If there are a good handful of homes that have an addition, focus on those for both recent sales and currently on the market. Donâ€™t follow the lead of overpriced competition, unless you want to sit on the market and keep each other company.
I probably did not deliver the message you wanted. Your opportunity to sell for highest and best is achieved by realistic positioning and marketing for your best buyer. Here is my suggestion on that:
Your buyer profile might be someone who is already living in the immediate neighborhood. The family who already lives there, and wants to stay in the same school district, wants to maintain contact with the same immediate neighbors. Sometimes that might be due to children and their playmates, schoolmates and friends. A growing family who needs more size and who is focused on your specific neighborhood. I donâ€™t do a lot of direct mail, but a direct mail campaign to your neighborhood might be advisable. Talk it over with your Realtor. With limited knowledge, I cannot state for sure that this is the direction that I would take. It is simply a suggestion for you to discuss with your Realtor. If your property is overpriced, all the marketing in the world won't create a sale. It would be better to take a hard look at pricing, price competitively, then market accordingly.,
Thanks for your vote. In pricing, the most common mistake that sellers make is pricing too high and missing their oppty for their best buyer. By pricing aggressively to begin with, you stand a much better chance of selling at a higher price. This is counter intuitive to the thoughts of leaving room to negotiate. Attractive homes at attractive prices gain the most attention, and your best window for marketing is when you are new on the market.
I still hold on my thoughts that your buyer may be the family who really needs room and wants to stay in that neighborhood for continuity of relationships, schools, sports, etc. Another idea to discuss with your Realtor would be a special open house for your neighborhood. If I were the Realtor handling your sale, I might look into this further. Since I don't practice in your marketplace, I won't venture as far to say I would definitley do this. If I held a special open house, it might be with "invitations" in invitation envelopes. You can buy those blank at office supply stores. Promote that it is for the "neighbors" and promote that this was the builders addition that you chose. Just another thought.
Beautiful home and best of luck.
I am in FL and do not know your market, but no one local has gotten to your question so I thought I'd give it a go... I pulled up your house here on Trulia. There were no recently sold comps, but other listed comps in your area are in the $169K-$190K range. Even if your square footage is more, you may have simply "overbuilt" the house. You made too many custom improvements which are beyond the norm for your neighborhood and therefore difficult to recoup on price at sale. Sorry to be the bearer of bad news, but I think you need to lower your price significantly. Again, this is simply an armchair evaluation from across the country--but, you are currently represented by a REALTOR--what does your agent say? Best of luck!