I am concerned about the listing not selling since July than I am about the brunch.
I suggest that you ask your Realtor to meet with you and provide the following information. Since your home was listed, how many homes have:
- Come on the market - how many homes, like yours, are in competition with yours.
- reduced their price
- entered escrow
You might want to look at the link below. According to Trulia 34 homes have sold recently. So the problem is not that homes are not selling the problem is that your home is not selling.
To sell a home you need showings. The rule of thumb is 10-12 showings or one offer in the first two weeks of market time, or you reduce the price. In most markets we know that homes that sell in the first 30 days sell closest to asking price. In my market homes that sell at 120 Days On Market (DOM) sell at 92.7% of asking. Within 30 days they sell at 99.7% of asking. That is a huge difference.
The rule of thumb is:
Few showings - reduce the price
No offers - reduce the price
- low offers - reduce the price.
The buyer that sees the homes they buy first sees it with a Realtor 90% of the time. So if you are not getting showing activity, Realtors are not on vacation. They are showing homes that show more value than yours.
So you have hurt your chances significantly by over-pricing your home combined with long DOM. BTW a $10K reduction on $329.9 is not a price reduction. It's a price change. Don't bother reducing the price unless it is 5%.
So you have a couple of options-
1. take it off the market
2. if you really need to sell for a special reason (job, health, divorce), then you'd better consider a short sale. An overpriced home will not sell (you've proven that) and now to re-launch your listing you'll need a lower price. To get a lender to agree to a short sale means you better be able to prove hardship.
3. If you cannot really prove hardship to have short sale, ask the lender if you can take a promissory not for the shortfall and you'll pay it back
4. Don't sell, rent it out.
I am very sorry for your situation. I hope that this advice is helpful.