Over pricing in this market will leave your property sitting for months.  When your property's information hits the multiple listing service "MLS" that licensed realtors have access to in Hawaii it will show up on the HOT SHEET, in searches that they have for perspective buyers, and other related marketing tools. 

By overpricing your property agents will either miss it because their clients price range if below the list price or if they do notice your property and the over valuing of it they may choose not to show it because it wouldn't be in the best interest of their client.  Either way, your property does not get the visibility that it should.  Who made the choice to have this happen?  Ultimately, you do. 

Mike and I can't stress enough how over pricing in today's market will hurt you.  We all want the most for our properties and yet buyer's are even more savvy today then they were yesterday.  With the inventory of properties increasing due to the economy shifts this can only slide the scales closer to the buyer and further away from the seller when determining whose market it is right now.  

When reviewing a CMA look at the solds and make sure that they are comparable and if not adjustments are made.  Then look at the homes that are comparable and what they are listed for then look at the Days on Market "DOM".  This will tell you if even these properties are over priced if the DOM is more than 60.  Be realistic and ask questions of your realtor.  If you still insist on listing if for more than the suggested price then have a back up plan to reduce the price ahead of time. 

If you have the money you may want to order an appraisal to determine the value.  Remember though that value changes over time.  Why does this happen - because Appraisers use the most recent solds to determine value.  If a foreclosure or short sales happens in your neighborhood or building and you know the price was low it will also bring your value down.  So please keep in mind that the appraisal is great tool to value your home but over time the value may increase or decrease based on solds that occur after the appraisal was completed. 

Steps to Pricing... 

• Ask a realtor to complete a Comparative Market Analysis CMA for you. 
• Review the report with your realtor and discuss pros and cons.
• If possible order an appraisal.
• Ask your realtor to set up a search for you in the MLS system to notify you of changes that occur that will affect your listing situation.

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Last modified: 07/02/08