The most important factor to a profitable, and timely sale is to price your home correctly from the start. The way to nail the right price is to have your agent do a Comparative Market Analysis (CMA). These are ALWAYS done at no charge, so just ignore the idiotic advertising that boast that the CMA is free! Ugh.
If you are selling your home currently, and things are taking a long time, read on for some advice. If your house has been sitting on the market for over  month with no offers, your asking price may very well be to blame. Here are four tell-tale signs that it's time to reduce the listing price.
1. No one is coming to look anymore.
There have been few showings beyond the third week of being on the market. Typically, there is flurry of early activity within the first 3 weeks of a new listing. This is when the buyers who are actively looking in the area will come to see the new listing. Beyond 3 weeks, showings usually taper off and only the new buyers in the area will book appointments. 
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2.You've had plenty of showings but no offers. What could be the problem? 
Decor and color choices can certainly deter potential buyers. But if your home is tastefully decorated and updated, it's more likely that your price needs to come down. Based on my experience, I would suggest that if you've had 10 showings without an offer, your home is probably overpriced. Further, I have seen instances where my trusted home stager will come in and transform the show quality of a home in less than an afternoon, and the home then sells in no time.
3. The Buyers Feedback is not Positive.
You've had plenty of showings, but prospective buyers make the same negative comments about your home time and again. I am transparent with my sellers: if there is negative feedback from buyers, my sellers will hear it. While some of the comments may be difficult to hear, a little constructive criticism may help you sell your home in the long run. Remember, there's no room for hurt feelings in home-selling, and knowing the obstacles is the first step to addressing them.
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4. You have the highest priced home on the block.
Let's say comparable homes in your area are priced much lower than yours. If the homes are all essentially the same, there is a problem. If your house is the most expensive three-bedroom, two-bath, 10-year old home in your area, it's probably going to be the last one to sell. Further, it is foolish to think that buyers will compare a semi detached home to a detached home, or a town home to a semi detached. These are different types of homes, and the buyers see their values differently.
It's important to get regular updates on home prices in your area and be informed of all the selling prices of homes similar in size and age to yours. Also, your realtor should be notifying you when comparable homes drop their prices. This will help you decide if it's time for you to drop you price, as well. 
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So, after picking up on some of these warning signs, you finally give in and drop your price. But you still haven't received an offer. What's the problem? Sadly, you probably haven't reduced your price enough. I would suggest that if you're going to lower your price, don't do it in small increments. After all, there's really no difference between $225,000 and $224,900. Buyers won't fall for that. If you're going to reduce your price, you'll have to lower it by at least $5,000 for buyers to take any notice.
The key in all of this, is to price your home correctly from the start, and avoid a long and arduous process. 
Hope this helps! Call me if you would like to discuss my pricing and marketing strategies.