When should I dop the price of my home?
Price changes are strongly based on many factors such as comps, time of year, average sale time for your area, showings, and offers. Make sure your agent sends you comps so you can see what other homes in your area are selling for, if you try to list your house much higher than the comps chances are it's not going to appraise so be sure you're choosing a fair list price.
Another great way to know if your house has been on the market for a fair amount of time and you're not getting any showings, that should be a good idea that you're listed too high. Also, if you're getting showings, but aren't seeing any offers you will want to get feedback on all showings from your agent so you can find out if your house needs staging or if it's listed too high.
In real estate there are times in the market that are better than other times. Spring is the best time of year to list your home, it's when the market really starts booming and it goes down slightly into summer. The market really starts to slow down when school is starting and towards the holidays, so if you're trying to get top dollar your home and a quick sale shoot for spring.
Also, if you live in a smaller town it generally takes homes longer than sell than a property in the middle of a large city, so this could also be a factor of why your house is still on the market. If you live in a small town there aren't as many people looking so it takes longer, be patient. If a significant amount of time has passed and you're still on the market with no offers, you may want to think about lowering the price.
Be sure when you are listing your property that when you're going over comps you look at the average days on market, if you've been on the market longer than that you should consider a price drop.
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