Hi Allison, Rather than Price Reduction which brings down the value of neighboring properties besides your own property, I am more in favor of offering something to the REALTORS who decide to show your house to their clients, such as a $1,000 to $5,000 Bonus, instead of reducing your property $16,000 to $20,000+, Think how hard the REALTORS will encourage the showing of your home, and if you have enough equity offer the buyers something such as a home warranty to cover appliances and so forth, or maybe offer to pay closing cost of the buyer. There are numerous possibilities or variations, but I think these strategies will bring a quicker sell. Use one, or a combination, or all three combined whatever makes you comfortable.
I would not lower your price more, but use enticements to show and buy your property.
Buyers are buying because of the really low interest rates right now.
Ask your REALTOR for a list of homes that have sold within the last 1 to 7 months and within 1 to 5 miles that are similar to your property.
I would also visit Frontdoor.com, on the sellers tab, look to selling tools, print out the open house check list, and do as much of it as you can to help sell your home. Also look to Features and Experts for the following articles: Designed to Sell: Room by Room, 10 Ways to Increase the Value of Your Home, Selling DOs and DON'Ts.
De-clutter and Clean, Help sell your property by advertising it yourself coupled with your REALTOR's efforts to market your property. I am sure it will be sold in no time. Make sure to discuss this with your REALTOR.
Finally, Your REALTOR is an important tool to utilize because you not only have one REALTOR working for you, but a whole network of REALTORS who go to the MLS everyday with Buyers searching for the home to make their clients happy enough to Buy.
Read Psalms 91 everyday to help you until your house is sold, and watch Joel Osteen on TV for an encouraging word.
7 A thousand may fall at your side, ten thousand at your right hand, but it will not come near you
9 If you make the Most High your dwelling-- even the Lord, who is my refuge-- 10 then no harm will befall you, no disaster will come near your tent. 11 For he will command his angels concerning you to guard you in all your ways; 12 they will lift you up in their hands, so that you will not strike your foot against a stone. 13 You will tread upon the lion and the cobra; you will trample the great lion and the serpent. 14 "Because he loves me," says the Lord, "I will rescue him; I will protect him, for he acknowledges my name. 15 He will call upon me, and I will answer him; I will be with him in trouble, I will deliver him and honor him. 16 With long life will I satisfy him and show him my salvation."
Best of Success, Theresa Slocum