If your home has been languishing on the market for a while it's time to revise your pricing strategy. Some owners have all the time in the World however that's not always good for your bank account.
The adage that time is money has never been more applicable than to real estate. Oh, how I wish its liquid state was more easily attained. Whether you view your home as an asset or liability there is a right time to consider lowering your price? It occurred the moment you listed your property for sale. Granted you may have the luxury of time for the market to catch up to your valuation but many Sellers don't. There is no magic in determining the correct price, it depends on YOU.
As an investor who constantly surveys the inventory it's easy to see when an overpriced or overtly valued property hits the scene. With average market times diminishing by the day a home which reaches 90 days on market becomes one to watch. Your area statistics will vary although the idea is consistent. Attention is focused far away now and a reduction in price won't likely get it sold.
Lopping off tens of thousands of dollars at prescribed intervals is not appetizing either. Inventory is a consideration however it's the cream of the crop that's seeing the action. A video interpretation is shown below.
If you're not competing you're losing the battle and I recommend to never allow yourself near that fight.
Have an excellent Memorial Day Weekend!