East Bay Homes | Fall 2021

HomesEAST BAY

n Anecdotes from an Unprecedented Market

n The Surge in Out-of-State Buyers

n 5 Tips for Selling in this Market

n The Classic Appeal of a Farmhouse Kitchen

260 John Dyer Road, Little Compton, RI Pending $1,400,000

6 Long Highway, Little Compton, RI Sold $797,000

9 & 11 Brookside Lane, Little Compton, RI Pending $1,350,000

72 Fogland Road, Tiverton, RI Pending $3,250,000

3 Hurricane Lane, Westport, MA Pending $2,650,000

Out-of-state home buyers flock to R.I. in second quarter

The total number of ‘luxury home’ sales more than tripled this year

The Rhode Island Association of Realtors recently released secondquarter home sales statistics which show a marked increase in buyers from other states who purchased in the Ocean State. Out-of-state buyers of single-family homes, multifamily homes and condominiums during April through June increased 69 percent from the same period last year. Buyers from Massachusetts, Connecticut and New York comprised the bulk of out-of-state buyers both years. Buyers from California and Florida rounded out the top five.

Buyers from other states accounted for 26 percent of the total sales in the second quarter of this year, up from 21 percent in 2020. Their presence was even more pronounced in the luxury market, comprised of properties sold for one million dollars or more. Fortyseven percent of those sales were credited to buyers from outside of Rhode Island.

The number of total luxury sales –those which involved both out-of-state and in-state buyers – increased significantly from the previous year, rising from 49 in the second quarter of last year to 202 this year, a 312 percent hike. Coastal towns like Little Compton, Charlestown, Jamestown and Newport, which cater to year-round as well as summer residents, saw large increases in both median price and closed transactions.

“The secret is out. Rhode Island has been discovered in the past year by those looking for a haven away from the city. Our housing market has been an economic boon throughout most of the pandemic, but the increased demand for our housing stock is taking a toll. Rhode Islanders are having a hard time competing for homes with other buyers, including those from out-of-state, who often come here with cash in hand,” said Leann D’Ettore, president of the Rhode Island Association of Realtors.

Overall, the number of single-family home sales at all price levels rose 17 percent year-over-year, and the median sales price rose 23 percent to $369,450. Multifamily home sales nearly doubled, rising 94 percent, and their median sales price rose 20 percent to $355,000. A good alternative to single-

Second Quarter 2021

Out-of-state home buyers flock to R.I. in second quarter

Buyers from other states accounted for 26 percent of the total sales in the second quarter of this year, up from 21 percent in 2020. Their presence was even more pronounced in the luxury market, comprised of properties sold for one million dollars or more. Forty-seven percent of those sales were credited to buyers from outside of Rhode Island.

homes in a tight market, condominium sales increased 82 percent and

Rhode Island's Luxury Marke RI REALTORS®

Island Property Sales of $1 million+

The tale of a sale: Understanding today’s buyers

Even in a strong sellers’ market, buyers (especially younger ones) are being very selective, strongly favoring houses that are in perfect condition

BY KAREN FLAHERTY

Once upon a time (in 2021), there was a beautiful home in a very desirable location. The sellers decided it was time to downsize and let a new owner enjoy the many updates they had recently completed. What a wonderful position they were in!

After all, it was a strong seller’s market and there were only two comparable homes for sale in their town. The owners agreed with their agent that the property should be priced well-within the estimated value range to ensure plenty of activity. They were doing everything right; all they would have to do was sit back and wait for the offers to start rolling in.

After a successful open house and a week on the market, however, they

were disappointed to hear that there were no offers on the table. Was it the price? Was it a lull in the market? Was it their agent?

TRACEY A. MULVEY

401-835-8502

traceymulveysells@gmail.com

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For months, they had been hearing neighbors’ stories about bidding wars and sight-unseen offers. They wondered if they had missed their chance.

When buyers and agents who saw the house were contacted for feedback, only one complaint came to light — the stained wood kitchen cabinets. Although the sellers had updated nearly every system and finish in the home, including the countertops and appliances, they never felt the need to update the cabinets, which were custom-made and in excellent condition. Their agent pointed out to buyers that having the cabinets painted or replaced would keep their total investment well within the estimated value range. After all, comparable homes with brand new or updated kitchen cabinets were selling for $40,000 to $50,000 more than the sellers were asking for their home.

