Posted by: realestatebiz | November 18, 2008

Aloha and Hau’oli La Ho’omaika’i (Happy Thanksgiving Day)

Here are some quick facts about the Month of October in Oahu Real Estate:

Last  month there were 4,770 homes for sale on Oahu, which is a 9.8 month supply if no new homes come on the market. Well, only 559 of these sold and an additional 1,123 new homes were listed.

There  is a lot of overpriced, stale goods sitting on the shelf for too long. I blame uneducated and unmotivated sellers as well as incompetent real estate sales people who do not know how to properly price a property as well as not in control of their sellers.

Why take a listing you can’t sell?  I just don’t get it. I talked to an agent who bragged “I have seven Listings right now!” Whoopty-doo…I  looked them up in the Multiple Listing Service and they were over priced buy as much as $20,000- $100,000! It’s an ego thing I guess…makes them think they are working.

But not properly pricing a property to generate offers and sell is hurting the motivated sellers who have to sell. And making it harder  for the Realtors who know how to work this market properly and professionally do business.

There are properties that were listed and closed within 30-45 days last month. These were priced properly for the market and the sellers were motivated. So if you are buying right now there are some really good deals out  there.

Who do you know that needs my help buying or selling Real Estate? I appreciate your referrals!
Wishing you the best for you, your family and your friends this Holiday Season!

Much Aloha,
Biz Kellam


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