Sales Brisk For Homes That Show Well
By Lisa Scontras
Homes have been selling faster on Oahu even though sales volume is reportedly down island-wide, according to the Honolulu Board of Realtors.
The steady decrease in the median number of days between when a property is first listed and when an offer is accepted in a given month – 34 days in April compared to 40 days in March and 56 days in February – suggests a robust market and likely strong sales entering the summer months.
Corinda Wong, Realtor and Partner at Prudential Locations, reminds sellers that selling your home quickly really depends on several factors: price, location, condition of the home and general market conditions.
“The area that the home is located and the price range of the home are factors,” says Wong. “Inventory varies by area and also by price range.”
And as the current low supply of homes on the market commands top dollar, Wong has noticed the homes that sell the fastest are in good condition and ready for occupancy.
“Buyers are still picky and they want to see a home that has been well-maintained and has been upgraded with a new kitchen, bathrooms or flooring in the last couple of years,” she says.
“Deal-breakers for buyers include major issues found by a home inspector or issues brought up by an appraiser that would not allow the bank to loan on a property,” Wong says.
Earlier this month, a client of Wong’s received seven offers in five days after listing the property for sale. Her No. 1 tip to sellers is to go through the home as if you were a buyer and make a list of what needs to be cleaned or repaired. The home needs to show well in order to sell fast. And it needs to be easy to show – ready to show with a day’s notice.
While mainland home sales continue to sag, the selling environment on Oahu remains favorable, with prices holding steady and inventory down.
If your home isn’t selling, Wong has this advice:
“First address any issues with the home – does it need repairs, or does it need to be staged to give it more appeal?” she says. “Look carefully at the market for the area and price range. The home may need a price adjustment. Some issues with a home can be overcome and some cannot. If a home is located by the freeway, for example, you can adjust for those limitations by pricing the home well.”
What surprises sellers varies, depending on the neighborhood where they live.
“Some are surprised at how slow the market is in their area while others are surprised how strong the market is in their area,” she says. “Other comparable homes on the market that have either just
sold or are currently for sale are the key to helping you determine the condition and the price of your home.”
If your home is more of a fixer-upper, never fear – there is a segment of the buyer market looking for exactly that.
“There are still two types of buyers: the ones looking for a fixer-upper, priced well so the buyer can create the home of their dreams; and those buyers who want to find the perfect home and just move in,” Wong says.
“More buyers are looking for a home to just move into, so the homes that have been upgraded and show well, generally sell faster than a home in average condition.”
With the Days on Market statistic dropping, many sellers are relieved to find the offers start coming in right away. With the right combination of location, condition and price, homes on Oahu are selling faster and for more money. Yours can too, if you take the time to do your homework. If you’re thinking about putting your home on the market this summer, talk to a Realtor who can help map out your strategy.