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Back from the dead, open houses are popular once again, and
that is great news for frustrated and stressed buyersBY SCOTT PICKERING spickering@eastbaymediagroup.co
The pandemic killed the open house, but that tried and true real estate sales tactic is making a big comeback. It is one of few bright spots for buyers in a market that still overwhelmingly favors the sellers.
“A lot more agents are having public open houses as first showings, which is great, because it gives buyers a chance to get in the door and actually see properties before they go under contact,” said Realtor Tracey Mulvey of RE/MAX River’s Edge in Bristol.
When Covid arrived in the spring of 2020, open houses were one of the first things to change (along with the sweeping closure of schools and businesses worldwide). Since public spaces were considered scary and unsafe, the last thing anyone wanted was to invite the public into their homes.
The real estate market briefly fell into a lull in 2020, but it quickly regained speed, especially here in the East Bay. The pandemic gave rise to new tactics, like video tours, virtual tours, and gloved, masked private showings. The open house was left behind, an old-school tactic from another era.
Despite the gradual loosening of all things pandemic, the open house did not make a quick return. It has taken years for things to get back to “normal,” but a scan of last weekend’s open house listings shows how much they have changed.
Zillow listed open houses at 10 different Barrington homes, including some that were open both Saturday and Sunday. The same was true in East Providence, with 10 open houses scheduled. Bristol had five open houses. Warren had two, Portsmouth had 12, Middletown had five, Newport had seven, Tiverton had seven, and Westport had 11.
That adds up to nearly 70 open houses in the East Bay last weekend, a bonanza reminiscent of a pre-pandemic era, when buyers spent their days racing from home to home, experiencing the thrill of possibility.
Mulvey believes the open house is a great tactic for sellers, and great news for buyers. “Buyers need these open houses,”
she said. “They need the experience. They need the time to walk through and compare homes. It’s nice to see that they’re actually happening again.”
“Buyers need these open houses. They need the experience. It’s nice to see that they’re actually happening again.”
Because the market has been dominated by low inventory and fierce competition, many buyers have gone through horrible experiences — stretching their finances beyond what they can afford and still getting blown out of the water by competing offers; frantically submitting a bid at the asking price and losing out to someone
TRACEY MULVEY
willing to go 15% over-asking; seeing attractive new properties hit the market on Tuesday and go under contract on Thursday.
“As a buyers’ agent, I’m feeling the stress,” Mulvey said. “My buyers are stressed. And yes, the open house does create a sense or urgency, and competition, but it allows the buyers the opportunity to actually see the property.”
Mulvey advises all her sellers to hold public open houses, because it’s good for business (and good for buyers).
“Sometimes sellers immediately get an offer they feel they can’t refuse. Maybe it’s cash, maybe it’s over-asking. They accept the offer and shut it down immediately,” Mulvey said. She worries those sellers might be leaving money on the table.
“If you launch a property on a Monday, you have a showing immediately, and you don’t offer an opportunity to get through the first weekend, many buyers, especially out of state buyers who can’t get here because of their work schedules, don’t even have a chance to see it, and you’ve now missed out on that entire buyer pool.”
So bring back the open house.
“Let’s give buyers an opportunity,” Mulvey said. “Let’s not shut the door on them on a Thursday.”
Even in an imbalanced market, there are opportunities on both sides of the deal
BY SCOTT PICKERING spickering@eastbaymediagroup.comEvery real estate market presents opportunities. The challenge is finding them.
Today’s market, especially in the East Bay of Rhode Island and Southcoast of Massachusetts, is much the same as it has been for the past three to four years. There are too few houses on the market, creating a vast imbalance between low supply and high demand. As everyone remembers from Economics 101, low supply and high demand tend to drive up prices. In a region like this, which remains highly desirable with excellent quality of life, price spikes are even more pronounced.
Statewide, Rhode Island median sales prices have risen 5% to 20% annually. Yet in Bristol, for example, the median sale price of a single-fam-
versation starts at $500,000 and rises quickly from there.
Despite the powerful market forces at work here, there remain opportunities for both buyers and sellers, with more stress for the former and more strategy for the latter.
