I hear this question quite a bit when I think a seller wants to over price a listing or a listing is overpriced. Why doesn't a buyer just make me an offer? I might be willing to negotiate. I might be willing to go lower than my asking price. How do they know my price is firm?
Homes that are over priced do not get any where near the showings that homes that are priced correctly. Buyers have so many tools available to them now. Apps like Zillow and Trulia have zestimators that give them an idea of what a home is worth. Buyer's agents show them the sales price of comparable homes. So, if a new listing comes on the market and it is much higher than a similar home that recently sold, the buyer and agent assume that the seller is not motivated or needs that amount to sell it. Therefore, they pass it by and it often is not shown.
Many times a buyer will not go back to see if that home has been reduced. The key is to price correctly right from the beginning. Real estate is not a science. No one can explain why a beautiful home in a wonderful location may not sell. Most realtors will tell you price. It may just be a case of seller motivation. They may make it difficult to show...never a convenient time. Perhaps there is too much competition or they are located where new construction is still occurring and the buyer would rather build new.
It really is important to listen to your realtor. If they recommend a price reduction after a certain period of time, then it is worth considering. After all, you put your home on the market because you wanted to sell it, right? If feedback is some improvements, consider those. Price though usually will overcome most objections!
Coldwell Banker Prime Properties