Listing won't sell

[Zane O.]

We have a home that has been on the market for over a year now, and we've yet to get an offer, even after multiple marketing strategies have been tried.

Home info:

- High-end neighborhood

- 4,046 sq. ft. 5+ bed, 4 bath, 2 living, 3 car garage, 

- 2006 construction

- never had a picture hung on the wall 

- no issues with the home other than a small backyard  

Original asking was $560k ($138/ft), and we're down to $499k ($123/ft).  The comps have run in the low $130s/ft the whole time.

Marketing tried:

- Professional photography

- Video - walk-through and drone

- Golf cart included with sale (lots of golf carts used in the neighborhood)

- 13 Open Houses

- Online marketing - MLS, Realtor.com, Zillow, Facebook, etc.

- Print marketing - local news paper major ad, flyers, etc.

- 5% buyer's agent commission offered

We've had over 30 private showing and hundreds of vistors through the Open Houses.

What thoughts/ideas do you have?

[Matthew Schroeder]

Put aside $/sf for a moment - that can be a handy tool, but it has limitations.  Look around at the immediate neighborhood.

The neighbor directly across the street (4805 Aberdeen Parkway) is an active listing with an asking price of only $424,900!  Yes, it is smaller than your property, but do you think that the market "values" your property $75,000 more than your neighbor?  Importantly, also note that the property has been on the market for 60+ days as well, and they have also had a price decrease, so there hasn't been enough interest around that price level for a willing buyer to purchase their house, either.

Another similar story around the corner at 8007 Pilgrim, which is listed at $429,900.  That property has been on the market for ... 270+ days!

Very interestingly, both of the neighboring properties are on the market for asking prices very close to their assessed values.  If you were (hypothetically) to do the same thing, your asking price would be +/- $455k.