Sarah Principe, a Realtor with William Raveis, works with many buyers, some of whom have simply given up on the East Bay. “I’ve had a lot of buyers who have crossed lines and gone into Massachusetts,” she said. “They find they can get more bang for their buck. They can get more land and a bigger house than they can afford in the East Bay.”
However, for those who are determined to make it work in this region, she has advice. “If you want to stay in the East Bay, you have to get really crafty with how you present an offer,” Principe said.
Cash is king, but most buyers don’t
have piles of cash to throw at their next home. Principe said there are ways to complete other than cash.
“You have to be creative with the three areas of your offer — purchase price, inspection contingency and mortgage contingency,” Principe said.
She never advises clients to waive their home inspection, but there are ways to be more flexible in this area. “For example, you can say, ‘the buyer will negotiate with the seller only if an item is estimated to cost more than $10,000 to repair or replace,’ ” Principe said. That way buyers give the sellers assurances that small problems won’t sink the deal, while still protecting themselves against major problems or discoveries.
Buyers can also purchase home warranties, giving sellers confidence that they are willing to accept the risk while still protecting themselves.
On the financial side, buyers can be crafty with their offer by including something like an appraisal differential. It’s like an escalator clause, where
the buyers agree to come forward with more money if the mortgage appraisal does not meet the asking price. “You say, ‘we’re willing to cover the differential.’ That can get you far with a seller,” Principe said.
“This is why everybody needs to be represented by a buyers’ agent, especially in this market,” Principe said. She believes an experienced real estate agent is invaluable at a time like this.
“The last two sales I’ve gotten, happened because I was thinking outside the box to make the buyers’ offers more enticing.”
Though everything about the market is tilted in their favor, sellers have work to do, too. If they are willing to move, and finally cash in on the enormous equity in their home, they still face the same challenges as every other buyer in the market — finding a new place to live.
Assuming they have properly prepared their house for market, it will sell quickly. Most agents today advise
their clients to do their own preinspections. Depending on what the inspections reveal, many owners will address minor improvements, repairs and problems before listing the house. If all those issues are addressed before the “For Sale” sign hits the lawn, then the only real factors for buyers to consider are location and price.
So, knowing that your house will sell very quickly, probably in two weeks or less, don’t list your house until you have somewhere to go, says Principe.
“Most experienced listing agents will advise their clients to not list their house until they have someplace to go,” Principe said. “I even tell them to identify a house to purchase first, to go under contact, to go through the inspections, and to even do the appraisal, before listing. Then they can put their house on the market.”
When they do, in this market, in this region, they can have tremendous confidence that their home will sell, and it will likely sell in a flash. The buyers are lined up and waiting.
April data shows an increase in home sales for only the second time in more than two years
Rhode Island’s spring housing market started off with increased activity
Shekarchi’s plan to increase housing units in Rhode Island. More production means more access to homeownership, which is critical to our residents, our communities and our economy,” said Sally Hersey, president of the Rhode Island Association
Data from the past three years shows Rhode Island home prices have risen each year, most notably from 2023 to 2024, when the median sale price for single-family homes increased 12% to 15% each month (compared to the year prior). Throughout the three-year period of rising prices, days-on-market has remained very consistent, typically a little longer than a month, but actual sales have declined considerably. In the first quarter of 2022, Rhode Island saw 2,043 single-family home sales. In the first quarter of this year, Rhode Island had 1,415 single-family home sales — a decline of more than 30%. The pattern of low inventory also continues. Two years ago, in March of 2022, there were 2,124 single-family homes either listed or under contract. This March, there were 1,763 listed or pending single-family homes — a decline of 17%. The trends are obvious to see: Single-family inventory is tight, sales cycles are quick, and home prices keep rising.
An “out with the old, in with the new” mentality can extend to people’s visions for their homes. A home in need of repair or renovation can serve as a catalyst to take inventory of personal style and help make interior spaces reflect one’s unique vibe.
A living room can grow stale over time and often serves as a catch-call for clothing, blankets, gadgets, and other items. Upon recognizing a living room has seen better days, individuals may decide it’s time to give the space a new vibe. That transformation can start with these strategies.
