Many thanks to Susan Pruden of Century 21 Home Center for this great nugget of wisdom.  It is so true and yet almost universally ignored.

A wise realtor once told me that if you’re not getting offers, and not enough people are showing up at your listing, then the good news is you have two options: 1) Lower the Price, or 2) Lower the Price. But at least you have options!

And furthermore, make sure your sellers (and you) know that when they choose the asking price, they’re not choosing how much they’re going to get. Their choosing how long they’re going to wait to get what they’re going to get anyway.

You really don’t have to keep your home on the market for an extended period of time.  If you want to sell your home, be realistic.  If you really don’t need to sell your home right now, then keep it off the market.  There are way too many homes, including foreclosures and short sales, that will distract financially qualified buyers from looking at your home if it is priced too high.