Nobody needs to tell homeowners what the market is doing. Buyers are engaged in multiple bidding wars for the few properties that are available. Sellers can sit back and review the many offers coming in for their homes. While higher interest rates and low inventory persist, there are options for people to consider before signing a contract.
Nick Ferrara of the Providence-based Coldwell Banker Realty has been around the real estate industry for most of his life. He witnessed the many ways a sale can go sideways, and works to address those issues proactively, before they can do irreparable harm.
Ferrara’s father, Nick, Sr., worked in construction for four decades under N. Ferrara and Sons. That was how young Nick learned the tools of the trade. A back injury stopped him from continuing working with his father. He wanted to stay in real estate and decided that a realtor would be the next best thing. He worked his way through the process, learning as much as possible, and working hard to achieve his goal.
“Real estate was always on the back burner. I was working elsewhere and decided to just go for it. I learned about all the aspects: commercial, senior, residential, first time homeowners, and other groups. I am passionate about finding the right home for my clients,” he said.
Nick started slowly, working part-time in a small office, TF Jordan Realty, in Barrington, RI, where it was only him and the broker owner. There, he learned about the ins-and-outs of real estate. He then, after three years, moved on to another small boutique firm in Barrington called The Link Agency. It was an office with four people, where he spent three years, ultimately becoming a full-time agent learning the inner workings of a small office, while focusing on finding his niche in the trade.
He joined Coldwell Banker Realty in 2023. He used the knowledge and experience gained at his previous stops to help and mentor other realtors within the firm. Because of his continuing education, Ferrara prides himself on being prepared and prompt. He has earned and currently holds certifications in SFR (short sale /foreclosures), AHWD (at home with diversity), ABR (accredited buyer rep), and SRES (senior real estate specialist).
By being a broker himself, helps his clients know that they have an educated agent that would be working in their best interest. This expands his options, as well as his clients’ options.
“There are between 40,000 and 50,000 realtors, while around 10,000 have their license active and roughly 20,000 brokers,” Ferrara said. “Becoming a broker shows that I possess the additional training and knowledge in the real estate profession by taking those classes. Further, I give my clients comfort by letting them know that I will be there before, during, and after the sale, where there could be other issues that can arise at any time. If or when they do, then I have a vast network of people that can be called upon to help. By doing this, it helps to build strong ongoing relationships, which is a core value of my business.”
As the market creates more unrest and trepidation amongst buyers and sellers, Ferrara has some sage advice for both parties.
For those looking to sell their home, he says to stay put! That is because property values are steadily increasing, with no real end in sight. Also, interest rates have more than doubled in the last year, (to an average of 7% currently). Unless there are motivating factors, such as downsizing or transferring jobs, it would be best to stay in your home and continue to gain equity, while not paying a higher interest rate.
For buyers, the time to purchase a home is now! Nick said that there are few available properties, both locally and nationally. People thinking they are going to wait this out, hoping for interest rates to drop, will ultimately be priced out of the market because home values continue to rise. That being said, if and when interest rates go down, it’s going to cause a bloodbath of competition and fierce overbidding again, worse than what we saw during the pandemic. Which is why he says buy now, gain equity while you can, and refinance when rates go lower.
In either case, hiring someone to perform a home inspection should be on their list. He said that it’s much easier to address any problems that an inspector finds during the inspection period. Because the market has been in flux, many people have declined to make the sale. Ferrara said that could lead to making a terrible—and costly—mistake.
“The client needs to know what they could be getting themselves into,” he said. “During Covid-19, people were foregoing home inspections to entice sellers with a cleaner offer that had less contingencies. In my opinion, that is the wrong path to take because there will be no chance of negotiating any major issues that may arise afterwards, that would then be the sole responsibility of the buyer.”
One other thing that makes Nick stand out is his availability. He prides himself on having his phone on all the time. If his clients need to reach him by call or text, then he will respond quickly—usually within 24 hours, unless there are extenuating circumstances.
Ferrara is a licensed real estate broker in Rhode Island and Massachusetts. When not taking care of his clients, he enjoys spending time with his family and his wheaten terrier, Brady. Nick is also a big sports fan and loves all of the local teams. His favorites being the Red Sox and Patriots.
For over a century, when you buy or sell with Coldwell Banker Real Estate, you benefit from their powerful network and get world-class guidance by them being one of the most trusted real estate brands in the world. You can find Nick at the Coldwell Banker office located at 196 Waterman Street on the East Side of Providence, or contact him anytime with the contact information below.
For more information, please contact him at 401-952-4072, or email him at Nick.firstname.lastname@example.org.