Sellers list at a price they hope to achieve and perception is reality. Lowering this price is often perceived as a loss, since most sellers have already calculated what they will net at this price or what they expect will be an offer. But if the home does not sell, when do you adjust and how much? Is 5K too timid, will it even be noticed by buyers? Is 20k too much, "giving it away"?
Here is a video about the current trends:
If the average time to lower a price is two months in my opinion that is too long to wait. In this market, time is money. If your presentation is perfect, you have staged, have pro pictures, great flyers, are presented everywhere, had two or more Open Houses and it is not around Christmas and nothing has happened, revisit!
Ask your agent for an updated Market Analysis and then price according to that, better, be a tiny bit below that to make you home the best offer out there. Buyers know and when a house is priced correctly the uptick in showings is remarkable. And the more people look the height the chance for a sale.
So make that move, there is a price where homes are selling and it actually is not neccessarily a dumping price, here in Corvallis the market has been comparably stable.
About the amount of reduction: I recommend always entering another "bracket", i.e. from 309K to 299K, so that searchers "up to" will find you who have not yet seen your listing. The results are often staggering!
How many brackets down you go depends on what an honest and well informed agent has stated as a price the house should really get offers at. If the listing price and that recommendation are still 30K apart, do not loose time, lower it much closer to that and be prepared to drop a secind time!