7 Things Every Buyer Should Know About Real Estate in an Escalating Market

7 Things Every Buyer Should Know About Real Estate in an Escalating Market

By Emilio DiSpirito, Licensed Rhode Island Real Estate Agent / Member of National Association of Realtors 401-359-2338 emiliodiv@gmail.com

Being a buyer in 2018 and 2019 will absolutely have its benefits, however, will cost you more than it did over the recent past years. In this article, we are going to discuss 7 things every buyer should know about real estate in this escalating market!

1.) What is an escalating real estate market? 

Picture an escalator at the mall, the one that goes up. Like a chart or a staircase, it brings you from one level to another level. In 2018 going into 2019, we will experience a new level of increased prices and mortgage interest rates. 

2.) How much are home values expected to rise? 

Before we talk about where we are going, we must first realize where we have come. Prices rose 13% on the median single-family home in Rhode Island in 2017 over 2016, multi-family homes 18%! Those numbers are massive seeing as historically, real estate should grow 3.5%. 

One last fact before we jump ahead; Single Family home prices rose 9% so far in 2018 year over year from 2017 and multi-family prices rose another 20%. Condominiums saw a 16% increase in 2018. 

Where are home prices expected to go? Prices across the board are expected to rise between 9 and 10% here in Rhode Island. 

FACT: The Median Single Family, Multi-Family and Condominium Home prices peaked in June of 2006 at $290,000 which is 7% higher than today's $270,000 median price.

Click Link to Schedule a Buyer or Seller Consultation with a Top Realtor NOW! www.Calendly.com/emiliodiv

The chart represents median Single Family, Multi-Family and Condominium Prices in Rhode Island Between 2004 to 2018

3.) Where are interest rates going?

Interest rates, like pricing, are going up. We could see 6% in 2019 after the Fed hikes rates as they are anticipating. Rates were at their lowest in 2017 at 3.25%. 

4.) How much more will the same house cost me in 2019?

Let's take the median price point of $270,000 with the June 2018 30-year fixed FHA mortgage rate of 4.75%. You are left with a mortgage payment of $1359 which includes principle and interest. 

In 2019, rates should be 6% and prices are projected to be 9% higher for a median price of $294,300. Your mortgage payment under the same 30 year fixed FHA rate of 6% will now be $1703 per month. An additional $344 per month and $4,128 per year. 

5.) What is driving the current real estate market?

Simply put, supply and demand are driving the current real estate market. There are more buyers than homes available for sale. When you have increased demand and low supply, prices increase. When you have low demand and high supply, prices fall.

Here are the factors contributing to the low supply of homes available for buyers:

• Student Loan Debt has forced mom and dad to hold on to their home which accommodates their graduate that is having a hard time making ends meet. 
• Baby Boomers are caretakers of mom and dad and need the bigger home. 
• Homeowners who bought with rates in the 3% are worried they will be spending more per month when they downsize. 
• Builders are having a hard time finding the right kind of land and are hit with increased costs of materials, land, labor, etc. 
• Builders are having a difficult time finding qualified labor. 

Click Link to Schedule a Buyer or Seller Consultation with a Top Realtor NOW! www.Calendly.com/emiliodiv

6.) How to Place Offers?

When you are touring homes in hot price ranges and see several buyers walking out as you walk in and walking in as you walk out, you need to understand that you will be going up against multiple buyers when placing offers. 

Here are some quick tips to get the home you want:

• Obtain a mortgage pre-approval before you shop. You can't place an offer without it because no one will take you seriously when they have 3 other buyers with proof they can obtain a mortgage. (We can point you in the right direction). 
• For properties with a lot of interested buyers - Go in with your best foot forward. Offer at or above purchase price with a 30 day or less mortgage approval and flexible closing date if you can.
• If it is an owner-occupied property, write the owners a heartfelt letter. Almost like a job interview, people want to make sure they get the best candidate. 
• Go in with a buyers agent. A buyers agent will have your back and will help you navigate through the 175+ steps involved with buying a home. 

Get Advice on Buying! Schedule a Time and Day that Work Best for You! www.Calendly.com/emiliodiv

7.) Where do buyers have the hardest time?

Buyers have the hardest time when bringing outside parties in to help them make a decision. Sometimes it can be parents, friends, extended family, etc. If these people are not involved from the start, they are in the same boat you will be in from day one without the hard knock education of losing offers, seeing the flow of buyers in and out of properties and getting the buyer consultation from your Realtor. Have them come in from the get-go and view every property with you if you will be consulting them for advice. 

Placing offers is not something buyers have an easy time with. First time home buyers lose 3 homes on average before they realize it's best to place an aggressive offer in this market. If you want to find a home that needs work or that you can get less than list price, you will want to search for homes that have been on the market for over 90 days. These homes are almost always overpriced anyways and will need a lot of work. 

Home inspections come up and can cause concern to buyers. Make sure to hire the right home inspector, someone who is through but does not "overdo" it and scare you with minor repairs. Homes require a lot of maintenance, and it's important you understand that before buying. When buying an existing home, ask sellers for large-scale repairs and do not nickel and dime them for that outlet that is not a GFI ($12 fix). Many sellers will tell buyers to take a hike, especially when they have received multiple offers and buyers waiting with baited breath!! 

Hire a Pro to Guide You! FREE! www.Calendly.com/emiliodiv

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

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

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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

www.TheRoundTableRadio.com

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.

