Lower the price and you will attract more buyers. In today's real estate market, with today's internet technology, a buyer will look online and if they see that your home is priced more than the neighbors asking price, you will significantly lower your chances of selling your home.
Price your home according to market and not what you feel it is worth. It will sell if you are ready for it to be sold.
One of the common misconceptions is that "we've got plenty of time". Time to try it on our own, time to try to rent it out, etc.
Do you remember when the mortgage meltdown occured in September of last year? No one was anticipating that happeningm it just did. And the effects have been staggering.
So my advice to you is this:
Talk with a Realtor that knows your property, your personal situation, and the market. Ask them questions and get enough information so you can figure out your options. One of the challenges with Trulia is that people post questions that truthfully we really cannot answer because we don't know the three things I mentioned above.
Is your market going up, down, or sideways? I just had a conversation with a client yesterday and she wants to sell and move out of state. I showed her the market statistics and she replied that she is considering "waiting until next year when the market improves". I explained that based on the market trends, which are downward, did she really believe tha the market was going to improve? So in the end I asked her this question: if you knew beyond reasonable doubt that to sell your home for the highest price meant listing it now, or waiting perhaps four or five years, what would you do? She replied she'd sell now.
You could be in the same boat. Because you don't know exactly what the market is doing right now, you do not have the facts to make an informed decision.
It really depends on a few factors:
1. What are the costs of owning your current home (taxes, mortgage, insurance and such)?
2. How long are you willing to act as a landlord? The current market time for your area is running roughly 5 months or more. I would suspect more than that if you included the refreshed MLS listing numbers.
3. Are you staying in the area or are you going to be doing this long distance?
4. What type of renter are you going to attempt to secure? Are you looking for a long term month to month or a seasonal/weekly rental?
5. Are you willing to comply with all of the requirements of being a landlord? (Smoke detectors, lead paint maintenance procedures, possible fire marshal inspections, does your town require the property to be registered?)
6. How much are you willing to spend on getting and keeping renters?
Despite the doom and gloom coming from the national media, Vermont home prices have been remarkably steady and have even increased in some areas. In my area, there have been more home sales over a million dollars in the last few months than in the previous 3 years.
How long are you willing to wait?
How much is it going to cost you?
What can you realistically expect to gain by waiting?
Is it worth it to you?