Be aware, only a willing buyer and a willing seller will reach an agreement on the purchase and sell of a home. My impression is you have experience in the real estate business and understand your margins as well as strategic value.
You may be well advised to review with your agent at least three strategies to get this house sold. If all that is offered ONLY involves lowering the price, you are then in a difficult position.
At this point you will need to rely on YOUR negotiation skills and your apparent understanding of your local market. If your home is indeed 'The Prom Queen' of all the comparable real estate, you can make that work to your advantage. Employ denial strategies to get all those buyer in the house TOGETHER! You'll know what to do from there. (Read Ron's paragraph 3)
Best of success in achieving your selling objective.
The key is often, playing some feature(s) that draws attention to your property: location, lot size, proximity to amenities, updates, etc. Making these features the cornerstone for your promotion may make a difference.
Many people overlook key factors that are taken for granted and miss out on the opportunity of drawing potential buyers to the listing. Think outside of the box.
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called â€œchasing the curveâ€) and Buyers will be asking the question; â€œWhatâ€™s wrong with that house?â€ and â€œWhy has it been on the Market so long?â€
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; â€œArenâ€™t you obligated to sell at this price if someone offers it?â€ The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
Reducing the price to a "market price" is never a bad thing. Letting it sit for a long time hoping that someone will meet the inflated price is a bad thing. So my advice is to adjust the price based upon recently sold properties. Looking at the current inventory of comparable homes will also help you adjust the price to the right range.
Have your agent provide recent ( 30 days or less if possible) comparable sold property information. Then price your home as simialr homes that have sold (not the active listings). The active listings are your competition. If you offer the best overall value buyers will start to make offers. The bigest mistake most sellers make is overpricing their home for their market. You need to be listing that sets the pace for others and your home will sell. Most real estate markets are still declining so, the sooner you price your home right, the more money it will potentially sell for.
All the best,