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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 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

Selling a home fast in Rhode Island

Selling a home fast in Rhode Island 

By Emilio DiSpirito Licensed Rhode Island Realtor

Homes that sell in the first 2 weeks on market sell at or above list price on average! This is a fact!!
So.. In order to take advantage of this market and sell a home fast and highest in price, here is what the experts say you need to do! 

1. Select the best-qualified Realtor to sell your home!! Using a Realtor to sell your home will net you 12% more than selling For Sale By Owner and will allow a true real estate professional guide you through the process while you worry about where you are going and packing! 
1. Learn how to find the best Realtor to sell your RI home
2. Make sure to prepare your home properly!! 
1. Pre-List Home Inspections are vital!! Fixing the red flags and items like peeling paint, busted heating system, mold or leaking pipes will allow buyers in various programs to obtain financing and will increase your bottom line. 
2. Declutter, depersonalize and stage your home in order to sell it!! Buyers can't see past all your "stuff"!! Show off the room space at its biggest and best by taking the advice of a professional!
3. Understand the market we are in today! Make sure you are educated so that you are making informed decisions! 
4. Price your home to sell. Don't list your home to sit! 
1. According to the National Association of Realtors, homes that are priced too high for this market will sit for 17 weeks or longer and will sell at 93% of what you could have got!! 
1. Watch 3 Reasons that will allow your home to sell for LESS (avoid these)! 
2. Going with the Realtor who "gives you the highest price" without any REAL market data to support that advice is a trap!! 
1. Sometimes sellers throw a price out to leave room for "negotiations"; would you rather set yourself up to have 2 to 3 buyers offer their highest and best or would you rather sit and wait for the phantom buyer to only lower your sale price months in when the hype of your home is gone?
1. If you are 100% stuck on not taking professional advice and doing it your way, go with the best-qualified agent and ask them to list at that price. Make sure to have a strategy in place to adjust the price after the first two weeks if the home has not gone pending or received high volumes of traffic. 
2. How emotions limit your success when selling a home. 
3. KEY TAKEAWAY! Remember the first 2 weeks are the best time to net the most!! All the traffic comes in this time period!! 

For any additional advice on selling a RI or MA property, contact Emilio DiSpirito 401-359-2338 or email emiliodiv@gmail.com to set a consultation.

Or visit www.MyDreamHomeNow.com/sell for more information.

How to Make $100,000 plus in Real Estate as a Realtor

How to Make $100,000 plus in Real Estate as a Realtor

From Ramen to Riches!! My Quick Guide For You!!

By Emilio DiSpirito, Realtor/Radio Show Host 

$100 Grand! It's probably the most generic amount of money the average person wishes they can earn and is more or less the bench mark in real estate which indicates the start to a successful business as a Realtor. 

When I started real estate 5 years back, there was not as much information as there is now and even with all the information out there, a lot of what we see is fairy tale bull shit. This is a quick guide and does not cover every little piece, however, you need to start somewhere, so keep reading! 

If your goal is to truly earn 6 figures in real estate, there is only one way to do it and it's to give it your all! Once you have a business that runs off referrals, it tends to get a bit easier. The first 3 to 5 years are gut wrenching yet satisfying when you hit your goals!! Chin up!! 

Side Note: If you are already in real estate and NOT earning $100,000 after 3 years.. what is going on? If you are a solo agent, try a team! Don't worry about splits as 100% of zero is still zero!!

Ready?! You better be. 

1.) Don't get advice on how to make $100,000 in real estate from someone who has not done it (that includes your broker or mentor!!) or from someone outside of the industry. Rule #1. Comprende? 

2.) Realize that you only know what you know.. and when you start real estate, you don't know squat about the subject. Be open minded and learn the following:

• Learn How to Negotiate - Read "Secrets to Power Negotiating" by Roger Dawson. It will change your life. Right off the rip you will be negotiating higher commission splits from brokerage, team, and clients. Later on down the road when you are selling, you will bring your clients higher sales prices and organically your business will grow from kicking ass!! ;) trust me!! 
• Skip the sales tactics and understand you are here to provide value. Read a new self-help business development book once per month. 

3.) Ditch your job and dive in!! GO FULL TIME or don't do it! 

• It's simple. If you don't believe in you. Who will? No one. Part time agents give part time service. Horrible way to start. (Are you part time? Offended? Remeber, this blog is about how to make 6 figures). 
• Head first - dive in, don't look back and follow the below steps.. (oh yea.. and get used to eating Ramen noodles with Taco Bell hot sauce. Sucks. But, it will motivate you to earn that filet!)

4.) Understand the numbers!!! First off - Every 97 no's will equal 3 yeses! Embrace the no's and keep going!! Let's talk about some other numbers though:

• Let's use $250,000 as your median market sale price and multiply by 2.5% commission on seller & buyer side. You are on a 60% split. 
• $6,250 Gross x 60% = $3,750 x 27 = $101,250
• Focus on selling 2 homes per month (and 3 in May, June, October).

5.) I quit my job, have zero money to spend.. how do I get my leads for FREE?! 

