Is FSBO very common, Metro Honolulu?

tongaloa wrote:
>
> I know the markets kind of tight and was wondering if 'for sale by
> owner' is very common house selling method. If so, where do they
> advertise?? Not seeing any in paper.


There are FSBOs, but not great numbers. If I had to guess, I'd guess
less than 5% of the market. They do advertise in the paper, mostly the
Sunday Open House section.

The stats for FSBOs kinda stink, really. Better than 70% of those who
try it end up listing with a professional.

If you're looking to buy, the better way to approach this is
1. Get yourself prequalified so you know your limit and don't waste your
time or have your heart broken falling in love with something you cannot
buy.
2. Find yourself an experienced agent you trust and enjoy working with.
Ask friends/family for recommendations. Talk to agents at Open House.
(But please don't be writing an offer with the agent just because they
happen to be holding the house of your dreams open. You're paying for
REPRESENTATION. Get it!)

Great line from the NY Times, recently: "With the home-buying season
in full swing, it's raining rookies in the real estate business."
Uh-huh.

Find someone experienced, who knows the neighborhood and do try to find
and agent who practices "single agency," so you don't run the risk of
having YOUR agent also representing the seller.

This market is just too hot, and has been for some time, to be waiting
for something to show up at Open House. Most of the good listings are
gone the day they hit MLS, if they haven't been snapped up before
getting to MLS. Buyers FAR OUTNUMBER the available listings! Competition
is stiff.

You need someone who will call/page/email/smoke signal you to come
running NOW when an appropriate new listing hits! (No kidding. You
cannot wait until it's "convenient." Drop whatever you're doing and just
GO!)

Unfortunately, it takes lots of folks a few misses and heartbreaks
before they get it how critical it is to get first crack at the
listings. If you haven't been through it a few times, it's hard to
believe the agent telling you if you want it you'd better be prepared to
offer substantially over list and maybe back off on some of those
contingencies. (While your folks on the mainland are insisting that you
offer 15% under list.)

>
> Also, any comments on
> Mauka H-1 and Diamondhead side of Likelike and
> Palolo up the valley from the community center
> as far as neighborhood flavor, climate, and UH commute
> time.
>

One of my favorite affordable neighborhoods is the Waimao Valley area of
Upper Palolo. Convenient to UH, big lots, and views that rival the
multi-million dollar properties on the neighboring ridges.


> Also any suggestions of other neighborhoods to be looking
> Kalili to Kaimuki ... esp streets that have some decent breeze..
>

How much rain you want with that breeze? <g>

Architecturally, there are some utterly charming 30s bungalows in
Moiliili and Kaimuki that are in the affordable range if you can handle
some highway noise.

If you can handle a fair amount of rain, Kalihi Valley and Kalihi Uka
are worth a look.

Happy hunting!

Ryan Kawailani Ozawa wrote:
> tongaloa <tongaloa@alltel.net> wrote:
>
>>I know the markets kind of tight and was wondering if 'for sale by
>>owner' is very common house selling method.
>
>
> I've seen a few signs, but not a fraction as many as I have for
> agencies (Century 21, Better Homes, Remax). I gather it's not easy
> here. There was a 'for sale by owner' sign for a veritable mansion in
> Mililani posted near the offramp for months. I don't know if it
> finally sold or the guy gave up.

My observation in Hilo is that most or all FSBOs are overpriced.
(so, ok, it isn't Honolulu, but it might very well be the case there
too. Judy would probably know).

Also, take into account that a FSBO, be it on the internet or not, doesn't
have the same exposure the MLS gets you. There's a lot of FSBO websites,
but only one MLS, and that's just the exposure on the 'net.

Maren

Maren Purves wrote:
>
> My observation in Hilo is that most or all FSBOs are overpriced.
> (so, ok, it isn't Honolulu, but it might very well be the case there
> too. Judy would probably know).
>


Right on, Maren! I often think people decide to FSBO after agents try to
bring them to reality and they still insist on listing way above market
AND "saving" the commission.

What they attract is either naive first-timers who never make an offer
because they don't really know what to do OR bottom-feeders who know
exactly what they're doing and expect that THEY'RE gonna beat up the
price and "save" the commission.

Next step up is "do-it-yourself" agents who'll put them in MLS for a
fee. Sounds like major big savings until you realize they get their fee
whether the house sells or not so there's absolutely no motivation to
guide the seller toward reality. And all those breathless ads about
saving thousands never mention that there's not much point in listing
yourself in MLS unless you're offering a "normal" buyer's side
commission. <sigh>