Clutter frequently is the culprit behind a living room that may not give off the vibe individuals desire. As families grow and people add belongings, space may be at a premium. Less is more has never been a more important concept. Remove extraneous items before purchasing new furniture or transitioning to a new design. You may even want to remove everything and start from scratch before reintroducing desirable elements to the space.
Seek the assistance of professionals
Some people are adept at decorating and designing spaces. But just as you wouldn’t perform your own medical procedures, you should leave jobs like interior design and renovations to the professionals. Hiring a professional interior designer and contractors can really bring a living room together in ways homeowners may have never imagined. These pros can build off of your ideas and truly create a space that may be worthy of a magazine spread.
You may want to consider adding natural materials in the design to promote well-being. Eco-friendly furnishings, raw fibers and organic textures will create an environment from sustainable choices. Plenty of plants also can create a welcoming environment that helps you surround yourself with positive energy and the items you love.
Light it up
One of the easiest ways to transform a room’s vibe is to utilize lighting. Change draperies to allow more natural light to
new lights, new furnishings and less clutter, the living room can feel like an entirely new space.
shine in. Consider additional windows or skylights if yours is a particularly dark home. If you desire to create a more vivid or cozy ambiance, use a combination of accent, task and supplemental lighting in the space so there are no dim corners.
Create an industrial or urban vibe
Industrial-chic design celebrates the bones of a building. It’s what makes city lofts so appealing, with their exposed beams and brick. Even those who live in suburbia or out in the country can give a living room this look with subtle nods to the style. Unadorned windows, clean lines on furniture, oversized, gallerystyle art, and metal accents can add touches of this popular look to your home.
Revamping a living room doesn’t have to be difficult. With an idea in place and some professional touches, an entirely new vibe can be achieved.
In a time of surging home prices, it’s good to know how much house you really need
Potential home buyers typically have lists of requirements they would like to find in a new home. Although there are many features that are universally appreciated, certain elements may appeal to particular buyers more than others. For example, a swimming pool may be coveted by active families, but may not be as desirable to retirees looking for less upkeep.
Size is consideration that merits significant attention. The mantra “bigger is better” is well known, but homes with significant square footage may not be ideal for all buyers. “How much home do I really need?” is an important question for buyers to ask themselves before they embark on their home-buying journeys. Here’s how buyers can identify how much house they need.
The first consideration in home size is the number of residents. Rocket Mortgage says a good rule of thumb is to give each person 600 square feet of space. So that means a family of four would ideally live in a home that is 2,400 square feet, while a couple may be fine in a 1,200-square-foot home.
Generally speaking, the more rooms in a home, the larger the house. Potential buyers should identify rooms they feel are essential. While formal dining rooms once were de rigueur, they largely fell out of favor in recent years in lieu of open floor plans. The more rooms you need, the larger a home should be.
It’s important to consider life changes on the horizon, and buyers should decide if they want to move as a result of those changes or if they want to set down strong roots and stay in one home. For example, a starter home may be perfect for newlyweds, but the space may be too tight when kids come
along. Also, those who anticipate caring for a parent in the future may want a home that will accommodate an extra resident in the years ahead.
The trend to live in very small houses has gained popularity in recent years. Many people have chosen to live with less and downsize to diminutive homes. Most “tiny” homes are less than 400 square feet and are not much bigger than some owner’s suites in larger homes. There are merits to small homes, and that includes a small environmental impact, less clutter, financial advantages, and other perks like spending more time outdoors.
Sometimes how much house a person needs comes down to how much he or she can afford. Small homes tend to be less expensive than large ones. However, even small homes in urban areas or those close to the water or other attractive amenities could still cost quite a bit.
Housing size is a personal preference that potential buyers must consider when they are shopping around.
People typically have two options when they need a place to live: rent or buy. There are pros and cons to each option, and what is best depends on the person and the situation.
Choosing to rent or buy is a decision with many moving parts, says NerdWallet. Although buying a home is often presented as a fulfillment of the “American Dream,” home ownership is not the right fit for everyone. A careful consideration of owning versus renting can help people decide which option is best for them.