‘We don’t want to do anything’

This is a phrase agents have been hearing more often. In fact, agents report that cosmetic updates are an initial stumbling block to many new buyers, who largely use listing photos to decide whether to view the home in person.

One would think that in such a strong sellers’ market buyers would be

For a combination of reasons, many buyers want to find a place where they can move right in — where kitchens and bathrooms are already updated and they don’t have to think about making renovations.

BUYERS: They want their homes in move-in condition

From Page 6

less picky, but with record prices, discerning buyers expect a home to be (at least) cosmetically updated.

According to the National Association of Realtors (NAR) annual “Profile of Home Buyers and Sellers” report, most new buyers are looking for movein ready homes and prefer to avoid updates and repairs. This trend is less obvious in lower price ranges and certain locations where competition is off the charts.

The report also states that because of this affinity for “like new” homes, many younger buyers have opted for new construction.

Agents also note that buyers may start out with a large list of demands, but begrudgingly make concessions after multiple lost bids. Deb Plant, broker and owner of Hearth & Harbor Realty in Tiverton, agrees: “It does seem, especially with the increase of prices, buyers have high expectations of condition. I have found that those who are motivated to purchase have adjusted their expectations a bit after losing out on a property or two, how-

ever. We’re working to make them understand that a home well maintained by owners over its lifetime is more important than a new kitchen that they can customize to their own taste/standards.”

Generation gap?

Is it just high prices driving these expectations, or could it be a change in buyer demographics? The NAR publishes a yearly report titled, “Home Buyers and Sellers Generational Trends Report.” The 2021 report shows that Millennial buyers (ages 22-40) continue to make up the majority of home buyers, while Baby Boomers (ages 56-74) represent the largest group of home sellers.

This is nothing new, and it is common to see neighborhoods turn over as empty nesters downsize, and younger buyers move in. However, agents are seeing an increased focus on cosmetics and decor. It makes sense that buyers from the IKEA generation, who value simple lines and on-trend finishes, would have a more difficult time appreciating the more detailed custom finishes installed by Baby Boomers, who have a greater appreciation for hand

The Right Agent Every Step of the Way

craftsmanship and longer-wear. College chokehold

Many sellers have enjoyed record profits and are able to put down substantial down payments or pay cash for their next home. These sellers tend to be older Millennials, Gen X’ers or Baby Boomers. According to the NAR, ninety-seven percent of those under 40 financed their home purchases last year.

What differed for these new buyers was that their main source of deposit money came from family gifts. Why the need for so much help?

According to the same report, student loan debt was the number one obstacle for Millennials and younger Gen Y buyers when saving for a down payment. Forty-three percent of those under 40, and 21 percent of buyers ages 41 to 55, are carrying student loan debt, with the median amount owed being $30,000.

There are many first-time homebuyer programs that these buyers can take advantage of to avoid large down payments, but a lack of savings could be a big factor in their desire for a “move-in ready” home.

Lessons for everyone

In the end, it all worked out for the sellers in our story when another Baby Boomer saw the house and loved it (and the cabinets). This strong opposition to a cosmetic feature in an otherwise completely updated home highlights a trend which is important for both buyers and sellers to be aware of.

Buyers can open themselves up to more potential properties in a tight market by focusing on the details of the listing rather than the photos to see if the home has been well-maintained over its lifetime. In a tight market, being willing to look past cosmetics and plan on updating later could win buyers a home that others may pass by.

Sellers should understand that, even in this market which favors them, days on market are increasing and completing even minor cosmetic updates could pay off in both time on the market and profit margin.

Buyers will pay a premium for a pretty house. When possible, asking for honest advice from an experienced agent or professional staging company are great ways to ensure that a property is presented in a way that will appeal to the greatest number of buyers.

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Activity begins to wane in R.I.’s housing market

While the median price of singlefamily home sales continued to climb in Rhode Island, July sales data released recently by the Rhode Island Association of Realtors showed a slowdown in sales activity from the prior year.

The median price of $384,000 was 16 percent higher than that of July 2020, and the number of homes available for sale was 20 percent lower. These factors, and possibly rising fears about the transmission of the COVID variant, are the most likely factors leading to a 12 percent decrease in closed sales.

Until July, the number of monthly single-family home transactions had been rising steadily year-over-year since last summer.

Pending sales, a strong indicator of market trends in the months ahead, also fell slightly for the first time since the economic shutdown, following months of strong, annual gains.

