Price is the Key to Selling Honolulu Real Estate!
November 10th, 2008 categories: For Sellers
Here is the good news, properties are selling and they will sell relatively close to the correct list price. Here is the bad news, if you are off on the proper price be even a little bit you will sit on the market and not sell! There is an old saying and I’m not sure who said it, but it goes like this “Off by an inch, off by a mile”. This is true of our Honolulu real estate market. Let me give you an example.
Last week I closed a King Manor Condominium studio unit at a price of $197,000 (CLICK HERE FOR A LIST OF SALES IN THE BUILDING). We were listed at $215,000 for about 35 days and had a few low offers. The seller agreed to reduce the price to $199,000 and within 3 days we accepted the offer for $197,000. I for one thought that if the unit would sell near $199,000 that the price of $215,000 would have brought the offer in to complete the sale. The reality is that only by moving to $199,000 did we have an immediate increase in interested buyers. This is an example of the necessity to be “dead on” with list prices in this market.
The most important question to ask your real estate broker is this, “What price will it take to sell my property in the next 30 days?” Once you get the price have the courage to price it right there. Call me at 808-737-2093 or toll free at 877-737-2093 to discuss the price of your Honolulu property.
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I hope your Sellers are paying attention to this article. Pricing a property right, even pricing it ahead of the curve, is critical! If you’re not dead-on in price or undercutting your competition, people just aren’t interested. There’s another saying in real estate that always stands the test of time “Price fixes EVERYTHING”.
Sandy Sibley