Every week, our agents meet to discuss real estate. We go over market stats. New listings are introduced. Open houses discussed. We evaluate. Analyze. Share. We talk about everything real estate. We even have a section on our agenda called, “It Happened This Week.” Talking about the events of the week keeps us current. Real estate is dynamic, so having our finger on the pulse of the market hones our skill, our knowledge, our understanding.
Case in point — this week there was a new single-family listing in Aina Haina priced at $399,000 (MLS #201931169). Granted, the property is in a slide area. But, $399k for a single-family home in East Honolulu is bound to draw attention. I showed up with a client in tow. The place was teeming with people. Buyers and their agents were present and prepping to make offers. My own client was interested. Serious discussion ensued and she sharpened her pencil.
So, how is this relevant to you? Is “What Happened This Week?” a microcosm for the real estate market at large? The answer is “yes.” You see, this small case in point represents something bigger. It’s a firsthand display of the market at work. When a property offers perceived value, the market responds. In fact, I venture to say that there is no such thing as an under-priced listing. When you allow the market to do its thing, the market will establish the highest and best price for the property.
Lesson #1
Price a property well and the result will be a strong market response. A strong market response results in multiple offers, bidding wars, and price escalation. Bottom line: best price and best terms.
What else can you learn from this week’s happening?
Lesson #2
Location, location, and location. That’s right. People want to live in East Honolulu. There are no new building starts. Supply is limited. People want close proximity to town. Good schools. Pretty views. Easy access to surf, sun, and fun. As a result, even an older home in much need of repair garners interest when it’s in a popular location and it is priced right.
Lesson #3
No matter the market conditions, there is always a market for real estate. The market is fluid. Dynamic. Ever-changing. But, over time, real estate is always a great investment. Clearly, all the people clamoring to buy this past week believe so!
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