Status of our house

As of right now, we haven't shown the house in over 2 months. We dropped the price by $5,000 when we came back from our vacation, but still no bites...not even any lookers. The price of gas isn't helping make our house look anymore attractive either with it being 10 km from town. As of today, the price of gas is $1.29/L which translates to $4.88/gal. So buyers can buy a house closer to town for more money than our house, therefore closer to their work (presumably) and shopping, and end up saving the difference in gas. I can hardly blame buyers for not being interested in even looking at our house. However, I am not that interested in building another house that I am willing to give our current house away at a low price.

The house we wanted to build is almost identical to the house we currently live in. We just figured we could sell our place, make a tidy profit, and be able to afford to build a brand new house for not much more mortgage than we currently have. As the price that we would be able to get for our current house goes down, the amount of our mortgage on the other end would go up, and we are not interested in that. So this is our plan of action...

Our real estate contract ends at the end of June. In the meantime, we are getting quotes to do renovations at our current house to make it everything that our new house was going to be. This includes changing out our wood/forced air electric furnace for a heat pump, replacing the roof, replacing the siding on the house and garage, adding a full bathroom/laundry room in the basement, and completing the entryway complete with closets and shelves at our back door area. And we're not changing our listing price, so if somebody comes along and is willing to pay, we will sell and build. Otherwise, we will let the contract run out and start into our renovation projects in July. We intend to fund this renovation project with the sale of our other building lots, so we still won't have as much into this house as we would if we built a brand new one. Not to mention that our landscaping is already done here which is one thing we weren't including in the price of our new house.

I will let you know how this turns out.