“Fortunately, we’re getting more inventory on the market in recent months, and though the supply is still lower than it was last summer, we are seeing a bit of an upswing. The number of homes on the market typically showed more than a 40 percent

decrease from 12 months earlier for the past year, but that delta shrunk to just 20 percent last month. Buyers are still challenged by a shortage of homes to choose from, but at least we’re seeing small gains,” said Leann D’Ettore, president of the Rhode Island Association of Realtors.

According to statistics from StateWide Multiple Listing Service, there was a 1.7-month supply of home on the market at July’s pace of sales, up slightly from 1.6 months in June and less than a one-month inventory in May. Typically, a housing market balanced between supply and demand has a six-month supply of homes on the market.

Multifamily sales increse

While the multifamily market also saw an increase in median price, rising 23 percent to $370,000, sales of those properties bucked the downward trend in closing activity seen in the singlefamily home market. In fact, multifamily home sales rose 68 percent compared to July 2020. The surge in sales is owed at least in part to low interest financing and strong investment income and affordability thanks to rising rents.

Condo sales increase too

Both median price and closing activity also increased in the condominium market. July’s median sales price of $275,000 represented a 14 percent increase since July 2020 and the number of transactions rose by seven percent.

“Trends in condo sales typically lag behind what we see in the single-family home market. The number of condos put under contract in July but not closed until after the month ended, was up more than 31 percent last month. That’s a strong indication that we won’t see condominium sales falling below last year’s levels any time soon,” said D’Ettore.

RI Realtors also reported that the growing trend of out-of-state buyers continued in July. Twenty-seven percent of Rhode Island property sales came from buyers from other states, primarily Massachusetts, New York and Connecticut. Once again, that influx was even more pronounced in the luxury market of properties sold for one million dollars or more. Fifty-one percent of those properties were sold to out-of-state buyers.

“Buyers are still challenged by a shortage of homes to choose from, but at least we’re seeing small gains.” LEANN D’ETTORE

Across Rhode Island, single-family home prices have climbed, while actual sales showed their first sign of slowing down in more than a year. A few notable trends in the East Bay: the median price declined 33% (year over year) in Little Compton; a dramatic decline in Bristol home sales; and surging prices in Barrington (more than 40% increase). Also note the dramatic changes in Days on Market (DOM), which were cut in half in many communities.

5 tips for selling in a hot market

BY LUCY PROBERT

Fall is almost here, and while temperatures may soon be dropping, the coastal real estate market shows no signs of cooling down. With some homes going under contract in under a week, doing your homework and working with the right realtor can end up being very profitable. Cherry Arnold, sales associate at Mott & Chace Sotheby’s International Realty, based in Westport, Mass., has advice on the importance of virtual tours, those pesky but important septic inspections and how just a fresh coat of paint can make a great first impression.

1. Don’t try to sell it yourself

As tempting as it might be in the current market to skip using a realtor and try to sell on your own, choosing a knowledgeable and locally based agent will more than pay for itself. “There is just no substitute for a realtor who does their homework and knows your property inside and out,” says Ms. Arnold. Before her clients’ homes go on the market she puts together a comprehensive ‘soup to nuts’ package on everything a buyer would want to know about the home and property: “I look at lot coverage, where a pool might go, are there wetlands, can another structure be built on the property? I want prospective buyers to be fully informed and have answers to everything right off the bat,” she says.

2. Virtual tours and photos are a must

In this hot market, in many cases potential buyers will only have one chance to visit a home, so it’s vital that online photos, videos and drone shots are as immersive and detailed as possible so they feel they can ‘visit’ the property over and over again without stepping back inside, says Ms. Arnold. “Sellers need to make sure that poten-

tial buyers can envision themselves living there and well put together visuals go a long way toward conveying that.”

Another tip is to make sure photos are taken when the property is in full bloom. “If you’re listing next spring, make sure photos are taken now, before the leaves are all gone,” she says.

3. Pre-inspections for older homes save time and money

In older homes, Ms. Arnold recommends pre-inspections so that any issues that may come up are out in the open. “I had clients recently who didn’t know their septic tank was cracked until we had it inspected before they listed. So they had time to have it

fixed.”

Pre-inspections can save a lot of headaches and uncertainty, she says. Recommended inspections include the septic, well, structures, electric and plumbing.

“In older homes it’s more about issues that may come up in an inspection that could give a buyer pause, so disclosing it beforehand gives them confidence in what they are buying.”

