I looked in the Sunday Newspaper today. Here's what I see:
There are only 4 houses currently on the market that compare to our house.
4 bedrooms/4baths. Similar size lots. Our house has a separate 2-story 1 bedroom/1bath guest cottage that is 900 square feet. Our house is also in a quiet neighborhood while the other 3 houses are in more rural settings.
House #1 - $133 sq. ft
House #2 - 94.50 sq. ft I've "heard" this is a fixer upper
House #3 - 113.00 sq ft. This house has dropped in price this week
My House - 117.00 sq ft and that does not include the cottage. If you did include the extra 900 square feet it would come out to $98.00 square foot.
Also, in the last 2 years (or longer, I've lost track) here are the stats of houses in our neighborhood that have sold:
House #1 - $121.56 sq. foot
House #2 - 103.38 sq. foot
House #3 - 113.68 sq. foot
House #4 - 83.80 sq. foot - this was a divorce situation. The husband basically dropped the price low enough that there would not even be a penny left after closing.
House #5 - 88.94 sq. foot - Foreclosure. New construction. Bank sold it.
We have had buyers who want to go by those last 2 houses. I'm sure that when the time comes to sell their own house they do not want the sale price based upon an ugly divorce and a foreclosure.
Should we lower the price? If we lowered it just $5,099.00 it would make the house (minus the cottage sq. footage) $115.50 a square foot.
Will the house sell in the spring? I keep hearing the market is going to pick up. It always picks up in the spring.
Meanwhile, life keeps moving. Tennis season is starting. Weddings and Birthdays and busy-ness. Maybe all the traveling will make the time pass quickly.