Hurricane Katrina brought about a huge change in the Pearl River County area. This sleepy little community practically doubled in population overnight, and the area is definitely feeling the growing pains.
After the storm, the market values for properties went up tremendously because there was such a demand for housing. Many people in the New Orleans Metropolitan and Gulf Coast Regions lost their properties and were in need of a place to call home. We went from a buyer's market to a seller's market almost instantly.
Now, however, the market has switched back to a buyer's market. There is an over-abundance of inventory, with many new and older homes sitting on the market. Part of the problem is that many sellers became unrealistic in what they felt they could get for their properties, and inflated their prices. Many of those sellers either will not listen to the truth of the market, or are not being advised by Real Estate Agents as to the market condition.
In order to sell a home in the Pearl River County market, a seller MUST price their home competitively. Ultimately, price is King. Condition and curb appeal take a close second. With inflated insurance rates, buyers just cannot afford to over-pay for a home. Unfortunately many Realtors in this area do not educate their sellers on the market trend, and what the home should be priced at in order to get it sold in the shortest time possible.
If you a considering selling your property, please give me a call and we can discuss what the market is doing in your particular price point
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