What Sellers Should Know in Today’s Market
We have seen many changes, improvements, and advances in the luxury real estate market because of the pandemic. If you’re considering selling your property, it’s important to know how to prepare your home for listing, what buyers are looking for, and what to expect when you put your home on the market.
- Inventory Remains Low
- This is increasing the value of properties and buyers are facing strong competition and bring their best offers.
- But, Don’t Mistake That for Not Making Upgrades
- Buyers in today’s market are looking for move-in ready properties that only require a bit of personalization, not major changes.
- We’re currently spending about two months preparing properties to come on the market, which includes de-cluttering; a pre-home inspection and relevant repairs; renovations, yard work, minor updates and refreshes; and staging.
- So, Know What Buyers Want
- People are looking for home retreat with many amenities and luxurious built in.
- People want properties with flexible spaces for working for home, exercising at home, and entertaining.
- Among the recent top sales on Oahu, the majority of them have guest houses, many of which are separate, private spaces.
- For a recent sale in Puupanini, we were able to bring in about 20-30% more than what the market would have indicated because of a legal ADU.
- If you’re renovating or remodeling, know what buyers are looking for now and where the trends are going so you can incorporate that into the project.
- Some things that were once considered special, even for luxury properties, are now thought of as standard for many buyers, such as EV chargers, and PV panels, especially in spacious homes 4500 sq ft and larger.
- Work with a Trusted and Experienced Realtor
- Interview 2-3 realtors to learn about how they see the market, how they approach pricing, and how they market. You will need someone you can trust in the process, because a lot of decisions have to be made, a lot of recommendations will be offered, and you must be comfortable with whom you are working.
- Utilize Your Agent’s Network
- We consult with realtors and other market experts so we can target our marketing to the buyers who would be most likely to purchase the sellers’ type of property.
- As the buyer pool has become greatly expanded through virtual showings and online video services, it’s become much easier to show properties to people on the mainland or abroad and buyers are becoming more comfortable with the process.
- Utilize Your Agent’s Market Expertise
- We don’t only go by what recently sold but look at what’s pending and we call the other agent to find out how many offers were made, if they were cash buyers or did they finance. The highest offer isn’t always the best offer if it’s low cash.
To discuss the market if your specific neighborhood and learn about our custom home-selling plans, call our office at (808) 593-9826 or email concierge@caronb.com
