Cari, Home Seller in Olive Branch, MS

I just listed my home in Olive Branch, MS, 14 days ago. We've only had one person come through to look at

Asked by Cari, Olive Branch, MS Tue Jun 3, 2008

it. We priced the home per the realtor's suggestion, which makes it very competitive for the golf course community we live in. It's staged well, the internet pictures look as good as internet pictures can. Should I start freaking out?

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Not quite yet but be preparing yourself for a price reduction. I hate to send the bad news but in this market, it comes down to price and condition. It sounds like you have it in good condition so it is going to be price at this point. The marketing and mls will do their part but if you don't have an offer after 30 days or 10 showings (whichever comes first), you need to adjust the price. And you can't just look at the prices at the other homes in your subdivision, you need to look at the entire O.B. market.
Web Reference: http://www.mydesotohome.com
2 votes Thank Flag Link Tue Jun 3, 2008
No you should not be freaking out in this market. The market is very tough in our area right now. Buyers are being much more cautious and everyone is looking for a deal in a foreclosure. Your biggest competitors are new construction and the abundance of foreclosures on the market.

For years realtors said location, location, location. Your location appears to be great. In this market it is location, condition, price, and marketing. I agree with Traci that you might have to rethink your pricing. Pricing seems to be the major area that gets people to view. Make sure your agent is marketing your home in everyway possible. But even with a great marketing plan it comes back to price in this market.

Best of luck to you!

Paula Rushing
Coldwell Banker Northwest Realty, Inc.
Resident of Wedgewood Golf Course, Olive Branch
1 vote Thank Flag Link Mon Jun 9, 2008
I'm not familiar with the area you live in, so I don't know the market conditions, but even homes that are priced right and show very well can take a couple months to sell. Although you live in a golf course community (I wish I did) that could also limit your buyer pool. It's also very important that your property is marketed well, especially in this market. Bottom line, I think you need to give it a few months before you freak out. Good luck
1 vote Thank Flag Link Tue Jun 3, 2008
Not at all!!! We have sellers in our market who go very long periods of time without someone looking. It all depends on how motivated you are to sell your house. If you are moving to take a new job and have to buy a new house, you may want to eventually think about reducing your price. You say it is priced competitively and looks nice. That sounds great but if you start to feel like it is taking too long, a price reduction or some kind of incentive will make things happen faster. Regardless, it is still very early and if you're in a higher price range it will take a while.
1 vote Thank Flag Link Tue Jun 3, 2008
I wouldn't freak out just yet. It's a tough economy right now but the market here in DeSoto is picking up speed. I agree with the Lewis' and Miss Rushing, you may have to drop your price after the first 30 days if there hasn't been an offer. Don't get discouraged just yet! Perhaps you can offer an incentive to attract more buyers, like offering to help pay closing, etc. if you haven't done so already. Buyers are looking for the biggest bang for their buck so to compete with these foreclosures, you really need to stand out! Best of luck to you!
0 votes Thank Flag Link Tue Jun 9, 2009
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