Below is another example where the seller and/or the seller’s agent did not listen to what the market was saying. If you are selling your property, don’t make the same mistake.
Property: One Waterfront Towers
425 South Street #1804, Honolulu, HI 96813
(Leasehold Property)
| May 14, 2007 | listed at $848,000 |
| May 21, 2007 | reduced price to $799,000 |
| Jun 6, 2007 | reduced price to $775,000 |
| Jun 28, 2007 | reduced price to $765,000 |
| Jul 11, 2007 | reduced price to $749,000 |
| Jul 17, 2007 | reduced price to $699,000 |
| Oct 13, 2007 | sold for $625,000 |
| Jan 31, 2008 | escrow closed |
Total days on the market: 153
Sold at 73.7% of original list price
What can we take away from this?
1. Choose your listing price wisely.
2. If your home isn’t in escrow within 3-4 weeks, it’s over priced.
3. If you choose the wrong listing price and aren’t getting many showings or offers, as was done in this case, regularly and aggressively lower your price to generate more interest.
4. If you truly want or need to sell your home expeditiously, set a realistic price. Contact Michael Zimmerman for help. I like to do things right the first time.
