There are many sellers losing money in this market. Realistically - unless you have been in your home for a long time - equity from appreciation is hard to find.
You need to consider TAKING THE LOSS on your current property - and buying a replacement at a bargain price.
If you have only had 2 showings, you are certainly well above market value. If you are not willing to take a loss and move on - why torture yourself? Your agents only fault is not telling you this long ago.
It is a GREAT market to purchase. Yes, this may mean taking a loss on your current home. If you are not prepared to do so - hunker down for a better market.
Serving Maryland, D.C. and Northern Virginia
In that case, consider how much it is worth to you to stay vs. move.
we are in most if not all parts of the country in a Buyers market, i.e. we have more properties on the market than there are ready and willing and qualified buyers looking for properties and the ones that are, believe me they are the ones that can "Cherry Pick" the best home, at the best price, most updated, best location best everything in their view.... Therefore many homes are now on the market for a much longer time than every before. Your current agent, can assist you a little in understanding the market, by how many homes in your similar price range (some bigger, smaller, better updated on larger lots, newer than yours etc.) are currently on the market and competing with yours, and how many have actually sold during the last few months, that will give you an idea how long it may take for your home to sell if it were at the most competitive price, updated, location etc.
Your agent can also take you to see a few of the competing homes, so that you can see for yourself what buyers see.... It requires in this market a well prepared, well staged, updated home that is priced competitively to sell quickly, otherwise patience until the right buyer falls in love with YOUR home!
Forget about the next home at this moment, as there will always be others, and there will be many to select from, that is why yours is not looked at often (although on the internet you probably have a lot of virtual showings, people look at your home's photos description, price, taxes, location and so go to the next....)
But you need to consider those "showings" in this internet world we are living in!
Please meet with your Agent, discuss your concerns, and see what you can come up with together, your Agent may suggest some changes, some staging, some painting, take new photos thereafter - listen carefully and hopefully a new plan can be established. Always remember your Agent has worked on your behalf for a long time already and truly deserves to be the one selling your home, if and when that day comes around. Right? And furthermore, your Agent is as interested in selling your home as YOU are, you are both in this TOGETHER.... so communicate, discuss, share thoughts and concerns... all that will be for the better and make you feel more confident and well informed about the market and what else you can do...
Edith Your Chicago Connection and YourRealtor4Life!
Working always in the very BEST interest of her clients...
Not all firms/agents do the same marketing! Some have more at their disposal and will/won't do things that others do. Not all agents are equal in their skills, talent, or marketing techniques.
1. Broker Tours and Open Houses
2. Have you offer a $5000 Buyer Bonus toward closing costs if under contract by a certain date.
3. Stage your home to make it look its best.
4. Make improvements to your home, which will make it sell faster (paint and new carpet), new light fixtures, etc.
5. Create custom e-mail flyers sent to thousands of Real Estate Professionals that work in your area.
6. Download your listing information to major websites (with great pictures) to Realtor.com, Trulia, Zillow, etc
The market generally slows down between the Holidays and picks up after the first of the year.
Hang in there, it will sell...
Best of luck,
1) it is priced too high
2) it is not being marketed properly (ex no signage, no online presence...)
3) it is difficult to get confirmed for showings (ex no lock box, denied appointments...)
4) there is a stigma deterring buyers from making an appointment (ex on a highway, obsolete layout...)
I have seen people willing to over pay or pay at the top of the market because a home is quite honestly drop dead gorgeous. Is your home jaw dropping? If not, would the cost of making it amazing be recovered in the sale? If not then you may want to wait to sell your home if you need money from the proceeds to purchase the new home. There is no magic bullet or secret solution.
It sounds like you are torturing yourself by looking at what you want but can not have right now. Your dream home will appear when you are in a financial position that you can sell your current home at market value without it being a strain on your finances. Let those homes "slip away" and have faith that your home will sell. Perhaps now is not the best time for you.
Discuss your concerns with your Realtor and come up with a plan B and C and D if need be. Create a list of things you can do to add greater value to your home. Re-evaluate in March and see if you can hit the Spring Market with a greater more market friendly product.
Much luck to you.
1. It must be Sparkling clean! (Windows, too.)
2. Everything that is obvious has already been repaired.
3. Move-in ready. All a Buyer has to do is write the check and start moving.
4. Professionally staged. The Builders model down the road is staged, and that is your primary competition.
5. PRICED RIGHT @ MARKET! If you aren't in the top 25% in condition and the bottom 25% in price, forgetaboutit.
You might enjoy my recent blog article: http://www.trulia.com/blog/ellen_doc_stephens_realtors/2010/
If your home meets all the criteria above, and IF your agent has advertised it with as many stunning, well-lit pictures as are allowed by your local MLS, included a Virtual Tour, written a compelling description that actually talks about how it will FEEL to live there, pushed it out to every available real estate website, canvassed the neighbors within the same neighborhood to see if they know of someone who wants to move into their neighborhood, then you ought to be getting showings. If not, your price is still too high, or your agent isn't presenting it effectively. Your agent has to sell the other agents in the area first on the idea that your home is one they want to show to their Buyers.
If you were a Buyer, which house for sale in your neighborhood would you pick? If yours is over-priced, no amount of slick marketing and prospecting will do any good. You'll just be telling more people that your home is over-priced.
Doc Stephens, REALTOR®