Laurelee Blanchard, Realtor |
Maui Island Real Estate News
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Volume 8 | |
In this Issue:
Real Estate Market Report
How to Succeed with an Aggressive Offer
Coldwell Banker Island Properties 24 Baldwin Avenue Paia, Maui, HI 96779
Phone: (808) 298-8544
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Real Estate Market Report
As of December 31, 2007, there were 1,138 home sales on Maui, compared with 1,082 a year ago. The average sales price was $920,807, compared with $933,691 a year ago - a 1% decrease. The median price was $630,069, compared with $690,000 a year ago, representing a 9% decrease. Total dollar volume increased 4% during this twelve month period.
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How to Succeed with an Aggressive Offer 1. Find out the seller's level of motivation to negotiate a lower price. If the sellers have already purchased another property, they're likely to be more willing to make concessions on the deal. If the property has been on the market for a prolonged period of time, sellers should be interested in entertaining all offers. 2. Do your homework. A cover letter explaining the buyer's position should accompany the offer. The letter should list comparable sales, and detail the amount of inventory in the neighborhood. Buyers may even personally write a letter to the sellers explaining what they like about the property, but expressing their concern of values dropping in the near future. 3. Prepare for the possibility of rejection or negotiation. There is always a risk that a seller may refuse to negotiate a very low offer. A real-estate agent working on behalf of a buyer has a fiduciary responsibility to submit and advocate the offer that the buyer wishes to make -- even if it seems to be too low.
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