• Interview the top 5 Team Leaders in your area. They should supply leads and for zero upfront cost. They take their cut when you sell. Rinse and repeat. 
• Not interested in a team? Ok do this (by the way if you are on a team you should also be doing this!):
• DON'T DO THIS - "FARM" This is a term dinosaurs in our industry use to go randomly knock on pissed off home owners doors. Nothing really annoys people more than a real estate agent knocking on their door.. It's stupid, waste of time for what you get and your odds will suck. TARGET SELLERS WHO ARE ALREADY MOTIVATED!!
• First off understand listings are your lifeblood in real estate. Each listing should get you another listing and 2 to 3 buyers. SO, GET LISTINGS!!
• Set daily alerts for withdrawn listings and expired listings in MLS.
•  Knock on the doors. These people are pissed their last agent did not sell their home and they are motivated sellers!! 
• Not home? Find their phone numbers, call them.
• Follow up the call with a letter.
• Try them at dinner time or around 7 pm!
• YOUTUBE "HOW TO CALL ON EXPIRED LISTINGS"
• Watch this video Deric Lipski vs a Really tough Expired Listing Cold Call LIVE!!!
• Call on FSBO - AKA For Sale By Owner!! (Another seller that is ready to sell!!) 
• YOUTUBE "HOW TO CALL ON FSBO"
• Watch this!! How To: LIVE FSBO Call to Appt - Colton Lindsay
• Ask agents in your brokerage to hold open houses in homes above the median range!! Often times buyers walking in are sellers!! Follow up with each guest and always provide value!!
• Each guest could be a seller and buyer!! 

It's really that simple. Remember that listings are key!! Each listing will multiply your business x 3!! So how many listings will you need to sell 27 homes?! 

SIDE NOTE: Don't give advice to clients you would not take. Also, don't count your commission until the property closes! Focus less on the money and more on doing whats right and the productiviy of it all and the money will come. 

Leave your comments below and Subscribe to our YouTube for weekly content!! 

Tips for Home Buyers to Win in this Seller's Market

Tips for Home Buyers to Win in this Seller's Market!

By Emilio DiSpirito - Top Rhode Island Realtor & Radio Show Host of The Round Table Real estate Simplified. www.MyDreamHomeNow.com

First off, it's important to know exactly what kind of housing market you are entering. We can't avoid the fact that supply and demand play a part in the cost of any product or service available to consumers, from gas prices to the cost of paper, products and services will always change.

We are in a historic sellers market right now, in Rhode Island and across the country. There are only approximately 30% of what we should have for homes on the market right now!! Let me rephrase that; We have about 2400 active homes available for buyers and normally we should have about 7500. Supply is very low. So how about demand? Demand is higher than ever. In 2016 the most homes ever sold on record in Rhode Island!! About 11,050 homes sold in RI last year alone!! That's about 40% more home sales than the bottom of the market!! What is causing the demand? Low interest rates, improved economy, government deregulation and easier stipulations on qualifying for funding.

It's not uncommon today to see homes sell within the first day or first couple of weeks on market when they are priced for the market. These homes many times have multiple bids on them from buyers with competitive offers! Home prices across the board are up around 7% over 2015 and we anticipate them to continue to climb in the Ocean State.

With all of that said, the best sellers market in history, near-all-time-low interest rates and more buyers fighting against you for homes than ever.. How do you find a home? How do you win as a buyer in this real estate market?! Here are some surefire tips from leading industry professionals:

• Have Realistic Expectations! By understanding the market and knowing the days of bidding low and expecting to haggle are in the past. The only time you have a shot at bidding low is when a home is overpriced and has been sitting on the market for over 90 days. 
• Access the Public Portal of MLS. You will need a Realtor for this. Basically consumer sites like Zillow and Trulia lag and can keep you in the dark sometimes days after a home actually hits the market. You see these sites feed off Realtor software and they do not update regularly. By the time something is listed and hits those sites, you may of already lost out. 
• Have your mortgage pre-approval or proof of funds in hand before you set foot into a property. Quick Video - 6 Reasons Why Buyers Must Be Pre Approved
• Consult with your Realtor for mortgage broker or bank recommendations. We can refer someone to you if you wish.
• Check out the power of Upfront Underwriting! This is the best way to compete against cash buyers!! 
• Have your agent find out exactly what sellers need!
• What "pains" can you take away from sellers? How fast or slow do they want to close? Do sellers have a place to go? 
• Placing a closing date that best fits sellers needs will give you an edge! 

• Understanding how to win bid wars!! 
• 100% necessary to have an experienced Realtor! There are roughly 183 steps in the process of buying a home, never-mind the fact that you need someone who has had success wining bid wars in the past like the best attorneys win the most impossible cases!
• Place odd pricing, $200,000 list - For example you can bid $201,753 when going against multiple buyers. There have been times where my buyers have won a home by $53. 
• Give competitive terms!! 
• Offer 5 business days for home inspections vs. 10 business days! 
• In RI, a buyer can walk away for any reason including cold feet within the first 10 business days!! Smart sellers know this and you can limit their exposure and make them feel warm and fuzzy by lowering their risk. 
• Waive the lead inspection if home does not have chipping paint or is newer than 1978. (Do this at your own risk. Here is a link for information on how lead paint is harmful and some precautions, etc. Please read and educate yourself before you make any decisions Click Here )
• Offer a faster Mortgage Approval Deadline! Depending on which bank, mortgage broker or program you are using, you may be able to do this! Speak with your mortgage professional and ask them what is the fastest they can get your loan approved!
• Know that you may be able to extend this later on if you absolutely must!! 
• Many Realtors put between 30 and 45 days here
• I've seen banks approved people in as little as 7 to 14 days!
• This leaves sellers feeling secure that you are a solid buyer when comparing your offer to others. 

WANT TO LEARN MORE? 

