Generally speaking a larger home in a neighborhood will sell for a lower price/sq ft than smaller homes in the same neighborhood. Also a 2 story is less costly to build so it also takes a hit on the price/sq ft if you're comparing it to single story houses.
If you want to get a very accurate idea of what your house is worth, I would recommend hiring a licensed appraiser ($350) that ideally lives in your same neighborhood. She will arrive at a more accurate price and will adjust your house for upgrades, lot location, etc. more accurately than most Realtors who are not also licensed as an appraiser.
Then make sure your house is sparkling clean (clean enough to eat off the floors and counters) and decluttered and looks like a model home (no tired, grandma looking furniture). Get rid of aluminum mini blinds vertical and horizontals...these date your house to the 1980s! Cheap Walmart drapery panels will look more current. If you do not want to update to newer furniture and aren't able to keep the house immaculately clean and clutter free for short notice showings, you may actually have better luck selling it vacant.
Good luck and you are very fortunate to have no mortgage!
Feel free to call with any questions.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
Maranatha Realty Group, LLC
Lic. Real Estate Broker
As you are aware, prices throughout many parts of Florida have dropped significantly and it is not unusual to see valuation declines well in excess of 50% and more. It sounds like your home is beautiful and in "showing condition" which means one or two things are the issue; and maybe both.
Have you checked out how your home looks on-line on sites like Trulia and Realtor.com? Over 84% of all buyers will be searching the internet before contacting a Realtor and if your home is not professionally presented with a multitude of professional photos and a descriptive story to grab the prospects attention then that is a problem. The other issue could be price and you need to carefully evaluate similar homes that have sold within the past 90 days with similar features within a 1 mile radius of your property. Your Realtor should be able to provide you with a detailed comparative analysis.
Here in Palm Beach County the market is showing amazing strength with all of the market areas I track showing solid increases in pending sales over the past 30 days with many at annual highs. If your listing is expiring and you would like my help in locating an agent who will be able to get your home sold please feel free to contact me at your convenience.
Best of luck and if I can offer anything additional just let me know.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
Your house, which is priced at $89 SF, is right at the average selling price. As I see it, the biggest challenge that you have is that there are fewer buyers in the market right now for a larger 5 BR home vs. the more typical 3 BR Cape Coral offering.
As you need to attract families looking for a larger home, make sure your property description on the MLS has keywords like large, 5 bedroom, space etc, that will draw in buyers looking for a larger home. Encourage your Realtor to blog about your unique larger home: http://www.gulfreturns.com/2006/06/cape-coral-5-bedrooms.html
Hang in there, a buyer for your well-priced beautiful home will show up soon enough!
Margie A. Birch
Selling Paradise Realty
239-691-1303 - cell