I hear this question weekly. Either from Sellers or from other Agents.
Here are my rules:
If you haven’t received an offer in the first 3 weeks or first 20 showings, which ever comes first you MUST reduce the price.
If you don’t have room to drop the price take it off the market or save your money so you can get it sold. The longer it stays on the market, the lower the offer from buyers will be. Listen to your Agent, if they tell you they think the house will sell for less than you can afford, start saving so you can get it sold BEFORE you put it on the market. Don’t hope and dream, hear the reality.
The FIRST offer is almost always your BEST offer.
The MARKET (Buyers and Appraisals) define the value of your home. If you receive the same offer more than once, that is how much the market thinks your home is worth.
I have been saying for years, you cannot underprice your property. If you have priced your property lower than what the MARKET thinks it is worth, you will receive more than one offer, and it will be higher than the asking price because you will be creating a bidding war. These happen in the first 24 hours of being on the market. If you haven’t received more than one offer in the first 24 hours, it isn’t under priced. Period.
My theory is: price it right, have as few showings as possible for YOUR sanity. Twenty showing are too many and three weeks is too long to live in perfect showing condition. Remember not only do you have the days that it is showing, but then you have 4+ weeks before you actually close it.
Sell with certainty!