All information deemed reliable & not guaranteed. For assistance, please seek professional advice. Emilio DiSpirito is a licensed Rhode Island Realtor & can answer any questions or refer you to a local top producing agent in your area by clicking here.

Read 6 Reasons Why NOT to Hire a Realtor

Rhode Island Housing Market News and Data September 2016

Rhode Island Housing Market News and Data September 2016

By Emilio DiSpirito - Radio Show Host of The Round Table Real Estate Simplified

Chart from RILiving.com

According to the Rhode Island Association of Realtors, single-family home sales are up 10.2% this year over last year between July and September, shattering all real estate records. Median sale price increased to $245,000 which is up about 4.5% over quarter 3, 2015! Some neighborhoods and areas have seen double-digit price increases. 

To Shop for your next home www.MyDreamHomeNow.com

To Obtain Your Homes Fair Market Value - Click http://www.emiliodispirito.boldleads.com/

Do you have to disclose if a house is haunted? And other Chilling Real Estate Facts!

Do you have to disclose if a house is haunted? And other Chilling Real Estate Facts! 

By Emilio DiSpirito www.EmilioDiSpirito.com

Haunted Homes - Do You Need to Disclose Home is Haunted When Selling?

When listing and selling a home, does the seller, real estate agent or Realtor have to disclose if the home is haunted or has a history of murder or suicide? 

• Believe it or not, it is NOT required for a Realtor to disclose if a home is haunted, if someone was murdered in the house or if there was a suicide that took place. 
• A Realtor or real estate agent is REQUIRED to to refer buyer or person in question to the property authority/resource for information. 
• If someone does ask, the Realtor can NOT lie when asked, but again is not required to disclose. By referring the consumer to the appropriate authority, an agent is NOT dodging the question - it is deflecting the question to the appropriate source. 
• Suicide, history of haunts and murder are not related to the real estate itself which the agent is hired to market. 
• Keep in mind, if a seller is willing to disclose, and Realtor wants to disclose, it may be disclosed. 
• If agent is representing a buyer, and an occurrence is known, it is best practice to disclose to buyer so that they can investigate further in terms of theory comfort level. 

SUBSCRIBE TO OUR YOUTUBE CHANNEL!! 

Does the history of murder, suicide or a home with the reputation of being haunted effect the value of the property?

• While some consumers do feel it affects the value of a property, it is NOT related to the real estate itself. 
• A consumer study by Realtor.com shows that more than half of American's would live in a residence with the reputation of being haunted. 

Shop for haunted homes! www.MyDreamHomeNow.com

For assistance buying or selling homes feel free to email us here Click Here to Send Questions!

Rules apply in Rhode Island and may vary state to state. Contact your local real estate broker to find out! Information deemed reliable but not guaranteed. 

How A Mortgage Originator Can Obtain More Business From Realtors

How A Mortgage Originator Can Obtain More Business From Realtors

By Emilio DiSpirito Realtor/Team Leader/Radio Show Host/Disrupter

Just a couple of thoughts from the Other Side of The Table! 

Being a loan officer is NOT a Marathon, but a Tri-Athalon!!

You see a Marathon is what the unsuccessful in our industry do... THEY DON'T FOCUS on all 3 major components on a DAILY & REPETITIVE BASIS!

So what is the 'Mortgage Originator Tri-Athalon'?

• Prospect for NEW Business / Cultivate New Relationships
• Keep Current Clients Happy
• Stay up on Industry 

Sounds simple right? That is the formula!! So simple yet, we sometimes fall behind the 8 ball because we are our own worst enemies!! The successful loan officers closing 2+ million per month on a routine basis are doing all 3 of these things!!! 

I'm by no means here to tell you I have ALL the ANSWERS... NO! I am just trying to figure this out daily and am open to pointers! Here to share some POWERFUL INCITES that WILL RESULT in YOU CLOSING MORE BUSINESS!