4. Selling property? Do your homework

Selling a piece of property is easy, right, it’s just land? Not necessarily, says Ms. Arnold. “There is a lot of work that needs to be done before putting land on the market,” she says.

Often people looking to buy property have never built a house before, so packaging the lot with all of the information a buyer will need takes out a lot of the guesswork: Where might a house go? How many bedrooms is the septic approved for (which will help determine the size of the house)? Is there a well? If there are wetlands on the property where are the setbacks?

“Making sure they know everything there is to know about the property early on is so important,” she says.

5. Don’t spend money renovating an older home

Ms. Arnold recommends clearing out clutter, personal belongings and any extra furniture in an older home so buyers going through can really see the space and how it might work for them. But when it comes to major renovations before selling, there’s no need.

“A fresh coat of paint on the walls can go a long way,” she says.

A virtual tour of this Little Compton property gives viewers a sweeping aerial perspective on the landscape, grounds, pool, patio and exterior of the home, sweeping through and above the various areas in a tour lasting one minute and 20 seconds.

Realtor Cherry Arnold

In their own words: Stories from an unprecedented market

Realtors and those following the real estate market have countless stories about things happening that they’ve never seen before. Here are some of those stories …

BY LUCY PROBERT

2 days, 5 offers

“A beautiful cottage on Chachapacassett Road in Barrington that we listed for $599,00 had 16 showings in 2 days with 5 offers and ended up selling for $701,000 — $100,000 over asking. The luxury real estate market has been very big this year. We have twice as many sales for homes over $1,000,000 than we did last year during the same time period.”

Lisa Schryver Kirk/Schryver Team Residential Properties, Barrington

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Stories from an unprecedented market …

Two times two

“Something I’ve never experienced before until this past year happened when I sold two properties twice within a few months. One was a $1,900,000 property on Burchard Avenue in Little Compton, and the other was a $2,650,000 ocean view lot on Warren’s Point. The first time I sold each property I was the listing agent, and buyer clients of mine regrettably lost out. Then, for one reason or another, in both cases, the new owners decided they didn’t want the properties after all and sold them within four months – so the interested buyers ended up purchasing them after all! Both properties sold for more the second time.”

Cherry Arnold

Realtor Cherry Arnold was the listing agent, and then the buyers’ agent, for this Little Compton property, in two separate transactions only four months apart.

Mott & Chace Sotheby’s, Westport, Mass.

Realtor Cherry Arnold assisted on the sale of this Warren’s Point property twice in four

Check out our Fall Sale!

Stories from an unprecedented market …

An hour to make a decision

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“Clients of mine were growing their family and needed to move out of their starter home in Bristol, but every time they found something they liked it was gone almost immediately. Their own home sold in under two weeks, so they were desperate to find a place and almost ended up all the way in North Kingstown, but in the end we found them another home in Bristol. It had gone under contract but the buyers backed out, and I only found it because I happened to notice online that the status of the home was back on the market. So I called the agent and got us a 15-minute appointment the next day. While we were there the couple who had seen it just before us called to make an offer but the agent gave us an hour to submit one, which we did, over the asking price, and it was accepted.”

Mimi Whitmarsh

Lila Delman Compass, Little Compton

Mimi Whitmarsh helped buyers find a Bristol home, but they had to make a decision after a 15-minute visit, with just an hour to think about it.

5 days, 15 offers

“I had a listing on South of Commons [Little Compton], where at the last minute we decided to raise the price before listing the property, then had 45 showings in 5 days. We ended up with 15 offers and accepted $100,000 over asking, so that, combined with raising the price, brought in an extra $200,000 for the seller.”

Two offers, sight unseen

“A home on Side Road (below) was originally listed last September for $1,261,000, and when I took it on in April we raised it to $1,625,000, with no improvements to the house except newly painted kitchen cabinets and countertops. Even after raising the price, we had two offers sight unseen, before it was even on the market, and it sold for just over asking for cash, no contingencies.”

Renee M. Welchman

Keller Williams Coastal; Welchman Real Estate Group, Little Compton

One analysis says a mid-range kitchen remodel costs about $66,000, and homeowners can get back 60 to 80 percent at resale.

Signs it’s time to overhaul your kitchen

Remodeling a kitchen adds value to a home. Remodeling Magazine’s “Cost vs. Value Report” indicates mid-range kitchen remodels cost about $66,000, and homeowners can expect to recover about 60 to 80 percent of that cost at

resale.

