Market Conditions in 39564>Question Details

Ms. Rodriguez, Home Seller in Ocean Springs, MS

Should we rent or sell? We live in Ocean Springs, MS. We are planning a move to Baton Rouge in a month or two.

Asked by Ms. Rodriguez, Ocean Springs, MS Wed Oct 1, 2008

Are properties moving enough to even try to sell fast?

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6
The market in Ocean Springs is VERY strong right now compared to the last three years. I am with Coldwell Banker Alfonso in OS and I am having a record breaking year in Sales. Prices are up and the interest rates are creeping up and the buyers know it!!

I say SELL. Contact me for more info I can do a free market analysis for you!!
0 votes Thank Flag Link Thu Aug 29, 2013
The market in Ocean Springs is VERY strong right now compared to the last three years. I am with Coldwell Banker Alfonso in OS and I am having a record breaking year in Sales. Prices are up and the interest rates are creeping up and the buyers know it!!

I say SELL. Contact me for more info I can do a free market analysis for you!!
0 votes Thank Flag Link Thu Aug 29, 2013
There are no real easy answers here. Some areas move faster than others and without knowing exactly where you are (which you may not want to post openly for obvious reasons), it would be difficult to give you a realistic expectation of market value and estimate of marketing time.

What others said may hold true to some extent, but aggressively priced homes, properly marketed are moving. While I know some agents will do it, I would not recommend trying to rent and sell at the same time. It puts tenants at an inconvenience which could cause tension in showing. Also, many agents will skip over tenant occupied homes if they can, resulting in less showings, longer time on the market, and it cold negatively effect your bottom line from market stagnation. With a tenant that has a lease that needs to be honored, it would also open you up to low ball offers from investors which could make things seem worse than they are.

If you want, you can contact me through my website (link to my site is in web reference) and I will gladly give you a realistic expectation for your home.
Web Reference: http://mscoastrealty.com
0 votes Thank Flag Link Tue Mar 22, 2011
No..It is a slow market right now. Properties are not moving quickly. You should at least be prepared for 6 months wait if you want the price your asking. Depending on how nice your home is and if priced well it may go fast. You can put it on the market for sale and while your waiting interview renters and check their refrences(past places they rented) . You can still rent it out while it's on the market as long as the renters are okay about showing it. Many times it will be listed with asking buyers to honer rental lease.
Some investers do like to buy a property with the rental income in place.
Unfortunatly for my job there is a bigger demand for places to rent then buy. You may even look into the lease/purchase option because you will get asked about it.
Good luck and it will all work out fine..
..
0 votes Thank Flag Link Wed Oct 1, 2008
I am in your shoes as I am trying to relocate to OK. I gave up on selling (not many can get loans) and unless you want to give the house away you will sit on it forever. So I decided to rent it and give it a few years for this banking situation to blow over before selling. We have 2 other rentals and if you screen properly you should be OK. The key is getting someone that has the finances and you feel confident that they will take good care of the home in your absence. If you are new to rentals you may want have someone manage it for you as being an absentee landlord isn't easy.

Now here is the kicker I was just informed today by the broker that I am dealing with that if you are leasing/renting you previous primary residence you do not qualify for FHA ( this has been like this for a few months -I was told) and now as of today their conventional lender will not do it either. The banks are afraid of the "buy and bail" scheme- buy your new home and foreclose on the old one. So unless you can financially swing both mortgages they will not give you a loan on a new home. So unless you are going to rent in Baton Rouge you may be stuck.
0 votes Thank Flag Link Wed Oct 1, 2008
If you are in a position where you can hold on to yoru property, then yes, value will increase in the upcoming years. However if you get a bad renter it will be all for not, missed rent, damage or worse. Best case is a good tenant who will pay on tiome and leave the home in good shape when you are ready to sell. You should at least talk to a couple of realtors now and se ewhat they can do for you now. No one knows the future, so it is a gamble if you wait or take what you know now. Good luck with your decision.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Oct 1, 2008
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