Purchasing a home is a large undertaking that requires a significant financial investment. People often buy a home because they want stability and an asset that maintains value and even appreciates in the long run. There’s also more freedom over the living situation when a person buys, as he or she is not beholden to the rules of the landlord. This affords
more freedom to decorate and fewer restrictions regarding noise. Homeowners also may not be privy to rules regarding pets.
People may be drawn to buying because they know precisely what they will pay each month in living expenses, provided taxes remain relatively stable. Furthermore, setting down roots can help a person feel like part of a community. Home ownership has some disadvan-
tages. It’s a large financial investment that requires a potentially sizable down payment up front. Owning comes with an inherent, though not ironclad, lack of flexibility, as a person cannot simply move to a new geographic location on a whim. There’s also responsibility involved in home ownership. Homeowners are required to pay for all maintenance and handle any additional issues that arise.
Renting can be a more affordable shortterm option than buying. Renting enables a person to get a residence at a lower monthly expense and with no down payment. Those who rent have more flexibility if they want to change homes frequently. There’s much less responsibility required to rent, as landlords will handle repairs and other concerns. Expenses may be less because there’s no need to pay property taxes, and some utilities may be covered by the property owner. There is a sentiment that renters are throwing away money each month because they are not getting any equity with each monthly rental payment. Rental costs also may not be fixed, as a landlord can increase rent with each lease renewal. Renters also must abide by the rules and regulations of the landlord while renting. This may mean restrictions on parties, noise after a certain time, pets, and more.
There’s no clear-cut answer as to which is better, renting or buying. People must identify their own priorities and needs during the decision-making process.
People may pursue being a landlord as a means to ensure a steady source of income. Though that is a reality for most landlords, there are other benefits to owning rental properties, including potential tax deductions and long-term security.
Investing in residential rental property can be a lucrative way to increase wealth, but it’s also a lot of work. It’s important that prospective landlords do not overlook the risk involved in such a pursuit, as tenants are not always reliable. As with any investment, it’s best for people to do their homework and weigh all of the information accordingly before moving forward.
Before becoming a landlord, it’s best to get a broad picture of the role. A landlord is a private individual or company who owns a property. In turn, that landlord rents out the property to people at a profit. It is believed the concept of “land lording” began in the early 1800s due to overcrowding in the United States. Landlords bought property to let out to people in need of shelter, and realized they could make money by renting homes and apartments to others.
Unlike a full-time job with a set salary, it is not possible to nail down one figure for income on a rental. That’s because many variables go into the equation. Real estate professionals note that rental property income varies based on the property’s location,
whether the landlord chooses to live on the property, and whether a person is a full-time or part-time landlord, to name a few factors. One thing that landlords have going for them right now is property appreciation. According to Forbes, housing prices have increased 4.5 percent per year since 1975.
Potential landlords should understand that buying rental property requires an initial, and potentially sizable, financial investment. It’s important to know some of the potential costs involved.
n Cost to buy a property
n Landlord insurance
n Advertising the property
n Attorney fees
n Tentant background check fees
n Maintenance and repair needs
n Loss of income if tenants fail to pay
n Loss of income between tenants
n Cost involved in hiring a property manager
Landlords should know federal laws and local rules and regulations that pertain to rental properties. Most laws involve making “reasonable accommodations in rules, policies and practices or services if it is necessary should a tenant become disabled.” There are building codes specific to rentals, and it’s wise to know what is involved in squatters’ rights. A skilled real estate attorney can help landlords navigate legal issues.
Record keeping is vital for any good landlord. If a person believes that this is beyond the scope of his or her skill set, hiring a bookkeeper or accountant can be a wise investment. In addition, keep track of tenant background checks and credit checks. Receipts and records are essential. Becoming a landlord has its pros and cons. However, it can be a worthy endeavor for those with the time, money and work ethic.