1. Am I here for the long run? Do I APPEAR to be INVESTED my industry and do Realtors see me as stable? How am I perceived by my target audience in which I wish to cultivate relationships?
1. Think about that for a second? Almost like John F Kennedy's amazing speech which politicians should practice more now than ever - "Ask Not What Your Country Can Do For You, But What You Can Do For Your Country!" Same thing here.. What are you doing for your industry? How are you setting yourself apart and adding value?
2. Confidence. Do You Know What It Takes To Sell Real Estate? (youtube may show a quick commercial first.. stay tuned it's worth it!)
3. Set expectations - Set the tone, that you are the professional and you carry ALL the answers or can GET THEM!! Never lie and say you know what you don't... but promote your company as your TEAM and tell your prospect or your client that you WILL get them the answer they need!
4. WORK TWICE AS HARD - Get 3 to 4 x the results!! How can you work TWICE AS HARD? IT COULD NOT BE EASIER!! There are 2 agents involved in nearly 87% of all real estate transactions. Buyers agent and listing agent. 
1. As a value-add to your buyers agent and to get you in front of the listing agent:
1. Email listing agent pre-approval letter after discussing the offer with buyers agent. 
2. Call listing agent right after email and tell the listing agent why you confidently feel this buyer is perfect for their listing. 
3. Tell the listing agent what kind of homework you did to ensure they had a solid buyer. 
4. Build quick report - DO NOT SELL... Your report and follow up will sell you to them. Do this EVERYDAY... What do you think will happen?
5. CAR POOL WITH REALTORS 
1. TWO WORDS - Brokers Caravans! 
2. Also give yourself an edge by seeing the end product!
1. Refer buyers looking over to a listing agent that may have a product you have seen that your client may want!
6. WORK THE TELLERS!(if you work in a bank)
1. There is no better person in the bank that can drum up business for you.. Figure out a way to legally and ethically work and reward the tellers!!!
2. Find out who the sellers are coming into your bank - Refer them to a Realtor you are looking to prospect!! 
3. Most buyers are also... SELLERS!! Agents love working listings because listings will help agent (and you!!) retain more buyers!!
4. Tellers have sales quotas to meet in many cases - Make sure that you refer them business as well!! 
7. MARKETING CENTERS
1. Sponsor a video tour and pictures for an agent. Get your name and logo on video for pre-approval or offer a cool landing page with fun facts that the client will find value! Imagine this video, seen by Realtors and consumers with your name, number or website and logo on it.. Agent Guided Tour of 67 Beeckman Ave Cranston
1. Image Ten www.ImageTen.com does this best in RI, South Eastern MA and Eastern CT and is very reasonable. 
2. Promote the videos on facebook - "Boost" the video to a target audience with a landing page that will engage audience.. ultimately you gain SEO and they may contact you!! Either way.. you are showing so much value!!! Better yet.. boost the video and pics with an invite to the open house - SHOW UP! 
3. Put a yard sign on that listing!
4. Have your materials there at an open house as the "Go-To" person for mortgages!
8. MAKE SURE THEY RECEPRICATE! 
1. Make it known right away upon giving the agent the lead EXACTLY WHAT YOU WANT in return. 
1. Take business over coffee.. Face to face is vital but showing up at the closing or an open house is 10x more effective than JUST ANOTHER COFFEE DATE!

There is nothing more rewarding than helping someone else. Thank you for listening, please leave your comments below and please subscribe and follow us! 

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this advice is deemed reliable but not guaranteed. mortgage office, loan originator, etc. should check industry standards to ensure they are playing by the rules. this advice is from a realtor.. what do i know?!

Rhode Island Real Estate Drone - How are drones changing how real estate is sold?

How is the DiSpirito Team using Drone Technology to increase traffic to their listings?

Drone Portfolio By Emilio DiSpirito - Top Realtor in Rhode Island
401-359-2338

Click Icon to Follow Us On Facebook for Great Real Estate Tips & Videos From Rhode Island's Top Real Estate Professionals

With over 93% of buyers searching for real estate are online, you need to make sure your home is front and center and grabs their interest! With such staggering numbers, when looking to sell a property in Rhode Island, you need an agent that understands how to market your property to the largest crowd.

There are very complex strategies that we put in place to ensure our clients selling a home in Rhode Island have a property that is seen more with us than any other agent.

Here are a few examples of our breathtaking professional 4k drone aerial videos and photos of real estate we have sold recently.

DRONE TECHNOLOGY WAS USED TO SHOWCASE AND TO SELL THIS BEAUTIFUL LAKEFRONT PROPERTY IN RHODE ISLAND. 

UNIQUE PROPERTIES IN RHODE ISLAND ARE ALSO ONE OF OUR SPECIALTIES. THIS WAS A ONE OF A KIND HOME IN FOSTER RI. THE SELLERS CONTACTED THE DISPIRITO TEAM TO SHOW OFF NOT ONLY THE AMENITIES OF THE LAND, HOWEVER TO SHOWCASE THE CHARM THAT 9 SHIPEE SCHOOLHOUSE RD HAD TO OFFER. 

HERE WE USED AERIAL PHOTOS AND VIDEO TO MARKET THE BAY SIDE COMMUNITIES IN RHODE ISLAND. WE HAVE LISTED AND SOLD SEVERAL HOMES ALONG THE COAST IN RHODE ISLAND AT RECORD TIME AND HIGHEST ABSOLUTE SALE PRICE. 

CLICK HERE TO FIND OUT WHAT YOUR HOME IS WORTH!

WE ALWAYS USE DRONE VIDEO FOR OUR LUXURY REAL ESTATE LISTINGS IN NORTH KINGSTOWN, EAST GREENWICH, SOUTH KINGSTOWN, NARRAGANSET, JAMESTOWN, NORTH SMITHFIELD, CUMBERLAND, LINCOLN, EAST SIDE OF PROVIDENCE AND OTHER SOUGHT AFTER HIGH END RHODE ISLAND LUXURY MARKETS. 

SHOWING OFF OUR NEW ENGLAND FALL COLORS NEAR THE OCEAN USING 4K AERIAL FOOTAGE! 

WE NOW INCORPORATE DRONE FOOTAGE IN OUR EXCLUSIVE DISPIRITO TEAM AGENT GUIDED WALKTHROUGH TOURS! 

INTERVIEW WITH ONE OF THE TOP DRONE FILM COMPANIES IN THE NORTHEAST! 

SUBSCRIBE TO OUR YOUTUBE CHANNEL FOR THE BEST REAL ESTATE VIDEOS AND ADVICE IN RHODE ISLAND! UPDATED WEEKLY!! 

