Thanks for coming back online with additional information about your situation.
Some properties are very easy to comp...with very similar properties (condition, size, area) that have sold within the very recent time (under 3 months.) Other properties are more difficult to comp, because there simply aren't highly similar properties which have sold in the immediate neighborhood. Yours seems to fit the latter.
There are trade-offs with every situation. When comps are very clear to everyone, the price becomes clear. In a situation like yours, there may be a slightly wider range in the opinion of value, but there will still be a range. Overpricing never works for any property, but a unique property, like yours may require additional marketing to show the value and to reach potential buyers.
All sales rely upon a combination of price and exposure. This follows the basics of all marketing, which are the 3 P's...Price, Product and Promotion. The Product is your property. While subtle changes can be implemented to increase the speed and likelihood of an offer, many characteristics of the Product are not changeable, at least in the short term. In resale real estate, we make minimal changes to the Product, and limit these changes primarily to staging, cleaning, and de-cluttering. Since there is little we can do to completely repackage our Product in rea estate sales, our focus becomes setting the right Price and doing the right Promotion (giving your property the best exposure based upon a likely buyer.) Across many of my writings, readers will hear me refer to Price and Exposure. Selling your property comes down to setting the right price AND giving it the right exposure. You need both. Marketing cannot make up for overpricing. Great pricing without marketing limits your market exposure and buyers who may be interested in your property may not know it is there.
Since your home is unlike the majority of homes in your area, it presents both challenge and opportunity at the same time. Who will a likely buyer be? An extended family? An investor? A first time homebuyer who can qualify for the mortgage, but wants to limit their financial obligations with a rental offset? How will your agent reach the general real estate market? How will your agent target niche markets? (Note that niche markets never refers to any protected class that would violate any Fair Housing laws! Niche marketing may be investors, for example.)
For pricing, you do have a starting point from which to build. You had a pricing opinion last year. You may have past appraisals on hand. You have a recent pricing opinion. You may want to call in another Realtor for second or third opinion. The lack of similar recent comps does make your property different than a colonial surrounded by like colonials, but it really does sound like you have a good head start on the pricing issues. The fact that your most recent pricing opinion trended down is probably not a surprise.
In almost all instances, it is better to under price vs. overprice. If you under price and market aggressively, the market will produce interested parties. When multiple parties show interest, it gives you a measure of the best that the market can deliver for you. If you overprice, you will be rejected by the market and actually help sell your competition, by making them look better by comparison. Donâ€™t be afraid of under pricing by 5-10%, Serious sellers will, and they are the ones finding buyers.
Hire a Realtor who will guide you based upon the principles of marketing, Product (your Property), Price and Promotion. Ask prospective Realtors to detail their marketing programs for you and explain how they intend to customize a plan for your specific needs. Rather than look at your uniqueness as an obstacle, I would make that the focal point of the marketing and approach the campaign with that premise; promoting the rare find.
Best wishes for a successful transaction and happy shopping in Cape May. I chat with a few Realtors down in the Cape May area, so let me know if you need any referrals there.
Deborah Madey - Broker
Peninsula Realty Group