it comes in! www.TheRoundTableRadio.com

Want to stay in the loop? Subscribe to our SoundCloud and YouTube channels!

Barry Habib joins Emilio DiSpirito on The Round Table to Talk New Tax Plan and How It May Effect Real Estate!

Subscribe to our YouTube Channel for weekly updates!! Click Below To Learn How To SAVE on PROPERTY TAXES!

Monday, November 20, 2017

Is buying a home a good investment?

Is buying a single family home a good investment?

By Emilio DiSpirito Real Estate expert and radio show host of The Round Table Real Estate Simplified

We all need a place to live, right? So when choosing to buy a home, the question hits everyone the same; "is buying a home right for me?". "What are the pros, cons and long-term benefits or pitfalls of owning a home?" we ask ourselves! Well, the math does not lie.. so let's take some basic numbers and see if buying that single family home is a good investment! 

Let's assume that we own a home and will hold on to it for 30 years, basically the length of our mortgage. We are on time with our payments each month and let's also assume that the cost of taxes and insurance won't increase over time 😅
  • The median sale price for a single-family home is $287,700. 
  • An estimated property tax per year would be $4,000 per year
    • $120,000
  • Approximate insurance cost $1000 per year
    • $30,000
  • 4.5% rate with 20% down on a 30-year mortgage
    • $189,667 over the life of the loan
  • Maintenance? Roof, furnace, upgrades/cosmetics, etc.
    • $47,000
  • Heat, Hot Water, Electricity at $2400 per year
    • $72,000
  • Water and Sewer
    • $36,000
By taking this simple calculation, your home you thought you had purchased for $287,700 had really cost you $782,367 or $26,079 per year and $2173 per month. 

Keep in mind that real estate increases in value roughly 3.5% per year when averaged over time. When you use a compounding growth of 3.5% year over year to $287,700 you get $807,515 sale price 30 years down the road!! 

$807,515 (sale price) - $782,367 (cost) = $25,148! Roughly a  9% return on your original investment or a 3% take from the homes value.

Needless to say the following benefits are not taken into consideration:
  • Mortgage interest rate deduction savings
  • You have to spend money to live somewhere anyway
  • Living comfortably in your own domain
Buying a single-family home in 2017 and holding on to it for 30 years is NOT a good investment, however, it's more or less an opportunity to break even and live for free in the end.

warwick rhode island real estate infomration


Please comment below and subscribe to our YouTube channel for weekly content! 
 Subscribe for great real estate content!
Subscribe to The Round Table Real Estate Simplified!

Tuesday, November 14, 2017

18 Hottest Towns in Rhode Island to Sell a Home This Winter!

18 Hottest Towns in Rhode Island to Sell a Home This Winter! 

By Emilio DiSpirito Rhode Island Listing Agent

www.TheRoundTableRadio.com for real estate news and advice. 

Should I sell my Rhode Island home this winter?

Here is a list of the best selling towns in Rhode Island for single family homes!

We ranked this report on Inventory by calculating the market absorption rate. We get this number by dividing the average number of sales per month to date to the number of active listings on the market. 

#1 First off, if you own a home in Hopkinton 02833, Richmond 02875, Scituate 02823 & 02815, Burrillville 02826, Glouster 02829 the inventory has been depleted and is nearly non-existent! Now is the time where you literally have zero competition and you can demand the highest price!! Call me 401-359-2338 to see what you will get in this market! Or www.MyDreamHomeNow.com/sell

Random Fact: There is only 1 building in Providence for zip code 02902! 75 Fountain Street, Providence RI 02902. Check it out! 

Here are the top 13 towns in Rhode Island for the lowest rate of supply! 

#1 East Providence, RI (zip 02915 and 02916) with 1.44 and 1.62 months of housing inventory available. 
#2 Woonsocket, RI (zip 02895) with 1.63 months of housing inventory on market! 
#3 Richmond, RI (zip 02812) with 1.64 months of homes supply available. 
#4 Cranston, RI (zip 02910) with 1.68 months. Very low inventory!
#5 Pawtucket RI (zip 02860) with 1.69 months of inventory for sale. 
#6 Warwick RI (zip 02888) tied with Burrillville )zip 02830) for 1.71 months of homes available to purchase. 
#7 West Warwick RI (02893) ranks 7 for fastest-selling markets with least amount of inventory, with 1.77 months of available homes for sale.
#8 Central Falls RI (02863) with 1.80 months.
#9 Warwick RI (02886) with 1.84 months supply of homes available. 
#10 Providence RI (02860) 1.85 months.
#11 Providence RI (02904) 1.89 months.

Whats the best way to make the most when selling my home this winter? Click here and find out! :)

Needless to say, the market has never been better to sell a home in these zip codes. www.MyDreamHomeNow.com/sell to schedule a fair market value assessment and marketing consultation today.

                                          Watch the video here! 

Tune Into the Podcast Below!

 Click photo to listen to Rhode Islands best real estate news and advice!

Click the picture above to listen to Rhode Island's Number 1 Real Estate News and Advice Show or visit www.TheRoundTableRadio.com

Information sourced from RI Association of Realtors Heat Map

Monday, October 30, 2017

What is the best way to sell my home in fall and winter?

What is the best way to sell a vacant home in the fall or winter?

By Emilio DiSpirito, Realtor, Radio Show Host, Blogger & Real Estate Podcast Host 

Is the fall or winter a good time to sell a home in Rhode Island?