Areas we service in RI:

• North Smithfield
• Cumberland
• Burrillville
• Lincoln
• Scituate
• Johnston
• Cranston
• Glocester 
• Foster
• West Greenwich
• Coventry
• North Kingstown
• East Greenwich
• Warwick
• West Warwick
• Hopkinton
• South Kingstown
• Jamestown
• Westerly
• Pawtucket
• East Side of Providence
• Barrington
• East Providence
• Bristol

Frequently Asked Questions:

1. Does drone technology help sell my home faster and higher in price? We believe that showcasing the unique attributes of a property and its landscapes appeal to buyers and peak their interest enough to ask for a showing. The more traffic, the more likely the property will sell for a higher price point.
2. What real estate agent in Rhode Island uses drone aerial video and photo? How do I contact an agent that will showcase my home with a drone? Emilio DiSpirito and The DiSpirto Team. Please contact them here http://emiliodispirito.com/#contact

Please subscribe to our YouTube channel Click Here for some more great real estate topics and advice!

Are Foreclosures Still Effecting Rhode Island Real Estate?

Are Foreclosures Still Effecting Rhode Island Real Estate?
By Emilio DiSpirito Realtor/ Real Estate Consultant / Radio Show Host

The housing market has seen its best year in sales numbers since 1986!! With that said, are there still foreclosures out there? If so, how many? You may be surprised at these statistics.

There are always going to be people & families all around us that are going through the struggle.. my family did.. I personally did.. you are probably looking over at the person next to you with a quiet smile thinking about more turbulent times in your life or maybe you or someone close to you is going through them right now!! Listen up, because we are not only going to talk stats, but also options out!

According to RealtyTrac.com:

• 1 out of every 1573 homes in Rhode Island is a foreclosure on average. 
• According to US Census Bureau there are 462,578 housing units for our 1,056,028 citizens in Rhode Island. 
• Meaning if their stats are right on RealtyTrac, there are approximately 294 active foreclosures on the market
• According to the Multi Listing Service aka MLS, where Realtors add properties on the market, there are 195 Active Foreclosure Listings and 366 pending! In retrospect, when you add up all of the Non Foreclosure listings in RI for Condos, Multi Families and Single Family housing we get a total of 7,891 total pending and active and 561 total pending and active foreclosures, thus making 14% of the current real estate market here in Rhode Island, foreclosures.

Here is a list of how many homes per county in Rhode Island are foreclosed homes

In the grand scheme of things, there are less than 1% of homes in the United States who are in foreclosure which represents a healthy and stable market compared to that of 2010 when 26% of all homes in the US were going through the foreclosure process!

What are the top 12 States in the US for foreclosures?  Click here to see the list! 

Now that brings us to our next topic on the topic!

Click here to read our blog on how to avoid foreclosures!

Easily obtain your homes value! You may have enough equity or we may be able to get a cash buyer for you to get out clean!! Call 401-359-2338 or www.HomePrice411.com to see!

Real Estate Property Taxes, Where Do They Go and What do They Do?

By Emilio DiSpirito, Top Real Estate Agent in Rhode Island, Real Estate Blogger & Radio Show Host with the Real Estate Radio Network, Representing the Rhode Island Market. 

This year, homeowners in towns & cities throughout Rhode Island have seen an increase in their real estate taxes. Many citizens are upset about the increase and this blog will be a transparent place for Rhode Islander's to see where we stand and where our tax dollars go! After a ton of research.. Cities and Towns in Rhode Island clearly do not tell you where your tax dollars go without a ton of digging. It's my goal to make Rhode Island real estate information obtainable in a quick and reasonable manner to our current and soon to be residents! :) 

How to save money on property taxes!  

New Here? Stay in the know & subscribe to our YouTube channel to receive emails with all the latest real estate, legal & financial advice we guarantee you can use!

 According to WalletHub.com, when ranking states from lowest to highest in tax rates, 1 being the lowest and 50 being the highest, Rhode Island currently ranks 42! At an average of 1.61% the properties value, taxes are assessed per $1,000 of the real estate value. 

In example: A $176,000 home in Rhode Island holds a real estate tax of roughly $2829 per year which is nearly six times the amount of property tax for the same house ($489 per year) in Hawaii. Hawaii is the #1 best state for lowest property taxes in the United States.

So first off.. Why are our property taxes going up?! Politicians will tell you that the "good news" is the tax rate has not increased... However, the valuation of homes has. In an increased market, cities and towns are roughly one to two years behind in actual values on the way up and also on the way down. Thus why it's common you will see "assessments" lower than actual sales prices in an escalating market and higher in a falling market. 

Rhode Island property taxes are due quarterly and are paid six months in arrears meaning after the taxes are owed. When you take out a mortgage with an escrow program, taxes are collected in your mortgage payment monthly and are then paid quarterly by your mortgage servicer. Much easier than having another bill to remember to pay. Real Estate property taxes are also tax deductible, as they should be.

So the biggest question is.. Where do our property taxes go? What do they fund? Well, not so surprisingly, the RI town and city governments are not so transparent on where the money goes... After much digging, we did not find a RI page that disclosed this but found on google mainly what property taxes cover the following:

• ANIMAL CONTROL
• LOCAL ROAD REPAIRS & SERVICES
• POLICE DEPARTMENT
• "SAFE" DRINKING WATER (what if you have a well... why should you pay for city water?)
• TREATMENT OF SEWAGE (hmmm... what if you have a septic?? why are you paying this??)
• Building Code Enforcement/Saftey
• Fire Station
• Community Centre Sewage 
• Emergency Planning 
• Heritage Planning / Zoning

Hope this information was useful to you! For further details and any real estate information, feel free to contact me direct: 401-359-2338 or Click Here

Should I Sell My Home to a Cash Investor? Pros and Cons to Selling Real Estate Before Listing on the Market

Should I Sell My Home to a Cash Investor? Pros and Cons to Selling Real Estate Before Listing on the Market

By Emilio DiSpirito, Realtor, Team Leader, National Real Estate Radio Show Host

Make no mistake, we are currently experiencing a sellers market in Rhode Island and across approximately 98% of the United States. Homes are pending in an average of about 70 days in Rhode Island and around 95% of original list price. Keep in mind buyers are enjoying this market as well because we have seen continued historically low mortgage rates for a few years now and it's more affordable to take out a 30 year mortgage and purchase in many cases.

