Tim, Home Seller in Olive Branch, MS

We, too, just put our home on the market, in Olive Branch, MS. Our realtor tells us there are more buyers

Asked by Tim, Olive Branch, MS Sun Jun 29, 2008

than last year, and that conditions are improving. How long should we expect it to take to get prospective buyers to view our home? It is priced very well, for both the subdivision, and the city.

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To address your statement....I think there were more buyers last year at this time than there are now. But, with that saidif buyers are not viewing your home, and it is being marketed to it's fullest potential (borchures on sign, virtual tour, upgraded web sites with detailed information and additional pictures) and you are not getting shows that should tell you that you need to reduce. That may not be what you are wanting to hear, but the bottom line is, there are some buyers out there and they are buying something...but, not yours.
1 vote Thank Flag Link Wed Jul 16, 2008
Let me elaborate on the financing pressure to prices in MS. If you were able to get a 5% 30 year mortgage 4 years ago on $200,000, that would have cost 1073/month. Today, if you get a 30 year mortgage at 6.5 %, a buyers payment is going to cost 1264/month. This is a 17.8% difference in price. In this case, I would propose that a seller would have to decrease the price they paid for their home (Minus real estate agent costs paid the seller) by 17.8% just due to the financing affect. If you added functionality to the house, you can add money to the price. I would think that inflation and the depreciation of your house (i.e. it is older now) would just about cancel themselves out - but that obviously depends on the house and area. Granted, in the beginning of next year I will be on the other side of the negotiating table, this seems like a fair way to determine what a house would be worth under today's finaincing.
1 vote Thank Flag Link Thu Jul 3, 2008
I am a potential buyer in the Starkville area. One of the things that potential buyers in Olive Branch will have to grapple with is more expensive financing, more supply in the area, and more options for potential residents (i.e., builders are offering good deals - people just need a patch of agricultural land to build on). We are still many months away from moving to Starkville, but I imagine a good time to sell your home would be during summer, when most people are moving to the area for school. The adage that real estate is a good investment is, and always will be true when talking about long term (i.e. 15 years plus). Short term it is a risky investment, but not so if you love where you live. It is a bitter sweet deal for you, because you may not get the price you want in starkville, but if you are moving to a new area, the prices of homes there will also be lower than in the past due to the same pressures. Good luck!
1 vote Thank Flag Link Thu Jul 3, 2008
I do belive conditions are improving like your agent said. As for your home being priced well....well, that is unfortunatly what many sellers think because it is a lot less than they would have expected to receive for it in the recent years. Actually, until you have reduced the price enough to entice an offer, you are not priced at market value. Those are the hard facts of today's market. If you want it sold, you have to price it aggressively and have it in tip top condition.
Web Reference: http://www.mydesotohome.com
1 vote Thank Flag Link Mon Jun 30, 2008
Tim,
I have been studying the market in DeSoto County. The sales over last year have actually been down slighty, however I am seeing an increase over the summer months, and I am also seeing the average price range climb a little. The first half of the year, the majority of the sales where under 175K. They are starting to climb. I have no idea what price range your home is in, but things are starting to look up in many different areas. Don't be over discouraged, however do take note, if your home is not getting showings, some kind of action will be required on your part to get them. Good Luck on the sale of your home.
Web Reference: http://carriecrowell.com
0 votes Thank Flag Link Thu Jul 24, 2008
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