A Change In Direction

When you set your asking price, it was with the belief that the home was worth and could ultimately earn that amount. However, if it is several weeks later and there have been no offers, or only a very few and those far under your price point, it could be time to take action.
Discuss with your agent whether or not you should reduce your asking price. Many sellers might feel discouraged at this prospect, but lowering the price to the right amount, at the right time, could work to your advantage.

It indicates to potential buyers that you understand the market conditions and are willing to make compromises when warranted. It also shows that you are truly motivated to sell the property. Both characteristics can be very appealing to buyers and their agents

Once you decide to reduce the price, work with your real estate professional to make the most of the decision. For instance, he can run tailored marketing including ads tagged, "Just Reduced" or "New Price." He can contact all prospective buyers that visited your open houses or toured the home and let them know about the reduction. He can reach out to his professional network and let his colleagues know that, "This terrific home is now available for even less!"

Also, it is important to remember that lowering the price may open your home to a segment of buyers who were previously locked out by the higher threshold.