I read your other posts and the Voices responses before I post here. I see a couple of issues that you might want to consider.
First, thank you for posting your questions. In truth, you will be best served by a local Realtor that knows three things - your home, your market values and trends, and your personal situation.
Second, in any market their is a market within. 80% of listings sell at 92.7% of asking price in my MLS...120+ days on market (DOM). They are over-priced, not prepared properly for sale, and the value to buyers is not exposed. So they sit and lose value. 20% of listings sell within 30 DOM. They are priced at or slightly below market, they are properly prepared for market, and marketed to expose the value to buyers to maximum effect.
I would be happy to refer you to a top Realtor in your area that can advise you. I like your suggestion, however that is a lot of work, and may not do the trick. I had a client once that completely re-did her main bathroom to the tune of $6,000. It was beautiful. But she had no money to replace the worn carpet, paint, or touch up the kitchen. Had she invested half of money in these areas, her home would have sold for the price she wanted.
So you need a local expert that knows what buyers are looking for in a home. They can also analyze your situation. I would suggest that you ask them to bring you a list of homes that, in the last year:
- are on the market now
- have reduced their price
- entered escrow
Then I would go visit the homes that are on the market now. Take notes, be objective, then come back to your home and compare. In most markets the problem is not that homes are not selling. The problem is that your home is not selling.
Given the current economy i would be more included to put it back on the market after a quick touch up and re-launch. Paint, clean, declutter, re-arrange the furniture, staging, new pics, and go for it.
If you would like me to refer you to a great Realtor in Two Rivers I would be happy to do so.
Your idea sounds wonderful! There's one thing I would consider first before doing the work on updating your home. If you take the cost of the remodel and reduce that from your home's current price, would that bring a buyer? Many times if the price of a home is low enough, a buyer will use that to justify or offset the negatives.