Have you tried listing your house on the Hawaii MLS without any luck? It happens to people all the time. Learn why your house may not be selling in Hawaii in today’s post!
There are many possible reasons why your house may not be successfully selling on the MLS. Whether the house is old 1940s plantation style or new construction, dealing with any of the situations listed below may cause your house to sit on the market waiting for an interested buyer. What home sellers in Hawaii should know is that not every house is going to do well on the MLS – it’s just not the most appropriate place for every house (or condo) under the sun. Some won’t photograph well (common), some will be faced with too much competition to move quickly, and others won’t be priced according to the current market conditions (a talk to have with your agent). Keep reading to learn more about things that may be causing your house to not sell in Hawaii and what you may be able to do about it.
Incorrectly Priced
In some cases, a listing agent looking for more business may try to lure you into signing a contract by recommending an inflated listing price only to leave you back at square one six months down the road when it doesn’t sell. Often times you’ll find yourself having to lower the price just to get more interest when you could have just listed at that price six months prior. Now, however, when people see you cutting the price, they may assume something is wrong with the house which is NOT what you want.
If you decide to list your house with a Hawaii real estate agent, do your homework to make sure their suggested listing price makes sense — ask them for local, comparable sales (Ewa to Ewa, Waipahu to Waipahu, Honolulu neighborhood to Honolulu neighborhood, etc.). If a house near yours in Ewa Beach sold for $550,000, then why would they say they can get you $650,000? Make sure they can back it up with evidence. Don’t just accept “I know I can get $XXX for it” or “I can get you $XXX no problem.” It could be a big problem.
Flooded Market – High Inventory
Are there many houses similar to yours currently on the market? When there are lots of similar homes sitting on the market, it can be difficult for yours get attention. You may have to pay for additional marketing in order to have your property featured and shown in its best light. In some cases, you may want to make an improvement or add a new feature to the house to make it stand out — new paint, new landscaping, an extra bathroom, etc. If you are not willing to invest the cash to improve your property, you may be waiting around for a buyer for longer than you’d like.
Needs TLC
Not everyone is in the market for a fixer-upper or has the energy to hire and manage an architect and/or general contractor — that takes a special type of buyer (ex. us!). A house that needs work isn’t going to get the same level of attention as a turn-key property will. If you want to sell a property that needs repairs or upgrades, a direct sale will likely be the better way for you to sell. You’ll be able to avoid the repair costs and you’ll be working with professionals who specialize in homes that need TLC instead of retail buyers who will drag it out and cause massive frustration.
You Have Tenants
Trying to sell a Hawaii house when you have tenants can feel nearly impossible at times. Unless your tenants had planned on moving out anyhow, they may not be too thrilled with the prospect of having to pick up and move – that’s if they’ll even let you break the lease if it still has term remaining. As such, requesting the house be kept clean and that property viewings be accommodated may prove difficult to do.
Also, per Hawaii law, any buyer has to honor the remaining lease term, so if you have six months left on the lease, you either need to 1) find a buyer who doesn’t mind (difficult), or 2) try to incentivize your tenants into leaving early ($$$). However, with a professional investor like us, we don’t mind tenants and are happy to work with you (and them) in this situation.
Bad Neighbors
Bad neighbors can be a huge problem when listing your house with a Hawaii real estate agent — they can quickly poison any interest from potential buyers. If someone wants to come to see your property but they’re greeted by a messy yard next door, loud music, or rude people, they are much less likely to consider your house as an option. Take a look at the properties around yours. If you were looking for a new home, what would your impression of the area be?
What can you do? You could try to ask if they wouldn’t mind cleaning up the exterior a bit and toning down the music, at least during open houses and showings. If you really want to go the extra mile, ask if you can help them clean it up or even hire some laborers for a few hours; it could be well worth the cost!
Stagnant Listing
When a house sits on the MLS week after week or month after month, it begins to lose its appeal quickly. As it moves lower and lower down the list of homes for sale, fewer people are going to see it and fewer agents will propose it to their clients. Even people who have noticed it for a while will begin to lose interest after seeing it sitting there for so long – it becomes a mental no-no.
If your house has been sitting on the MLS for a long time and your Hawaii property listing is about to expire, you may want to consider working with a professional home buyer such as Oahu Home Buyers who will be able to provide you with a fair selling solution right away and avoid the hassle of continuing with an ineffective listing.
There are many reasons why your house in Hawaii isn’t selling. The fact is, not every house is ideal for a typical MLS listing. Listing a house in Hawaii comes with no guarantees, so once your property is up on the MLS, it may be there for a while. You may even have to lower the price in order to attract more buyers. Some properties don’t photograph well, while others blend into the pack. No matter what is stopping your house from selling, we can offer a solution. With a direct sale to Oahu Home Buyers, you can receive a fair price and a fast closing without having to pay any fees or make any repairs. You won’t have to worry about any more property showings or public open houses. With us, the process is fast, fair, and straightforward!