Rhode Island Real Estate Market News

So, with homes pending in about 70 days on average and at 95% of list price where a Realtor will price your home, what makes more sense? Listing your home for sale or selling to a cash investor? Under which scenarios would work in the favor of a seller?

Will it benefit me to sell my home to a cash investor vs. listing with a Realtor or selling it as For Sale By Owner?

Here are a list of scenarios. Your situation may differ and that's ok. It's impossible to list all of the circumstances that arise that cause a home owner to sell and we can provide a tailored solution to your needs or even track the market over long period of times and send you updates, so when the time is ready, you are ready. Simply leave a comment on this blog or email me direct emiliodiv@gmail.com or send me a message here to ask your question or to set up a consultation.

Scenario 1: Our home has recently been updated. All of the bathrooms & kitchen have all been renovated in the last 5 years and family and friends always comment on how beautiful it is. The yard is well manicured and we've even had people tell us to contact them if we were thinking of selling.

List it or Cash Out? List it!! Your home is perfect for the real estate market. As a turn key property, your home will sell extremely fast and at a very high price during this market. Cash investors need to buy homes lower than fair market value in order to sell and turn a profit! Here are some suggestions to maximize your profit when listing with a Realtor!

• 4 Tips How You Can Win in a Sellers Market! (Blog)
• 7 Ways To Maximize Profit When Getting Ready to List My Property for Sale (Blog)
• Pre List Home Inspections (Video)

What are my closing costs as a seller? Watch the video! Call/Text 401-359-2338 for more information

Scenario 2: My home is very "lived in". It's been a great place to raise a family, but the kitchen is original to the home, the bathroom as well. The home has carpets throughout. Along the way, some work has been done such as a new furnace about 3 years ago, newer roof 10 years back and some other items to keep up with the structure and mechanical integrity of the home.


List it or Cash Out?  Cash Out!! In this circumstance you may want to cash out! Renovations such as kitchen and baths do play a large roll in where your home will appraise in value for a buyer who is financing. Often times, you will not recoup the money you have invested into your property when hiring contractors and making the improvements! Statistics show that buyers will ask for three dollars in credits off sales price for every one dollar in actual cost. On an average home, a kitchen could cost $20,000 to $30,000 to remodel while bathrooms could cost $15,000 to $20,000, depending on size and finishes. Aside from that, the cost to paint, install hardwood and ceramic flooring or something comparable could be another small fortune again that you most likely will not see the return on investment.

Selling your property in "as-is" condition at fair market value with a Realtor in this instance for $150,000 will net you between $120,000 and $130,000 after the property sells at the average market rate of 95%, your brokers fee, transfer taxes, closing cost and repair credits, legal fee for attorney to prepare your deed and review paperwork. It may take several showings to sell your property at this price. A cash investor, may purchase your property around this price and in "as-is" condition. They can often times close in a couple of days, week or when you need them to.

Scenario 3: I'm very handy and have a lot of connections to discounted materials like granite, kitchen cabinetry & flooring through friends or family. Some of my best friends are electricans, plumbers and contractors. My house is in need of a ton of repairs. Not only is it outdated, however the roof has 2 layers and is on its way out, windows are drafty and the electrical panel is fuse boxes and the wiring through my house is knob and tube. I've got money socked away and with the discounted rates on materials and labor I have access to, putting in work and money should not be an issue! 


List it or Cash Out? List it! But first, fix it!! By bringing your home up to today's buyers standards and offering a turn key and energy efficient home, you will be able to sell your property for top dollar when listing with a top producing real estate agent in Rhode Island or your area. 

Scenario 4: We've inherited a home through an estate sale. We have no need to hold on to this property and do not wish to pay for the upkeep and overhead of the house like taxes, mortgage, insurance, maintenance, etc. The property has some strong points to it, however a buyer will need to do a ton of work to get it today's standards and we just do not have the energy, time nor money to dump into the property for the risk of potentially not getting the return or strong enough return we would like. 

List it or Cash Out? Simple! Cash out!! Take advantage of getting a cash offer for your home to close in days and alleviate yourself from the headaches and financial burden this property may impose on you and your family. 

Your situations may vary and that is why you should always seek a professional opinion. Call me today to set up a consultation where we can look at bottom line numbers and discuss your goals to see which makes more sense. We can look into what you will net when selling on the market and time on market vs. selling the property to a cash investor and at the end of your meeting, you will have a tailored solution for your needs. Call/Text 401-359-2338 to get started or contact me direct at emiliodiv@gmail.com

Easily Get A Ball Park Number of Your Homes Value Here

What are the 3 Hottest Selling Price Ranges in Rhode Island?

What are the 3 Hottest Selling Price Ranges in Rhode Island?

By Rhode Island Realtor Emilio DiSpirito

Year to date, we have sold over 1/2 Billion Dollars in single family real estate here in Rhode Island. With roughly 1700 single family homes sold through March 2016!

