4 Things to Keep in Mind When Pricing Your Honolulu House

There are a lot of difficulties that come along with selling your Honolulu house. It might be that you are emotionally attached to your house and it’s hard to think about separating yourself. Or, it could be that you ignored maintenance in your house for years and now you are playing catch up. But, regardless of those two situations, one thing that every seller has to face is deciding on a price for your Honolulu house.

There’s a fine line to walk when pricing your Honolulu house. If you price it too low you will leave money on the table. And if you price it too high you could scare buyers away.

How are you supposed to decide? These 4 tips can help you out.

1. Think about supply and demand

If there aren’t many Honolulu houses in your area that for sale but there are a lot of buyers interested in moving in then you have the opportunity to price on the higher side. However, if the Honolulu market in your area is saturated with houses for sale and there aren’t enough buyers to go around you need to price on the lower side to stay attractive to interested buyers.

2. Look at the local comps

Comparable sales, or “comps,” can be a great tool in helping you compare your house to the other houses that have recently sold in your Honolulu area. It’s important when doing this to make sure that you are comparing apples to apples. For example, if you own a two-bedroom house that’s 1,100 square feet, it is not going to help you out to see what the five-bedroom, two-story, house with a pool sold for last month.

Honolulu sellers will also want to make sure that the houses are in the same or very similar neighborhood as yours. Ensuring that the school district, square footage, number of rooms, and amenities are the same will be important when comparing. If they aren’t your agent can help you determine an estimate for how the differences would impact the price.

3. Think about the improvements you’ve made to your house

If you have recently made updates to your Honolulu house you are going to want to think about them when you price out your house. However, it’s important to remember that you aren’t usually going to recoup your investment on a dollar-for-dollar basis. Some remodeling will let you increase the asking price of your house while some changes will simply make it more likely that a buyer will want to put in an offer.

4. Look at the market history of the comps

You don’t want to just see what the comps in your area sold for, you also want to know how much they were originally listed for and how long they sat on the market. This will help you see what adjustments the Honolulu seller had to make along the way. Knowing this information can help you to not make the same mistakes.

When it comes to finding the right listing price for your Honolulu house, the amount of research you do will make all the difference. By understanding the state of the current Honolulu market – both in terms of buyer activity as well seller performance – you will put yourself in a position to find the right price for your house.