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Keep in mind that the real estate market was never allowed to bottom out and still has a long way to go down.
And it will continue down as debt deflation continues its relentless process.
Most of the recent market action was driven by investment funds purchasing houses for cash and they have been pulling back out the market for several months now, expecting prices to begin dropping again.
Your best bet, as other posters recommended, is a short sale, if possible.
Wow, I was expecting to see a dump but it is a nice looking house. Love the kitchen and baths. I didn't know there was anything in the SEA-TAC area that cheap. But I am not familiar with the area. You have some good advice here and the best of luck.
This looks like a very nice house with a few issues (eg; it looks like the rain, etc. must run into the garage/basement; plus it's a little packed with furniture, etc.), but, no immediately apparent show-stopper (however, pictures can be misleading).
After 4-years, you must conclude that something MAJOR is driving-away potential buyers. Price is likely an big issue (another $50K cut is a big deal on a $250K house), otherwise, you would be getting some serious offers. (Your notion that you must get close to what you paid for the house, is also inconsistent with the state of the market and the experience of other sellers, over the last few years).
My second guess is that you have a 'long-term renter problem.' Your renter is probably getting a sweet deal on the rent (probably hasn't increased in 3-years?) ... and really doesn't want to move. --- There are probably a 100 ways that a 'reluctant renter' can subtly discourage potential buyers ... without blatantly and overtly sabotaging the sales process (pets, odors, clutter, decorating, dirt, unkempt house/yard, etc). Have you asked your renter if she/they are interested in buying, perhaps with some owner financing or assistance in coming-up with a suitable down payment? --- You already know that you have a BIG sales problem! -- Honestly; 4-years! It sounds like you have been too willing to settle for a 'Rental-in-lieu-of-Sale!' -
If your Realtor/s are only telling you what you want to hear, you need to find better Realtor/s ... and also, put your existing Realtor/s on the spot. (You aren't by some chance using the same Realtor as both your rental and Sales Agent are you???). Emphatically tell your Realtor/Broker that after 4-years, you KNOW you have a major problem with either the house or the Realtor... and you DEMAND to know exactly what they think it is ... with NO punches pulled! (Don't settle for "the market is slow and we just need a little more time" unless you really don't want to sell).
Nice looking home! Frankly, I'm surprised the price is too high. I'm also wondering if it could be the renter. Homes don't show well with dirty laundry lying about, crappy furniture (or just too much), cluttered counter-tops, etc. Buyers want to visualize it as being their home, and a home being lived in often doesn't do the trick. (Although I understand the need for some help with the mortgage payment!)
Two of those homes are less than 10 years old. compared to a 1969 home.
How does your house compare to 81 E Marine View Drive that sold for 175K
How much did you buy it for , 200,000? You've paid off potentially 9 years of principal payments. Your current renter is only covering 75% of the rent. Bascially that 25% you are putting in is principal reduction. I'm not sure why you are even considering a shortsale or other extreme means. Have you checked if your loan is owned by Fannie or Freddie ? If you are able to refinance you could drop your payment probably in the range for 25% depending on your interest rate. Do you want to keep it if you drop the mortgage payment? Do you know what your mortgage balance is, maybe you aren't as upside down as you think.
Based on the low volume of sales, it will be very difficult for your home to appreciate and comp higher. Someone will really need to want your home.
Base just on at the Data , I think it'd go for 200-210k. Sorry for the honesty.
I think it looks pretty nice although I too was confused by the LACK of a photo of the front of the house, full view. I couldn't get a sense of what angle all those exterior photos were taken from (which side? front? back? where?!!).
(I also HATE the kitchen, but I suspect I would be in the minority -- it is WAY too modern looking for my taste. I would take one look at the kitchen and leave.)
The curtains in what looks like the living room are odd ... normally when you use different curtains each side is a mirror image. I guess that's your renters? And OP, rents are really so low that you only get 75% of the mortgage payment?
I do wish you luck -- this is a hard time of year to have a house on the market.
It is definitely a beautiful house! Like others have said the pictures need to be redone. There are too many outside that make someone as a potential buyer not understand the type of house.
Your house will sell, at a certain price. We went through the same thing (had a short timeline though) and walked away with nothing. However, we don't have a headache. We had to lower the price significantly to get offers. Even then people underbid.
A $30,000 reduction in home price will buy a LOT of gasoline.
At $3.29/gal (current price here) that is comes out to over 9000 gallons.
At 30mpg... that is well over a quarter of a million miles.
They could commute from Groton at that rate.
You are ignoring wear and tear on the car, including depreciation.
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