I can't "give my house away"
The story.. About 3 years ago, we decided to purchase some land, sell our current home, and make plans to build a new house. We had an appraisal done on our home and it came back at $700,000. We were thrilled. The house is a 5100 sq. feet custom two story on 5 acres (horse property), 5 bed, 5 bath, with many many upgrades and unique features. We were the original builders/owners. For example, a "secret" room behind a bookcase, spiral stairs off the mudroom as secondary stairs, gourmet kitchen with two dishwashers, two laundry areas, 3 fireplaces,etc. etc. We decided to start out at $25,000 LESS THAN the appraisal. This was March 2010. It started out slow, but we had showings but no offers. Feedback on the house itself was always "excellent," but no offers. We lowered the price after a few month to $650K. Still showings, people loved the home, but feedback was things that I could not change, like "I can see telephone poles or too far in the country, or you back to a road." I could not change those things, so we lowered the price again, then again to $600K. Feedback still was good, PEOPLE WERE INTERESTED, but the new twist was I realized that our realtor was not calling back the realtors whose clients were interested (from the beginning)! She was a newer realtor and I guess did not understand that sales was part of selling it. We still hung on and lowered it one final time to $560K. Most feedback was still excellent, with the thing I wanted to hear, "priced right," even though people had said this all along, but since no offers (we did have two early on where we were there 2nd choice and chose the other home) kept lowering it. Another strange thing is of all the showings over the past 2.5 years, we had more cancellations that actually showed up. Meaning, they would schedule a showing, we would work our tails off getting it ready, then they would cancel or not even call to cancel, just not show up. I realized there were a lot of unprofessional realtors out there right now. Another thing is that your appraisal doesn't mean anything! We are almost $200K under ours and it doesn't matter. After husband and kids being very frustrated at the process, we took it off the market. We did take it off for a month about a year ago too. We are re-evaluating what to do. We are now in the process of interviewing 4 new realtors and hiring the most aggressive marketer and one who has been a "top performer" in our area. I've been around here long enough to hear right PRICE is what sells, but come on, $200K undervalue. I am to the point where I literally am giving the house away and can't go much lower on the price or we can't re-build. Thanks for listening.