Honolulu Real Estate and Community News Courtesy of Michael Zimmerman (RA) » select a competent agent

April 2008 Sale at Yacht Harbor Towers Honolulu

Michael Zimmerman — Sun, 27 Apr 2008 17:36:09 +0000

Here is the latest example where a seller did not listen to the market. Once you’ve decided to sell your home, don’t make the same mistake.

Property: Yacht Harbor Towers
1600 Ala Moana Blvd. #802, Honolulu, HI 96815
(Leasehold Property)

Apr 3, 2007	listed at $385,000
Jun 20, 2007	reduced price to $330,000
Dec 28, 2007	reduced price to $250,000
Feb 24, 2008	sold for $240,000
Apr 7, 2008	escrow closed

Total days on the market: 328
Sold at 62.3% of original list price

Key learning points from this sale:
1. Carefully select a competent agent who will provide reliable market information. This will help you set a reasonable sales price.

2. This is a buyer’s market. If you expect to receive your dream price, chances are, you’ll wait a long time and be disappointed.

3. If your home isn’t in escrow within 3-4 weeks, it’s too pricey.

4. If you truly want or need to sell your home, contact Michael Zimmerman for help. I’ll do things right the first time.

March 2008 Sale at Moana Pacific Honolulu

Michael Zimmerman — Fri, 28 Mar 2008 20:41:18 +0000

Here is yet 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: Moana Pacific
1296 Kapiolani Blvd. #3303, Honolulu, HI 96814

May 11, 2007	listed at $910,000
Nov 14, 2007	reduced price to $813,000
Feb 9, 2008	reduced price to $799,000
Feb 29, 2008	sold for $770,000
Mar 25, 2008	escrow closed

Total days on the market: 296
Sold at 84.6% of original list price

There is so much we should learn from this sale:

1. Sellers should carefully select a competent agent who isn’t afraid to arm them with the truth. Knowledge is power and I’ll help you select a reasonable sales price.

2. Choose your listing price wisely.

3. If your home isn’t in escrow within 3-4 weeks, it’s over priced.

4. The longer your home languishes on the market, the more power you transfer to the buyer.

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.

February 2008 Sale at Nauru Tower Honolulu

Michael Zimmerman — Wed, 27 Feb 2008 23:07:16 +0000

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.