Walkin

Hello Ajax

Well, what many here have already said is most likely true; is it priced right? I refer to it as mark to market. If your home has been on the market for a year, chances are it was priced poorly or you have a significant defect. Has there been any viewers to the home? If not, then price would most likely be the culprit. Here are some suggestions:

1) Make the home look nice. Do cheap if you haven't got allot of money. Keep the lawn mowed, trim as required, and put out a couple of pots of petunias on the porch = cheap splash.

2) Trim ditch behind house yourself if necessary. Chances are, no one will complain as they apparently forgot about it. The lot across the street is somewhat more touchy. Ask the city for help, look up owner in county tax records and send letter asking them to do it, or, last resort...mow it yourself.

3) Repair, caulk, touchup paint, as much exterior issues as you can. This requires more labor then cash. Big payback here. Wash windows too....people notice. Make front door look nice, and remove broken screen door if you have one and can't afford to fix it.

4) Make sure inside is clean. Paint with neutral (off white, cream, light beige perhaps) colors to add fresh look. Clean, and more clean. Emphasis around toilets, sinks, and tubs. Re-caulk those areas too - remember, caulk is cheap ;)

5) Stand back and look at home. Does it look nicer, or better then neighbors? If so, mission accomplished. Remember, you don't need allot of money for these things - just elbow grease.

6) Now, hire an independent appraisal from a person who specializes in doing that. if you can afford it. This is to help you have an idea of what price you can reasonable expect and then........interview at least TWO reality agents. Compare their CMA to your appraisal and ask them why YOU should HIRE them. What is it they can bring to the table that your current agent didn't. One answer on here suggested offering a bonus to the agent. I don't think this is always an answer as you may have just had a non-productive agent.

Please keep in mind: my suggestions are just that. You didn't give allot of information to go on. Heck, you may even be a hard nosed seller (which would impact an agents ability to sell your home). There has been some good advice in the answers put forth so far. Read them over, be realistic, put in some elbow grease and I'm sure you will do well. Remember - mark to market.

Walkin - Mon Mar 24 2008, 19:47

Hello again James

I forgot the link to the MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION (correct title this time ;)

http://www.msplans.com/MWUA/Index.htm

Walkin - Mon Mar 24 2008, 19:04

Hello James

I am retired from the Air Force and live on the coast. I would suggest waiting until you arrive before committing to a home purchase. The dynamics of the coast housing market are changing monthly. There are many folks who are still in need of a home due to Katrina, yet there is a large inventory of vacant homes. What does that suggest? Price certainly comes to mind. Many of the new subdivisions homes are coming in on the low end around $130K for about 1100-1200 sqft, 3 bed, 2 bath - most with no garage.

Older homes are still somewhat inflated from immediate post Katrina buying surge. All is not lost though as I have been seeing the beginning of what I believe will be many reductions in price. Contrary to the previous two answers, I don't believe this is a great time to buy, however; it is certainly worth starting looking.

Use your due diligence to research properties that catch your interest. Should you engage the services of a reality agent, remember to have them get as much data on a home before you submit an offer, ie. previous sales information for the home, as much MLS data as possible such as days on market, price changes (both up and down), and any other information. Don't forget to get a home inspection (find your own inspector; I do not believe it is wise to use one recommended by anyone involved in the transaction, including your own reality agent). Be there for the home inspections too. For used homes, this is important as many owners repaired their own homes after the storm. Read the seller disclosures and ask if a licensed contractor performed any repair work that was completed. Oh, and don’t skip the inspection just because a home is new. Like any other profession, there are good and bad workers. Home construction is no different.

There is one thing you must keep in mind here now - home insurance. It is VERY EXPENSIVE!! Looking at what I perceive to be an average home price of $150K, you should anticipate insurance rates in the vicinity of: 800-1500 for home owners’ policy, 1400 -1800 (not counting contents) for wind and hail, and then flood if required. Yes, you read right - anticipate at LEAST$2200 for annual insurance cost. You may be able to reduce this burden if you look for a home that is classified a “Fortified” home by the insurance industry. This could realize a policy savings of up to 60%. At the end of this post, I have placed a couple of websites that will help you familiarize yourself with the coast. One site is for the Mississippi Wind and Hale Underwriters. They have information on fortified homes.

Well, that’s about it for me. I think you will like it here as there are many great things to do. The weather can be somewhat hot and humid in the summer, but wow, Spring and Fall are fantastic! If you’re going to Keesler AFB, you will enjoy it. Best of luck and welcome to the coast.

Here are some helpful links.
http://www.sunherald.com (local paper – great web site)
http://www.wlox.com (local TV station – great web site)

http://www.mgc.interealty.com (coast MLS site – many, many homes here)

http://www.yournewhome.com (has an interactive paper that is all real estate adds. Also has a map of coast area as it relates to home “areas”.

Areas within 20 miles of Keesler AFB are Biloxi, Ocean Springs, North Biloxi, Woolmarket, Gautier, and Gulfport.

Good luck, take your time buying (really – don’t rush the purchase) and have a safe trip.

Regards,
Walkin - Mon Mar 24 2008, 18:56