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It doesn’t just affect whether a home will sell or not pricing can determine how long a house or condominiumm will sit onthe market, and whether a potential buyefr will be able to qualify for financing. Whiler it has always been important for a sellef to choose a price that buyerws would be willing to pay fora home, it has takemn on new meaning in a market with nearlty 30 percent fewer sales than the year before, wherwe many people saw investmentsz evaporate in the global financialo crisis, and where mortgage underwriters have resumed askingh detailed questions about a borrower’s finances after a long period of don’t ask, don’ft tell.
“It becomes critical now,” said Jack Leslein, principapl broker and owner of EastOahu Realty. “It’s just throughu the numbers that we see that things that arepricedc right, where the last sale was, get the Those who don’t are finding themselves in the positionb of dropping the price, often long after the property has gotten its firsgt flush of attention. “Twol years ago, something that wouled take 30 days to sell is taking six months said RealtorSylvianne Young, principall broker of Young Properties. “It’s the economy; peopld get scared.
” A four-bedroom house in Kaimukji with a legal ohanaw unit first went on the marke t in early September with an asking price of The price was droppedto $769,000 a month later, and then to $749,000 in November. Therew was one offer, but it was far below what the sellersz were willingto accept, Realtor Abe Lee said. A year ago, an ageng could list a home for a higher pricd to testthe waters, then drop the price if therwe was little activity in the first month on the “If you put one in now and you drop it down 30 days you miss the critical time of coming on the market and the immediatwe demand there for it,” Leslein said, notingg that agents and buyers are constantly scanning the Multiple Listing Service online for new “As a result, they’re seeing things righty as it comes available, and if you drop the prices a month later you’ve already lost he said.
When the market was goinfg up, pricing a home was often as simple as lookingt at the last sale and adding a certain amounton top. Real estate agent have had to go back to lookinh at the comparable sales in the same neighborhood orcondoi building, and really analyzing the recent sales data to come up with the rightg price, said Kay principal broker of Primarty Properties. And even that has become more especiallyfor appraisers, who are hired by lenders to assure them that the property is wortjh what it’s being sold for.
“We’re only requiredd to use threesalesd comparables, but we’re finding it necessary to include up to five or six now,” said appraisee Corey Okamura. “The number of transactiond is lower now, so it’s harder to find comparables that are recordex in the last month or two According tothe year-end statistics from the , therse were 26 percent fewer closed saleas of single-family homes on Oahu alone in 2008 than therre were in 2007. There were 28.5 perceny fewer condo units soldlast year. That’as almost 30 percent of the market gone, noted Scotgt Higashi, executive vice president of salesdfor .
That puts more pressurre on real estate agents to get their listingd noticed by a smaller number ofpotential “When there’s a smaller buyer pool, there’s fewert eyes on property, and when there’s fewer eyes on propert you have to do somethintg better,” he said. “Time is not goin to fix a listing that is overpriceds or perceived to be Buyers are in adiffereny position, Higashi said. Many of them are lookingt for a good deal some are even waiting for the bottomk of the marketto hit.
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