Prep the soil, the water supply and the tools to be sure the garden is ready to grow
Gardening is a rewarding hobby that pays a host of significant dividends. Many people love gardening because it allows them to spend time outdoors, and that simple pleasure is indeed a notable benefit of working in a garden. But the National Initiative for Consumer Horticulture notes that gardening provides a host of additional benefits, including helping people get sufficient levels of exercise, reduce stress and improve mood.
With so much to gain from gardening, it’s no wonder people look forward to getting their hands dirty in the garden each spring. As the weather warms up, consider these tips to help bring a garden back to life.
Winter can take its toll on a garden, even in regions where the weather between December and early spring is not especially harsh. Discard dead plants
that have lingered into spring and prune any perennials that need it. Branches that fell during winter storms also should be removed at this point if they have not previously been discarded.
Soil testing kits can be purchased at local garden centers and home improvement retailers. Such tests are inexpensive and can reveal if the soil needs to be
amended to help plants thrive in the months to come.
Mulching benefits a garden by helping soil retain moisture and preventing the growth of weeds. Various garden experts note that mulching in spring can prevent weed seeds from germinating over the course of spring and summer. That means plants won’t have to fight with weeds for
water when the temperature warms up. It also means gardeners won’t have to spend time pulling weeds this summer.
Homeowners with in-ground irrigation systems or above-ground systems that utilize a drip or soaker function can inspect the systems before plants begin to bloom. Damaged sprinkler heads or torn lines can deprive plants of water they will need to bloom and ultimately thrive once the weather warms up.
Gardening tools have likely been sitting around gathering dust since fall. Serious gardeners know that tools can be expensive, so it pays to protect that investment by maintaining the tools. Sharpened pruners help make plants less vulnerable to infestation and infection. Well-maintained tools like shovels and hoes also make more demanding gardening jobs a little bit easier, so don’t forget to tune up your tools before the weather warms up. It’s gardening season, so don’t wait to get started.
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With such low inventory, real estate can be a great investment, but know what you’re getting into first
In recent years, home sellers have experienced record profits as the value of real estate has risen dramatically. Bankrate indicates the median home price across the United States is around $486,000. According to WOWA, a personal finance resource in Canada, the national average price of a home in Canada was $657,145 CAD in December 2023.
Flipping homes gained popularity prior to the spike in real estate prices, but that increase has led some novices to consider flipping more closely. Though it’s true the chances at turning a large profit are substantial in a market where high prices are the norm, potential flippers may benefit from a rundown of the practice before they decide if it’s something they want to do.
Flipping works when an investor pur-
chases a property with the intention of selling the home (or business) for profit
without actually using it. The basic premise of flipping is to find a property at a low price and sell it at a much higher price, typically after renovating the home. Investopedia says it is important to complete this transaction as quickly as possible to reap the greatest return on investment.
Many new flippers overestimate their skills and knowledge and lose money in the process. Common mistakes include thinking that a project will cost less or the home will be turned around quickly. It can take months to find the right property, and then there will be time needed to renovate. Costs involved include the initial sale, renovations, holding costs, and capital gains tax when the sale goes through. All of these can eat into profits.
It can be challenging to find a good deal as everyone seemingly wants to be in real estate these days. With fierce competition in a low-inventory market, flipping can be like finding a needle in a haystack.
According to Tresa Todd, founder of the Women’s Real Estate Investors Network, flipping may be less tax-efficient in the United States than getting into investment properties. Flippers will be paying short-term capital gains instead of longterm capital gains. According to NerdWallet, capital gains taxes are paid when one sells an asset for profit. The rate at which capital gains is taxed is based on whether you hold an asset for less than a year or longer than a year. Long-term capital gains tax rates are generally lower than short-term capital gains tax rates.
Most home flippers follow the 70 percent rule. This says one should pay no more than 70 percent of what the house’s estimated ARV (after-repair value) will be, minus the cost of the repairs necessary to renovate the home, says Rocket Mortgage. The ARV is calculated by adding the current property value plus the added value of any renovations. The formula boils down to: ARV x .70 - Estimated repair costs = Maximum buying price. Flipping may seem like a good idea, but prospective flippers should fully understand the process, including the financial commitments it requires, prior to purchasing a home.
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