Given the long time you have had it on the market you probably are asking too much? I would suspect that in 1 1/5 years the price has declined since you first put it on the market? Look at it like a rolling ball down hill. You are probably following the ball down? You must get ahead of the ball. Four things cause a property to sell. Price, terms, location and condition. The last three affect the first (price). The terms are probably out of your control but if interest rates shot up to 10% it would no doubt lower your price. You probably can't change the location either. You might be able to change the contidition to get your price? The ball is rolling down hill in most areas so you probably need to focus on your price and get ahead of the rolling ball? If you are in jeopardy of a foreclosue keep in mind a short sale doesn't damage your credit nearly as bad as a foreclosure does.
Jul 6, 2009