Homeowners may wonder if remodeling their kitchens is worth the investment. But homeowners should not just consider cost, but also the current conditions of their kitchens when deciding

if a renovation project is the right move to make. These signs indicate it may be time to renovate a kitchen.

Breakers are triggered

If the lights go dark from a tripped

circuit breaker every time you try to microwave and run the toaster oven at the same time, your wiring is likely not up to the task of handling the

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workload and could be out of date. A kitchen remodel will assess wiring load needs and an electric overhaul may be necessary.

Lack of storage

One of the biggest hassles homeowners encounter in their kitchens is a lack of storage space. If making a meal involves a Jenga-like stacking and rearranging of kitchen tools, or if an avalanche occurs whenever you search for an item, you might need more storage. A carefully planned redesign can achieve this, even in a smaller kitchen.

Outdated appliances

Even if your appliances are not avocado green or mustard yellow relics of the 1970s, they might still need to be replaced. According to CRD Design, appliances are only expected to last around 10 to 15 years. If appliances have become unsafe or energy hogs, it could be time for a remodel.

Family is expanding (or shrinking)

Kitchens often are the heart of a

home. They need to meet the needs of the family that resides in that home. A remodel can add space as needed. On the flip side, when a couple becomes empty nesters, kitchens can be redesigned and downsized to reflect their new needs and desires, such as the

addition of a wine chiller or espresso station.

Poor lighting

Task lighting is essential in a kitchen, but older homes may not be equipped with lighting where it’s most

needed. A carefully designed remodel can improve lighting with under-cabinet lights, pendants, overhead lighting, and even natural light to make the space attractive and more functional.

Frequent run-ins

The notion that you can have too many cooks in the kitchen refers to having too many people trying to pitch in or offer their opinions. However, it also can apply to when too many people are gathering in a small space. Redesigning a kitchen can improve the efficiency of a space and make the room feel larger.

Aesthetic appeal

Many kitchen remodels have been inspired by unsightly kitchens. Cosmetic changes can lead to big improvements.

Kitchen renovations can add instant appeal and help address issues that tend to plague outdated rooms.

new kitchen should do more than just look nice; it should make everything in the kitchen easier — like preparing and eating food, as well as socializing.

Design ideas to give your home a farmhouse feel

Farmhouse style homes are having a moment. A 2020 survey from Homes. com asked more than 5,000 adults across the United States about their favorite house style from a list that included bohemian craftsman, midcentury modern ranch, French chateau, and Tudor, among others. Modern farmhouse was the runaway winner, as participants in 42 of the 50 states indicated this simple, cozy style was their favorite.

Home renovation projects can help homeowners put their own unique stamp on their homes, and such projects can be both aesthetic and functional in nature. The following are some farmhouse design elements homeowners can consider as they look to transform their home interiors with this popular style in mind.

Exposed beams

Exposed beams instantly evoke images of a farmhouse. The home improvement experts at BobVila.com note that this rustic renovation project can utilize real wood or faux beams that look like the real thing. Decorative beams that have nothing to do with a home’s structural integrity can be installed by skilled do-it-yourselfers. However, even faux beams are heavy, and BobVila.com recommends homeowners have an engineer assess their existing structure prior to installation.

Distressed wood finishes

Distressing is designed to make something look less than perfect. Distressed wood finishes can be found throughout many farmhouse style homes. Furniture and picture frames can provide the distressed look farmhouse fans are looking for. This is a relatively inexpensive project that many homeowners can tackle on their own after watching some online tutorials that recommend the right tools and techniques to get the job done right.

Kitchen sink

Many components combine to create a truly classic farmhouse kitchen. But perhaps no component is more essential than the classic farmhouse sink. The renovation experts at HGTV note that a classic farmhouse sink features a deep, wide basin. Farmhouse sinks are large enough to handle all the dishes that come after a big family

meal. Old-fashioned porcelain sinks are worth consideration by homeowners who want their kitchen sinks to evoke a traditional farmhouse feel.

Countertops

HGTV recommends butcher block countertops for homeowners who favor European farmhouse style. Homeowners overhauling their kitch-

ens to create a farmhouse feel should consider installing a large island with a walnut butcher block countertop for an authentic farmhouse feel. Farmhouse style homes are wildly popular. Some simple renovations can help homeowners with a fondness for farmhouse style bring this classic look into their homes.

For homeowners seeking a modern farmhouse feel, perhaps no component is more essential than the classic farmhouse sink.