You are guilty of being "constantly above the market." You thought you were holding out for more money, but in reality, you were holding out for less.

So don't continue to make that mistake. Get ahead of the market. Think of yourself as a buyer and look at the opportunities in your neighborhood for buying. Why would I buy your home over the one down the street that is $30,000.00 less? If your answer is simply becasue the other is "bank owned," that is not good enough.

It is a very tough time to sell a home. You say you are competively priced. Is that in your opinion or the market? If you are competitive, you should be getting showings. If you are not getting showings, you are not competitive.

Sorry for the bad news.

Rebecca,
Short sale, pre-foreclosure, anything that is active regarless of the specific situation, that is your competition. If you wait to long to adjust the price, the less you ended up. Prices need to be adjusted accordingly. There are many houses sold in this market. What is the secret? Price it right.
I also one thing to mention because We speak spanish doesn't mean that we don't work for the listing.
If helps speaking it, however I've seen realtors we not spanish skills and they do just fine.
why because they have good skills and ethics

Regardless of what other owner occupied homes are listed for, you still are competing with the short sale and REO properties. If you don't get your list price in close competition with those homes, I'm sorry, but your house won't sell anytime soon.

Your situation is very common these days. Most sellers are trying to get the most out of their home and end up pricing their home too high to start. As the market prices continued to erode, most sellers were riding the wave downward instead of leading the wave and getting their home sold. The sellers that got to the right price first were able to sell their home quickly and save thousands of dollars as well as valuable days on market.

Have your agent see what it will take to get your home sold within the next 30 days. Make sure if you were the buyer, you would choose your house over any other home in competition. The value needs to be there for buyers to want to see your home.

Keep reducing your price until the showings pick up. Get agressive!

Best of luck!

Rebecca,
I a sorry to here that that is the case in-fact the same thing is happening in my neighborhood.
If you can't compete with bank owns you can't compete.

It isn’t the agent’s fault that your neighbor’s houses sold for 35-50k less than yours. A new agent might make you feel better but will not get you home sold.

Saying that your house is priced well for none bank owed or foreclosed homes is like saying “my house is priced well compared to all yellow homes in the neighborhood”
It doesn’t matter!
Bank owned and foreclosure homes are competing with yours, they will sell you will not. Also if you wait until the REO homes are gone might be waiting a few years. The only thing the agent is doing wrong is letting you believe you can sell and be 50k from the last sold comparable.
So, yes give it away or keep it. You are wasting you energy by hoping for the best and waiting for a sale that isn’t happening.
Sorry but the truth hurts a lot. But at least you can make your decision knowing that the home won't sell at your price.
I hope you find a solution that works for you.

Rebecca
I am sorry for your situation, however it is not uncommon.
Remember that what you owe, what you paid, how much you invested, have nothing to do with fair market value.
In almost ANY market a properly priced home will sell for closest to asking price in the first 30 days. So if your property is not receiving showings, it is probably priced too high (as you have figured out).

Remember, that the buyer that sees the home they purchase sees it with a Realtor 90% of the time. So if Realtors are not showing your property, they do not think that it is worth showing.
the other big question I have for you is how many homes, like yours, have sold while yours was on the market?

So unfortunately, you probably do not qualify for a short sale (unless you are broke and cannot pay your bills). That means renting is about your only option.

If you would like a report I have prepared on the ins and outs of renting, please email me and I will send it to you. There are many people in your situation and I am sorry to have to be the bearer of bad news, however without know all the facts, your agent should have (maybe they did) cautioned you against over-pricing a listing. The truth is that in most markets it will take two or three years to consume the current inventory, so you do not have a short term problem.

I guess the dead horse has been kicked several times so why not saddle up your other option; get that thing rented and ride this it out for a while. At least there will be plenty of renters with all the foreclosures. You should not let it sit empty, especially while you're also paying for another place in Denver. The agent can't be blamed for the shotty market conditions, and you should understand her reluctance to do a lot of open houses- they are mainly only good for gaining new buyer prospects anyway. Your realtor would be better serving you if she were marketing your home consistantly online with VFlyer, web presence, Craig's list and other avenues- that's where most buyers are doing their shopping around. If your agent isn't web savy, land oaded with internet marketing practices you should consider your options at the end of your listing agreement- as that is so important in such a market. However, ask your realtor to show you copies and proof of how she has advertised; I give my clients copies of every piece of advertising, flyer choices, mailings, emails of all online and print ads etc...HOWEVER, she isn't responsible for your neighbors defaults and has no control over the market conditions and so therefore shouldn't be your Scapegoat. Sometimes there is nothing a realtor can do to please the seller, who is anxious, worried, stressed, sleepless, financially pinched because of it and so on...(and who moved on for various reasons in spite of market conditions which ultimately was what initiated the issue in the first place); not that there is anything wrong with that, but just put tin the whole thing is perspective. (because perspective is important) There are so many homes on the market and buyers are scared and sitting on the fence frozen in place. I really have empathy for you!! (both)

you only lose when you sell
right now you haven't lost anything
who knows how things will look in 5-7 years

anyways

good luck

Steve, My agent thinks it's already too low. I am the one who stated drop it from 220K to 215 in the month. It is priced competitvely with owner occupied based on square footage only. My lot is the largest lot in the subdivison with 17 mature trees on it. It's a 1/2 acre. My agent feels the house is way to nice to compete with the REO's. If we compete with the REO's than I might as well be a short sale also. I cant give the house away. I have a mortgage that I actually PAY for. lol.. and its not some retarded loan either. We just bought in the wrong location... remember when housing was so cheep if you bought way west or way east. Now were stuck.. Although I am minutes from the stadium, Coyotes and the new Westcore mall being built. Sounds like I have lost every penny of equity. So what did I pay for in the last five years???

Rebecca-

If you were a buyer for a home in your neighborhood, would you pay $215k for your house, or would you pay $149k for your neighbor's house? Your neighbor's house would need to be an absolute dump for me not to buy it first.

The truth is, that short sales and foreclosure properties are in fact competition...every bit as much as owner occupied homes. Based on the data you are providing, the one and only problem with your home is price. I've answered this the same way, each and every time I hear the question asked about what it takes to sell: The lowest price in the neighborhood, while at the same time, being in the best condition.

If I would say one thing your agent perhaps isn't doing well, it's convincing you that you are priced too high. I too agree that for most neighborhoods, open houses are a complete waste of time. Agent tours don't sell the house, they simply make it more convenient to gather comparables about price, and discuss price with local agents, if an agent needs that time of discussion. If an agent doesn't need that type of discussion, then they aren't likely to yield a buyer.

Finally, the media continually reports that the housing market is in a state of decline. For a moment, lets consider that the decline will continue into the future, at perhaps 1% per month. If you don't set your price lower by 1% each and every month, you will always be priced too high. The short sales and foreclosures are doing that even more aggressively. Often starting 10% lower than the last sale, so that it sells fast, and they don't usually need to adjust price each month. But if you watch a foreclosure home that sits on the market for a while, you will see them aggressively lowering the price on a pretty regular schedule.

I would think you should get a more agressive agent to sell the home. Not knowing all the particulars of the property - location, sqft,, single or two story, bed/bath count, etc - I cannot tell if the property is overpriced currently. Stats from MLS for SFR in Dec, Jan, Feb, and Mar show the average sale price ranges were $214,239 - 186,895 - 190,790 - 185,528 respectfully. Being priced cometatively to other active listings may not necessarily be good if yours and the majority of the others are all overpriced for the market area. Perhaps having an appraisal done would provide better information necessary to establish a realistic selling price for the market area and the competition.