None of that answers your question.
To your question, once you have made up your mind to lower the price, the first thing you should do is call the folks who are interested and advise them that you are about to lower the price. This might induce them to make an offer before the price is lowered.
This is an excellent question.... and to be honest this is a dilemma that Realtors often face as well. My advice to you is simple. If your property does not draw an offer within the first 2-3 weeks, it most likely is not at the proper price point. Please believe me when I tell you that every single time a property does not sell, it is a matter of price. That's a long blog that I think I will write soon . . .
In todays market, your agent should be monitoring the market WEEKLY is be certain that you are properly positioned. In our market area (Rockland County NY) there are a mere 2-3 offers per month now at any given price point. If my clients are not positioned properly, they will sit there and languish on the market.
My advice, re these 2-3 week visits is this. Have your listing agent contact the agents who showed the property for IMMEDIATE feedback. If no offer is in the wind (and trust me the agent will know) ... then you can feel safe that you are not leaving money on the table. You should be acutely aware of every single property that is in direct competition to yours and that has gone under contract and/or sold during every current week you are on the market. I do this for my clients. It is time consuming, but it is my job, and I would be negligent, especially in this type of market, if I did not provide that info.
Remember that we do not dictate to the market, but rather the market dictates to us.
Pick one day a week (I do Thursdays) and be sure you're up to speed on the market. Your realtor can help you with this ... be sure your price point is right in the sweet spot of where the last property similar to yours sold. Tweak, tweak, tweak. That is how you will be successful. You don't want some other property to be your competition...you want to be theirs. If you are not seeing an offer with all these showings the market (not your realtor) is telling you ... your are high. Tweak tweak tweak!!
Hope that helps . . . at least a little bit.
Assuming you have access to the people that viewed your home recently, this is an excellent reason to be in touch with them....to announce a price reduction.
The fact that you are getting visitors is very encouraging....but with 3 months and no bites, this might be an indication that something is wrong.....a price decrease in likely in order.
Have your agent look a the comps for recently sold homes in your area. They may have changed since you put the home on the market.
Buyers in this market are looking for the DEAL they can't afford to walk away from. Your key is to figure out what this means in terms of your property.
The "Eckler Team"
Is your goal to net the most money at the close of escrow?
The rule of thumb is that homes that sell in the first thirty days on the market sell closest to asking price. To do that you need showings. We expect 10-12 showings or one offer in the first two weeks, or there is a price reduction.
Based on your post, you do not have enough showings. In my MLS homes that sell within 30 days sell at 100.8%m versus 93.8 at 120 Days on Market (and that is AFTER some price reductions.
Here is what to ask your Realtor:
How many homes, since your home hit the market, have:
1. Come on the market
2. Lowered their price
3. Entered escrow
Homes are selling. The Realtors are not on vacation. They are selling the homes that offer the most value. The easiest way to increase value is to lower the price.