First let me say that I know how frustrated you must be.
Second, forget about that year old appraisal. Appraisals don't tell us what your home is worth to a buyer.
You don't give us much information about the first year your home was on the market so let me ask you some questions. How did you and/or your Realtor come up with your sale price. Is it at least 5% below the last sold comp. Did you meet with your Realtor at least once/month to discuss pricing & strategy? Are you offering a full 6% commission? What type of advertising has your Realtor done? What have been the results. How many showings per month? What type of feedback have the Realtors given your agent when he/she followed up? How often have you had Open House? What has been the feedback? How about broker's tours? Do you have a lockbox on your door?
If you don't have a good answer to each of these questions, you need to interview 3 Realtors to learn what they would recommend selling your home for & how they would plan to do it. I can run comps for you if I have more information.
Now for the tough stuff: Is your home Q-Tip clean? Every day? You mention a $10,000 fix up fee. Is your home freshly painted? The carpet cleaned? All clutter removed?
The GOOD news is that even though you'll make less money on your home than you would have liked, you will be able to pay less for your replacement home than in years past! This is a big plus!
I wish you all the luck Helen.
If you want to live closer to your family then do everything you need to do to sell your house, or rent it out if that's an option. It sounds like you simply want to move on. At this point if you are not getting offers then your price is too high. That's just how it is. It is very hard for people to obtain financing these days the way they could in the past. if you keep your price too high your house will stay on the market and comps will keep dropping which is not good for you.
Bottom line, to move it you need to price it right and swallow your pride.
If you have only 10 years left to pay off this house, keep the house. Do you want to start all over?
By the way, this is a realtor website, and you look "ripe for the pickin" if you know what I mean.
I am not a realtor.
Any advice they give, involves you doing something, because they don't make money if you do nothing.
Your profile says that you are just looking in Los Angeles. Are you are seller? it sounds like it. Where are you selling?
I would suggest you consult with three Realtors about your situation and see what they recommend. I do not know your situation or your market.
In general I would say that homes that are sitting on the market are over-priced. The amount you paid, your desired net profit, the amount you spent remodeling...none of that matters.
I am willing to bet that homes like yours have sold during the past year. Buyers always buy the homes that they perceive as having the best value. You need someone to help you understand what value buyers see in your home. Minor painting, de-cluttering, staging, etc. can make a BIG difference coupled with effective market, accurate pricing, and a PLAN to get your home sold. In most markets, the longer it sits, the less it's worth...and everyone can see how long your property has been on the market and for what price it did NOT sell.
Don't kid yourself, time is NOT your friend when selling property.
Best of luck to you.
You are not alone in your predictament, that is for sure.
Unfortunately, an appraisal from a year ago, as you now have experienced, simply does not reflect the current value or that price which a buyer is willing to pay.
At this juncture, it seems you need to determine at what price you are willing to sell your current home, i.e. the very bottom line, and then have a trusted local real estate professional provide you with "now" numbers. If the bottom line can be met, then go for it. You'll probably make up the difference on the purchase anyhow. Otherwise, you should probably hold off selling until the market will bare your pricing needs or the pain of staying in your current home becomes too great.
How does your house compare to others in your area? To answer your questions, it helps to think like a buyer. Why or why not is this house not selling. It sounds like you have made price reductions - but I don't know how realistic your starting price was.
Let me know the answers to the above and I will try to give some positive solutions to getting your house sold.
It's really hard to answer the question without having more information about the house. It sounds like it doesn't show well since you're offering fix up funds. Can it be staged or fixed up some to make it show better? Also, you might want to consider a buyer "buy down" program instead of paying for closing costs. In a program like that you would actually pay down the buyer's rate which might be less expensive for you to do, but the buyer would benefit by having lower monthly payments and will save a lot more money than with you just paying closing costs.