With that said, the major question on everyone's mind is.. what price range is selling best? Should I jump into the market now where I have virtually zero competition and sell my home for the highest possible price right now?

Rhode Island Real Estate News - What are the 3 best selling price ranges in RI? 

Coming In at:

1. Single Families priced between $200,000 and $249,999 make up the largest % of the market at 17% of overall transactions!! About 300 transactions through March out of all the transactions in RI. Thus meaning, if your home has a fair market value of $199,900... you may want to inch it up to $200,000 to take advantage of the largest market in Rhode Island. 
2. Homes priced between $300,000 and $399,999! With approx 250 sales in total in the ocean state through march! This higher end price range takes a commanding lead of 14.40% of the entire market share. 
3. Single Family homes priced between $250,000 & $299,900 take the bronze medal at 12.5% of real estate pricing market share in Rhode Island with about 225 sales through March 2016. 

Honorable mentions:

• $180,000 to $199,999 price point with 10.19% and 175 sales through March 2016
• $160,000 to $179,999 with 7.76% of the entire market and 135 units sold. 
• $500,000 to $749,999 with 5.69% of entire market with 100 units sold

For an instant home value report www.TrustTheDove.SmartHomePrice.com

For an exact home value from a qualified and top producing real estate professional call 401-359-2338

Housing Inventory in Rhode Island

Housing Inventory in Rhode Island 

March 2016

By Emilio DiSpirito
Top Rhode Island & National Real Estate Professional, Radio Show Host of The Round Table Real Estate Simplified on iHeartradio every Sunday at 10 am! 

Currently 3107 Active Single Family Homes on the Market for Sale

Last Week Approximately 2950 Homes on the Market for Sale

Inventory has increased by 6.1% in one Week

My estimation that we will see a 30% increase by May

Currently there are 2115 Pending Single Family Homes on the Market for Sale

42% of all homes on the market are pending

We roughly have a 2 to 3 month supply across Rhode Island of homes to sell.. meaning if no one listed a home for sale for the next 3 months, there would not be really any homes to sell.

Most favorable time to sell property in over 10 years!!

Check out which price ranges in Rhode Island are selling the best!

For a FREE Seller Consultation and home value report, call or text 401-359-2338 or for an idea, you can click www.TrustTheDove.SmartHomePrice.com

Emilio DiSpirito, Host of Real Estate Radio Networks award winning show "The Round Table Real Estate Simplified!"

6 Reasons Buyer Representation Will Benefit You When Buying Real Estate in This Market

6 Reasons Buyer Representation Will Benefit You When Buying Real Estate in This Market

By Emilio DiSpirito, Realtor, Team Leader, Radio Show Host of The Round Table Real Estate Simplified 

SUBSCRIBE TO OUR YOUTUBE CHANNEL FOR ALL THE LATEST HOME LISTINGS AND REAL ESTATE INFORMATIONAL VIDEOS!

Real Estate Advice: 6 Reasons Buyer Representation WILL Benefit You in Today's Real Estate Market

It's no secret that it's a pure sellers market in Rhode Island and a majority of the United States! Homes are selling as soon as they hit the market & prices are on the steady rise! Housing inventory in Rhode Island remains to be about 56% lower than a normal market. There are only 3088 homes on the market right now as opposed to 7,000+ being a healthy inventory. 

So why are there so many buyers out there? You probably guessed it!! Interest rates are still extremely favorable at around 4%. Not bad when you consider the average 40 year rate is about 8.9%. With rates being low and home prices still a stretch in many areas from where they were in 2005 and rent being 29% higher than it was in 2009... Home ownership is now more affordable and desirable to all age groups vs. renting. ( So what exactly is happening in the Rhode Island real estate market?)

Ok, so lets recap:

• Housing Prices Are Up
• Inventory is scarce
• Bid Wars are Commonplace on turnkey properties
• There are over 183 Steps in the buying process

With everything working against you as the buyer... Why would you decide to NOT have an Exclusive Buyer Representation with a real estate professional? Here is WHY YOU NEED THIS!

1. No up front costs to have many Realtors represent you as a buyer
2. Overall knowledge of inventory right when or before listings hit the market!
1. We suggest you link up with a listing heavy team so that you will know as soon as homes hit the market and sometimes you can get to be the first ones in the door!! 
3. Your Exclusive Buyers Representative Must do everything to protect you & your interests! 
4. Your Realtor can show you every home available on the market regardless of which agency has it listed or despite if it's For Sale By Owner. 
5. Your Exclusive Buyers Rep will negotaite a transaction for you! 
1. Realtors have access to ALL the data and COMPARABLE SALES!! 
6. Your Buyers Agent will connect you with reputable mortgage companies, home inspectors, closing and title companies, contractors and a long list of professionals you may need through the process!!

For a successful buying transaction in real estate, make sure you connect with a top real estate professional in Rhode Island today!! 

Happy Hunting!!

CHECK OUT THE TOP 5 PLACES IN RHODE ISLAND TO BUY REAL ESTATE AND TO SELL REAL ESTATE! 

Emilio DiSpirito

Realtor - RI LICENSE S35582

401-359-2338

See all available homes online here www.MyDreamHomeNow.com

Get your homes instant value report here www.TrustTheDove.SmartHomePrice.com

Connect with a TOP Real Estate Professional Here in Rhode Island Whether Buying or Selling, We Have A Local Realtor for You!