Pricing a house correctly is one of the most important things you can do with a house. The only real mistake you can make is pricing a house too high. You really can’t price it too low, because the market will bid it up to whatever it’s worth if you do. Let’s say your house is worth $500k, and you price it for $400k. What will happen? You’ll probably have a dozen buyers at your doorstep begging to buy it, and you’ll have multiple offers. How much will it sell for? Probably at or close to $500k.
That’s just the nature of the market. If you don’t have any buyers show up, guess what, you didn’t price it low enough! The problem with pricing a house too high is that if a house doesn’t sell right away, people think there is something wrong with it. The first question people ask after the price is, “how long has it been on the market?”
So you don’t want to waste time sitting on the market doing nothing. A price reduction makes you look motivated, and too many days on market makes you look like something is wrong. Price is correctly and you should sell within the average days on market for your current market.
Meeting with Realtors
When it comes time to sell your Oahu home, you’ll need to meet with a Realtor to determine the price of your home and decide on the best marketing strategy for your home. When you meet you want to show your Realtor (me!) every part of your house and especially any upgrades or special features that you enjoy. Everything that adds value should be noted, and also anything that is broken or may need to be replaced. Don’t hide anything, because you have a lot at stake when you sell a home, and you also have a lot of liability if you don’t disclose something.
Which Realtor Do You Choose?
Make sure to go over the various marketing tactics such as web marketing, print ads, virtual tours, professional photography, and direct mail just to name a few. You should agree on how you will stage the house too. The way you have everything arranged may be great for you to live in, but may not be the best for selling the house.
Ask all the questions you want and don’t hold any back, because this is one of the most important financial decisions you will ever make. Choosing the wrong Realtor can ruin this sale and cost you hundreds of thousands of dollars in legal fees. Yes, you can be sued because your Realtor screwed up or was dishonest, so don’t just choose some friend of yours who happens to have a license. You want a pro. You want someone who sells lots of houses and has lots of experience, because there are hundreds of laws that effect your sale.
There is a lot more to selling a house than putting up the sign and putting it in the MLS, so make sure you find the best Realtor and work with a seasoned pro. When you hire me, you’ll see that you’ve made the right choice.
What Happens Behind the Scenes
Once your home is listed, I will create a custom webpage for your home that shows pictures and virtual tours of the property so the world can see your house. I’ll create marketing material that I can hand out when I meet with other Realtors to talk with them about your home to see if they have any interested buyers. Your home will be featured on my website, one of the top Hawaii Real Estate websites in the world, which gets thousands of buyers looking at your home.
Your home will be on Realtor.com, Hicentral.com, and literally thousands of other websites. These days just about every buyer begins their search online, so having maximum exposure online is key to selling your house!
If the price is right
If the price is right your home should sell itself. Pricing a house too high is the biggest mistake you can make, because no amount of marketing is going to attract buyers to a house that is overpriced. You want the home to be priced so that you get the most buyers to see it, and so that your home is the next one to sell.
Dropping Your Price…Too Late?
Once you’ve been on the market for a while, your home loses some of its sparkle to buyers. Buyers tend to like new listings, while homes that have been on the market for over 60 days look like they should be bought well below the asking price.
It’s always better to price a house correctly from the beginning so that you get a lot of attention and hopefully multiple offers that you can counter up. When a home has a price drop, it looks like there is something wrong because it didn’t sell right away.