Hawaii Randy's Real Estate Opinions: February 2007

Your Price is TOO HIGH!

While showing property the other day to one of my clients we say two almost identical homes.

Both properties were in above average condition.  Both had some nice upgrades to them.  Both were built by the same developer and were in the same neighborhood within a planned community and were the same model with identical floor plans about two blocks apart.  The one my client liked a little more had nicer floors and nicer kitchen cabinets.

HouseThe real difference in the properties was this they were priced $13,000 apart.  The one my client liked better was priced at exactly what the last comparable closing was; the other $13,000 more.  The higher priced home had been on the market about 6 months and the other two weeks.  The lower priced one is getting lots of interest including my buyer, who may be submitting an offer later today.  The other is sitting and rotting.

I got the magic phone from the listing agent for the higher priced property:

  • Listing Agent:  Are you bringing me an offer?
  • Me:  No, my client has decided he did not want to make an offer on your listing.
  • Listing Agent:  Did you client like to home?
  • Me:  He liked it very much.
  • Listing Agent:  Why isn't he bringing an offer?
  • Me:  When we compared it to similar properties your price is too high.
  • Listing Agent:  Why don't you offer less?  
  • Me:  My client liked the lower priced property 2 blocks away better.  You have been on the market a long time.  Have you considered a price adjustment?
  • Listing Agent:  My client feels his property is worth more than the others.

Those were the magic words I was expecting.  The home is priced based on the seller thinking his worth more than all others for some unseen reason.  Have you heard this one before? 

Inexperienced or desperate agents and unrealistic sellers is a bad combination.



Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

Comment balloon 40 commentsRandy Prothero • February 16 2007 06:39PM
Your Price is TOO HIGH!
While showing property the other day to one of my clients we say two almost identical homes. Both properties were in above average condition. Both had some nice upgrades to them. Both were built by the same developer and were in the same… more
Mililani, Hawaii Directory of Schools
For your convenience here is a quick directory of the schools in our planned community of Mililani, Hawaii. To get better details and tests results for the public schools you can search them through the Hawaii Department of Education website: http:… more
Real Estate Sales Activity in the Kailua, Hawaii
Kailua (tax map keys 142 thru 143, does not include Aikahi) Single family homes took a little dip in prices in the first half of 2006, but came raring back the second half of 2006 to a new historic high in prices and an increase in homes sold. … more
Makaha Women Sues Hawaii Hero Dog the Bounty Hunter
According to news reports a Makaha woman has filed a lawsuit against Duane Dog Chapman and his entourage. She has claimed that while Dog and his entourage were apprehending her boyfriend she had two bones in her back broken. This all happened… more
Real Estate Sales Activity in the Kaneohe, Hawaii
Kaneohe (tax map keys 144 thru 147) Single family homes sold has slowed some, but prices have steadily climbed. January single family home sales started the year a little bit slow, while condos and townhouses were off to a good clip. The below… more
Full Time Professionals vs. Part Time Hobbyist– Part 2
I may have insulted a few folks with my previous blog: Full Time Professionals vs. Part Time Hobbyist or Limited Service Agents For the benefit of those who were insulted we need to take a 2nd look at what I said and what they are doing. It is not… more
Military Construction Budget for Hawaii May Triple
If President Bush's budget, that is currently before congress passes the military would spend $553 million on construction projects in Hawai'i next year.. The llist of projected construction items for Hawaii: $99. 9 million facility at Pearl Harbor… more
Tad Does it Again by Winning Hawaii Pearl Open
Tadd Fujikawa a 5'1", 135 lb., 16 year old sophomore from Moanalua High School in Hawaii, w ins the 29th annual Hawai'i Pearl Open by one shot over Greg Meyer. Tadd recently became the youngest player in 50 years to make the cut at a PGA Tour… more
Kamehameha High School is New National Cheerleading Champions
Kamehameha earlier this year took second place at the State Championships behind Mililani High School (My son plays football at Mililani) That did not deter them. They went on the Orlando Florida at Walt Disney World and won the National High… more
Real Estate Sales Activity in the Pearl City/ Aiea Areas
The Pearl City/ Aiea areas have had steady growth in sales prices for that last few years and steady sales. January started the year a little bit slow. Lower priced single family homes seemed to be the norm, while condos maintained their average… more