The current home inventory figures and sales are disturbing. I do not know your personal situation, so just based on what I have read I would ask your Realtor these quesitons:
1. How many homes, like yours, have sold since yours hit the market?
2. How many homes were listed, but did not sell (meaning the listing agreement expired "expired listings")?
3. What is your competition? How many homes, like yours were on the market when you started? How many homes are you competing with now?
You are not in a static environment. The market is constantly changing. Based on the answers to these questions, you need to figure out your options:
1. Lower the price until it sells (that means if the market is declining, you need to price Under Market).
2. Take it off the market and stay
3. Lease the property (discuss the tax implications with a CPA).
3. What alternatives
In April of 2005 2,215 homes were sold in the Tampa Bay area. This year in April 868 homes were sold.
In April 05 there were 4294 listings for those 2215 buyers to choose from - so EVERYTHING on the market was selling was selling in roughly 60 days. Today there are 16,455 single family homes for those 868 buyers to choose from. What's going to sell? BEST amenities at LOWEST price.
A balanced market is a 8 - 12 weeks supply. We have a long way to go. Read all the good news you want about how things are getting better. When inventories start approaching a 9 mos supply I'll believe it. Sorry, I'm not a pessimist, I'm a numbers watcher.
Specifically, you don't have a pool. Property in your area that's selling offers pools. There are 207 homes for sale in your MLS area and frankly if I'm a buyer, I can get a 3/2 home of aprox the same size in that area for $180K +/- with a pool. Or I can purchase a home that's 35% larger than your home with a pool for the same price of $239. So it might be a price issue.
I don't know what "Sun City" meant below with the photo references as there's only one listing in the system on Valencia Rd. for $239K so I'm sure I'm referencing your property (I showed it last year anyway). You're not taking full advantage of all your options. Your agent has ONE photo of your dining room in the MLS. Is that the best your home has to show? Come on. She use to have a lot of photos in the system. What gives? You're home has been on the market 253 days , two agents and you've gradually lowered the price to $239K down from $299K. One of your neighbors got $255K for their home after 350 days on the market... you might get it sold. I'm going to suggest moving your personal stuff out of the home and hiring a staging professional to give it a model home feel. You absolutely must make it stand out and staging is the best value for your investment.
It's a tough market. If you want to move your house, do everything you can to get a buyer in using every resource and tool you have. Go with your agent to see the 5 homes that most closely compare to your home in size and location (forget price) then decide - based on what those home owners are offering - how you compare and try to negate the Endowment Effect. Objectivism is critical in this market.
I am not familiar with the area but there might be some reasons that your home did not sell in timely manner. First of all your Price, if it is higher than the homes sold for in that area this might be the reason. Second one is your homes condition, if you can try to do staging it helps to improve the condition a lot.
Hope this two tips helps you :)
A house could be built on top of an unexploded bomb but if its priced right, it will still sell! In your case I suspect 165,000
People sometimes overlook the fact that homes that are 15-20 years old selling and selling in the $250,000 range are also competing with those built last year (or last week) in the same or very similar price range.
Unless there is something very unique with this location, informed buyers are going to be attracted to the best value and this usually means newer construction.
The "Eckler Team"