True, there are signs of a market slow down. There is more inventory. We are seeing more price adjustments. Days on market are increasing. But, for properties that are prepped properly, priced properly, and marketed properly, buyers respond. Case in point — Hawaii Life recently listed a home in Hawaii Kai for $1,069,000. It was strategically showcased. Marketed right. It received more than one offer. It is solidly in escrow! Another example — a two bedroom flex unit in Waikiki listed at $325k received multiple offers. Some interested buyers missed out because they were slow to act.
There’s No Exact Formula for Pricing Property
Don’t let broad generalizations dictate your decisions. Meet with a seasoned Realtor, review comps carefully, and prepare and price your property right. All real estate is local. Properties are unique. Buyers are unique. Pricing is not an exact science. Any Realtor who has been in this business long enough knows that there is no exact formula for pricing property. We’ve all had listings that were seemingly priced too high, fly off the market. We’ve also had competitively priced properties linger longer than expected. But why?
Buyers are Driven by Emotion
Because buyer decision is driven by emotion, personal needs, and circumstances. It’s tough to predict and hard to measure. But, we can arrive at a fair estimate of value. We can prep a property to its best advantage. We can develop marketing strategies to reach target and broad audiences alike. It’s what we do. So, don’t listen to all the voices — listen to the voice of your chosen professional.