1. In this market is price is king. You should not look at selling your home in comparison to how much "profit" you're making as you are unlikely to make a profit in this market unless you've owned your home for a long time (20 years etc). That said, your agent should have done what is called a CMA or Comparative market analysis. This is a report of recently sold (past 6 months no more) properties in your area that are similar to yours. That is what you should base your expected sale price on. There may be slight variations on that price based on whether or not your home is a little nicer (provable) than the rest or if it is not quite as nice as the average. Your agent should also look at what homes similar to yours are priced at that are currently on the market. If there are 5 comparable homes on the market at 30k below the average price of recently sold homes and yours is priced at the average of recently sold homes, you're 30k over priced. Hopefully this makes sense. Also, there is no need to price your home WAY over where it should be to "leave room to negotiate." It's okay to leave a little, but if you have comps to support your price, an experienced agent can help you fend off any "low ball" offers. By pricing your home too high you will be missing out on prospective buyers.
What is your motivation for selling? Are you looking to buy another home? If so you most likely will make up the loss on your sale when buying another home. So if you have to sell below what you owe, don't look at it as a loss since you will make it up in your next purchase. If you are down sizing to an apartment or a smaller home, then you may have to bite the bullet accept a little loss to accomplish your goal. If you are not motivated to sell right now, take it off the market and wait a little while. Winter is the toughest climate to sell in.
2. Another reason your home may not be selling is inadequate marketing. There are several things to consider on this front. First and foremost are the photos you have in the Listing Service; assuming your property is listed in a Multiple Listing service! There are many times that agents will view a listing in the MLS where the photos do a horrible job of representing the space. If the photos don't impress the agent and potential buyer, then they will most likely not want to see the unit. Professional photos are around $100. Don't pay just any old photographer, make sure it is someone who has professional Real Estate Photographing experience. Knowing where to set the angles and which lens to use is paramount! If you have some do-it-yourself photos from your home camera this is detrimental to you! This will be the best $100 you've spent when it comes to marketing your home.
Other than photos, ask your agent what he is doing to market your home. Also when interviewing new agents, as you should absolutely do ask them what they will do to market your property. Some good answers besides putting it on the MLS would be: internet marketing, open houses, broker opens, fliers, etc.
3. Before you have any more showings or your professional photographs taken you need to consider the staging of your home! Better staging (presentation) can make a bad place look great and spacious and a nice place look horrible depending on how your furniture is placed in the house. To quote a wise old agent Â“the way we live in our house is not the way we sell our house. This place is no longer your home it is a commodity! You need to remove any bold paint colors that you may have. Put all of your personal stuff such as family photos etc in a box and get them out of there. The goal is to make your place look like something someone could see themselves in. That is harder to do if you have photos of your trip to Aspen on the wall etc. Take a hard look at your furniture in the house now remove at least one third of it; seriously. Get it out of there! Nothing makes a space look cramped like too much furniture. Add light sources such as lamps to every room and make sure they're all on when you do a showing. This goes without saying, but KEEP YOUR PLACE CLEAN! No clutter, no open toilet seats, no spots on the mirror. Throw some fresh cut flowers on the dining room table (make sure they match the color scheme of their surroundings). If you need to fix something, get it fixed, no one wants to hear oh that'll be cheap to repairÂ… People want a unit that is move-in condition, not something that they will have to put time and money into once they move in. Make sure your agent is pitching the neighborhood amenities along with your home, schools etc. Good luck!