Why isn't my house selling?? What to do now?
We built our dream home starting in 2007, unfortuneatly we waited a few months too long to put the house we were living in up for sale. We put our house up for sale in Jan 2008, had it listed until Dec, dropping the price from 779,000 to 669000, then decided to rent it out.(Until 2008 similar homes were selling for high 7's all day long) We've had 2 renters since Jan 2009 and that worked out well. When our current renters left in April I thought I would try to sell again.
The home is in a very nice pool and tennis court community in the far western burbs of Chicago. Because we had custom built that home as well, its a little above average in amenties compared to some of the other homes. They all have nice kitchens and granite, etc. The minimum sq was 3600 our house is 4300 with finished basement. We have extra trim and radiant heat in garage and basement and lots of other extras.. anyway
When we originally rented, we thought the housing market might come back in a few years. Ha! So this time I listed at 624,900, and now are at 599,000. Their are currently 14 homes for sale in the subdivision, 7 under contract. We are the lowest priced home currently available and when you compare price psf we are 15% lower than any other house and 25% lower on the upper end.
The house is currently vacant. And even though my last tenants showed the home, their decorating and furniture didn't do much to help.(those are the pix on MLS) I thought the key this time would be $$$.
I have also put it up for rent again.. both other times I rented very quickly to quality people.. the rent inventory for this kind of home compared to the last two times I've rented is very low.. but nothing happening there either.
WHAT to do now?????