Blog by David Nash (B)

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Pricing Your Home to get it SOLD in Hawaii

Lately Hawaii Real Estate has seen a boom in closings. (from the May 2009 numbers available on my site)But one anomoly I have been seeing is that some Homes just sit on market with no offers coming in, while others get multiple competing offers, I have even seen a bidding war on one. The Hawaii Real Estate market is rebounding, but what is the perception in the market place? I have noticed in my own business that my buyers tend to go after properly priced units, that is, they will not even put in an offer on a wildly priced unit. Even if the market is supporting our offer price. I wanted to research this a little more....

So for insight I talked to a couple of my buyers to get their impressions. This is what they had to say:

In response to my asking if one couple wished to place an offer on a great unit that needed updating:

"the seller is waaay off the mark, they are unreasonable in what they are asking" To this I replied "it is up to you to determine the value of the unit against the other units on market, we as the buyer's get to set the price we offer, it is independent of the listing price. we offer a price that is inline with your impression of the unit and what the comps are telling us the value is." 

This is a key point, I try to educate all my buyers to be value buyers, look at the other units on market, what is the square foot price? how long on market? what upgrades does it need/have?  of course, if you fall in love with that 1,000 sq ft home that is $3 million I will do my best to get you the best price on it.....but remember there is no way to account for taste, If you love it, it is worth a lot more to you! And after all, don't we all want to love our investment/home? 

more on this soon....