If your property lingers on the market too long, should you reduce the price? Generally this is a good idea if home has been on the market for 4 weeks. If you have had several showings, but no offers, then reducing the price is a good idea.
Make the price drop significant. Is your home priced close to similar homes in your area? If so, a small price reduction of 5% may be appropriate. If its priced 10-20% more, than a reduction of 10% or more may be prudent.
Always ask “How can I compete with other sellers in this market.” Don’t show desperation by making small reductions. Make one substantial price cut to attract more buyers.