With so many properties on the market today, the list price should be re-evaluated at least monthly against the active competition, newly closed sales, pending sales & expired listings. If the listing isn't generating calls, and/or there have been no offers despite showings, that's a red flag. Feedback from other agents showing the property can help identify the problem. If the property's condition is good & you're satisfied that it's being properly marketed, then price has to be considered.
Reducing the price to become, or remain competitive, is the hallmark of a motivated seller. How much should the price be reduced? That depends. But a good rule of thumb should be (1) what price will generate more traffic through the door, hopefully resulting in an offer? and (2) what is the seller's urgency to sell? Remember, the goal is a successful, closed sale, not to remain listed.
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