This is the first of a series of posts that illustrate what can happen if the seller and/or the seller’s agent do not listen to what the market is saying. If you are selling your property, don’t make the same mistake.
Three major factors that affect how long it takes to sell a home
- Location – You have no control over this, but a prime location will generate more interest than a remote location.
- Condition – You have total control over condition and you can increase value and decrease marketing time by ensuring your property is in the best possible condition.
- Pricing – Again, you have total control. Choosing a listing price above market almost guarantees your home will remain on the market for a long time.
Property: Nauru Tower
1330 Ala Moana Blvd. #2501, Honolulu, HI 96814
| Mar 24, 2007 | listed at $950,000 |
| Apr 13, 2007 | raised price to $988,000 |
| Jul 22, 2007 | withdrawn from market |
| Jul 25, 2007 | re-listed at $988,000 |
| Sep 12, 2007 | reduced price to $920,000 |
| Nov 16, 2007 | reduced price to $890,000 |
| Dec 14, 2007 | reduced price to $848,000 |
| Dec 28, 2007 | sold for $800,000 |
| Feb 15, 2008 | escrow closed |
Total days on the market: 279
Sold at 84.2% of original list price
What can we learn from this?
1. Sellers should carefully select a competent agent who isn’t afraid to arm them with the truth. Knowledge is power.
2. Sellers must wisely choose their listing price.
3. The longer your home remains listed above the market price, the more you transfer power to the buyer.
4. If you are listing your property with the hopes of getting your dream price, chances are, you’ll be frustrated and disappointed.
5. If you truly want or need to sell your home, do it right by setting a realistic price. Contact Michael Zimmerman for help. I like to do things right the first time.
