Wednesday, September 17, 2008

Sold in 3 days with 4 offers! Is the Oahu Real Estate Market slow?

I just closed this house in Ewa Beach recently, with 4 offers within a few days. While the market has slowed in Ewa more than most areas in Oahu, you can still sell a house quickly. How?
Well first of all, the owners did a lot of hard work. They replaced the floors with new wood laminate and new carpet. They changed the kitchen sink, the bathroom vanities, painted inside, and got their yard green. They worked on their house every night after work for weeks. So while other houses sat, this one stood out above all the rest. While other houses in their neighborhood didn't sell, this one got several offers very quickly.
We also priced it just a little above a recent sale in the neighborhood. The last sale was $370k for a house in much worse condition, and we listed it at $388k, and sold for $381k.
Price is almost always the best way to sell a house, but the condition of the house is just as important. If you want to sell, you've got to make it look it's best and price it aggressively. Hey this isn't rocket science. This isn't new, fresh, or innovative. This is just regular old real estate 101. But for some reason many sellers are not willing to make their home look good enough or price the house well enough.

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