Monday Market Update: Low inventory

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In Ocean Springs, residential real estate is low. How low? Well, put it this way, in July the absorption rate was 3.83 when calculated by months. What does that mean? It means that if no other homes were to go on the market, it is estimated to take less than 4 months to sell every home available. Of course, we do have new listings coming on the market every day, just not quite enough to satisfy buyers.

Here are the stats for July 2018:
Total active listings were 299, with 112 of those being new on the market, 91 of them sold, and 94 went under contract. The median list price was $213.300, and the median sold price was $195,000. The median cumulative days on the market was 24.  If you have been considering selling your home, wouldn’t it make sense to put your home on the market when inventory is low? Of course it does! 

Here are some things to think about when getting ready to sell.
If you're a homeowner, you already know that keeping your property in tiptop shape requires dedication and patience for ongoing maintenance. But what if you've put your home on the market, or even accepted an offer? Perhaps you're thinking: Not my problem anymore.

Sorry, folks, we've got news for you: Just because you’re selling doesn't mean you're off the hook from routine maintenance tasks—and that's especially true if you’ve already vacated the house. Sure, a well-cared-for house shows better: Small things like broken doorbells and leaky faucets make buyers wonder if your property also has bigger issues elsewhere. But more important, a little routine maintenance can help you avoid a catastrophic problem down the line (e.g., burst pipes, roof leaks, critters moving into your attic) that could devalue your property and derail that sale. 

To prevent minor issues from escalating into full-blown, money-sucking, sale-killing problems, focus on these six important areas you can’t afford to neglect. 
1. Keep up the yard and walkways  Whether you're still living at the home or not, you'll want to
make sure to keep your landscaping tidy—remove dead tree limbs, rake leaves, and clean out flowerbeds. If your home is already vacant, have someone tend to the yard regularly so that grass and weeds don’t detract from your home’s appearance.

If your home does not have a well-maintained exterior, potential buyers will cross it off their list. Consider having lights on timers so the house doesn’t look dark all the time. And do not let mail pile up in the mailbox.
2. Clean the gutters and check the roof This one's easy to forget about, even when you don't plan on going anywhere. But when it comes to gutter and roof issues, neglect can cause a dangerous domino effect. Overflowing gutters can damage your foundation, and also
lead to drainage issues. And, of course, you don’t want buyers seeing puddling water as they approach your house. And then there's the roof. Of course, it'll be examined during the home inspection, but it would behoove you to do it before putting your home on the market. Small roof cracks can remain undetected for years, causing water to slowly infiltrate your home and damage ceilings and walls. 
3. Service your HVAC systems
It’s not sexy, but the hidden guts of your home need regular attention, whether you’re still living there or not. That means having your HVAC systems professionally serviced. First up, your furnace: If you get it addressed before you list your home, it won't smell like dust when you crank up the heat during a showing on a chilly day. While you're at it, have the duct work and filters cleaned as well. Have a chimney? Be sure to have it inspected and cleaned.
4. Keep the critters out If you don’t want to add "family of raccoons included" to your listing (and pay the hefty tab for getting them out), inspect the inside and outside of your home for any areas that need to plugged up. Take care of holes from damaged siding or fascia under the roofline—and do it promptly. Stove and dryer vents, for example, should be covered with wire mesh to deter pests.
5. Wash your windows - Most people associate sparkling windows with spring-cleaning. If your house is on the market, it doesn't matter what time of year it is—you need to get those windows squeaky clean. If buyers walk through your home and all they see are dirty windows, that’ll really hinder the showing process. Make sure to wipe them down after a bad storm, when they're especially likely to show muck and grime buildup.
6. Check the calendar - Depending on what time of year you put your house on the market, pay attention to any details that scream, "We don’t live here or care anymore.” That means tackling seasonal tasks such as clearing away branches after a storm, or removing Christmas lights when Christmas is over.

Staying on top of these regular tasks will make it easier to sell your home with fewer  headaches. Plus, it'll preserve the value of your property, and potentially, the thickness of
your wallet, too. If you are ready to talk about selling, call us!

For a no obligations, free market analysis of what we think your home could list for, contact one of our experienced REALTORS at (228) 875-4499.

Portions of this article are from Realtor.com

By: Kati Viola, Realtor Rain Residential