There is a universally accepted principle in retail sales, “there is a price for everything”. While true this is not about giving away your home for a quick sale. This is about understanding the market and creating a buzz about this great new Poipu home for sale that just came on the market.
Let’s get real when selling your house, you’re no psychic, trying to time the market or finding a professional who promises they have “the pulse of the market in their back pocket” is a false prophet. But before you go looking for the tarot cards do a little market research.
Review past sales in your neighborhood, perform a Google search and look at the latest Kauai real estate review. There you will find accurate information on recent sale prices, days on the market, the difference between asking and selling price. Arm yourself with knowledge, check out our real estate search function on the Turtle Cove Realty site for up to the minute listings.
Understand Your Buyer
The average price for a home sold in the Koloa district in January was just north of $878 thousand and the condo sold price was $774 thousand. These are not starter home prices. You need to be focused on a demographic group that can afford this price range and understand what trips their trigger. The “active retiree” in the 55-70 age range comprise a significant portion of the baby boomer generation. Work has ceased to be the central focus of their lives and they are pursuing interests and lifestyles that their financial positions can permit.
If you are selling the home furnished as most do, include the beach toys, and the trail bikes. Sure you may be able to get a few bucks for them on Craigslist but the spirit of Aloha will go much further if a buyer sees that the toys are included too. Generally “boomers” are living longer and stronger and physical well being is what you’re selling to this age group.
Assess Your Product
Turn your critical eye inward. Are your furnishings looking smart and attractive? If you have been using your home as a vacation rental for the past few years it may require a facelift to brighten the space. Having a home in the vacation rental pool is a great source for income but renters may not respect your furnishings like you do. Don’t despair you can find nice furnishings at Hawaii Island Liquidators in Lihue. They resell furnishings from all the major hotels in the state. The good news for us is that most hotels change out their furniture every five years. It is remarkable what you can find that came out of a high end resort. Here are a few more tips to consider:
* Paint your Lanai
* Upgrade the BBQ Grill or make the present one sparkle
* Have a lemon, lime, and orange tree planted
* Make sure all screen doors operate effortlessly, no one wants to pay market prices for a fixer upper
Slightly Underprice Your House
Remember what I wrote in the first paragraph. This is not about giving your Poipu home away. I hope by this time you checked out our Kauai real estate review and looked at your competition and the number of days those homes have been on the market. Now it’s time to create a buzz in the real estate community by pricing slightly below your competition.
Here’s why you want to price your home slightly below the market. Besides creating a buzz where realtors are calling their buyers to view your home it could produce multiple offers and actually sell the house for more than the current market.
The Honeymoon period for a new listing is 30-45 days, beyond that a home is considered “shop worn” and the longer it sits the more skepticism the realtor and their client have about the property. When an offer is finally presented it may well be below your asking price.
Tell us what are your tips for a quick sale we would love to hear them and we will post them on our Twitter accounts @RealtorLeeMorey and @TurtleCoveSuite.
Lee Morey is the owner and principal Broker of Coldwell Banker Turtle Cove Realty in Kalaheo. She has successfully represented buyers and sellers for over 20 years on Kauai. Giver her a call at 808.651.6720 anytime.