Selling a home during a New England winter!

The winter and fall months have historically seen fewer sales than warmer months. Why? Some homeowners do not want the traffic or "mess" during the busy holiday season while others are misinformed and believe it is a bad time to sell. 
  • Get this! During the heat of the Rhode Island summer market in July 2017, a combined number of 1439 single family, multi-family homes, and condominiums sold in Rhode Island. October 2017 seen about 9.8% fewer home sales which are less than a measly 140 homes statewide. 
  • Furthermore, December 2016 seen 1264 homes across the state sold which is only 175 homes fewer statewide than the hot summer month! 
What these statistics do not tell you is that in December 2016, when you combine condos, single family and multi-family active listings for sale you had 4,319 total!!! When we combine all 3 categories today, in November 2017, we have only approximately 3900 homes for sale in Rhode Island! 

Needless to say... there are just not enough homes on the market for the demand and regardless of what time of year, as long as buyers can afford to buy as well as navigate the roads, homes will sell. 

What can I do to sell my vacant home for the highest possible price in fall or winter?

The formula is very simple. I've shown hundreds of homes to buyers all over Rhode Island and Massachusettes and the results are always the same! Warm🔥and inviting spaces sell a home faster and higher at price!! Vacant homes can be shown at all times of the day and night!! This is a huge plus and will command more traffic! Let's leverage this!!

Warm and inviting homes sell faster and higher in price!
  • A buyer will rush a cold showing and will appreciate and stay in the warmer home!
    • Keep the heat set between 67 and 68 degrees for a comfortable temperature. 
    • This temperature will also ensure your pipes do not freeze!
      • Frozen pipes lead to floods, mold and costly repairs! 
  • Change all of the light bulbs to energy efficient LED bulbs! Save money and add life to your space!
    • With showings happening many times when people get out of work during the weekdays, make sure that the exterior of the home, front and back is very well lit, safe and inviting. 
    • Interior spaces should be lit accordingly. Pay special attention to lighting in the kitchen, bathrooms and living areas! Place lamps in rooms without overhead lighting. 

Make sure the property is maintained! 

  • Curb appeal is critical! Make sure that the grass is trimmed in the fall and that the walkways are clear of snow and ice in the winter! 
    • Imagine this! It's highly likely that the buyers coming to see your home have viewed other vacant properties as well. Other properties which did not have a clear, welcoming and safe path to the front door!! Set yours apart by ensuring a smooth transition from driveway to the front door! 
    • If you are not in a position to do it yourself, ask your Realtor for a referral or offer extra compensation to your agent to handle. 
  • Offer serious buyers a copy of your Pre-list home inspection report
    • Show buyers you care about your home and hire a home inspector to ensure that the home is safe, that it is financeable and turn key with a pre-list home inspection report!
      • Click the video below to learn how to prepare your home to meet criteria for all of the mortgage programs like FHA, VA, RI Housing, etc.

Stage the interior 

  • Staging will allow for buyers to connect the dots and also feel more at home than a blank canvass. Roughly, only 1 out of 10 buyers will be able to image the space without seeing a visual. 
  • Hire a reputable home stager who has an inventory that will compliment the style of the house. 
    • Usually, pricing is between $1,000 and $3,000 to stage the main living areas and master on a 2,000 sq ft home. 
    • Buyers buy on how a home makes them feel! Make them feel at home!!

Bake cookies!

  • Hold an open house and bake some cookies and offer hot chocolate to your guests! The smells, taste, and experience will allow your buyer's brain to connect with the property in more ways than one! 

Use data to determine your homes fair market price

  • Price your home according to the market and not your emotional ties
    • Homes priced properly will outshine homes that are not, may lead to multiple offers and are guaranteed more often than not to actually sell your home at a higher price point than playing the sit and wait for price drop game! 
To schedule a 20 minute appointment to get your real estate home value report, visit www.mydreamhomenow.com/sell or call Rhode Island & Massachusetts Realtor Emilio DiSpirito 401-359-2338 to set up a consultation. 

Tuesday, October 24, 2017

Rhode Island MLS

Rhode Island MLS
Searching RI Multi Listings Service - What to know!
By Emilio DiSpirito IV

When searching for your next home, especially in a seller's market where homes are selling sometimes within hours after being posted, it is essential to get the latest listings to your email before other consumers!!

Buyers working with a Rhode Island Realtor who understand the new MLS software can allow you instant access to their MLS program where you will be notified as soon as a listing hits the market.

First off, what exactly is MLS and what does it mean? MLS stands for Multi Listings Service and is the lifeblood of the real estate market. This is a site that only Realtors have access to and every home listed by a licensed real estate agent who is a member of the National Association of Realtors is entered into this system.

What about real estate search sites? Sites like Zillow, Trulia, Realtor and Homes are connected to the MLS through the IDX or Internet Data Exchange where the information is lagged sometimes by hours and even days. In addition, the information going from one platform to another is not always accurate.

As a first time home buyer or any home buyer, how do you get access to your local RI MLS? By teaming up with a local real estate professional who understands the latest software, you can see all of the latest homes that hit the market. For instant access in RI or MA, you can either call 401-359-2338 or email emiliodiv@gmail.com.

For more great real estate information, to search the local MLS or to sell a home, please visit www.TheRoundTableRadio.com