All the answers are good, here is a little more food for thought.
If you do not have a 'unique' property which would make exception to what I am saying, I'd say if in the first two weeks you've gone without a showing then talk to your agent and adjust quickly.

Here are some market responses to consider when your home is listed:

1. No showings – No feedback- Probably overpriced
2. One or two showings – “Nice but over priced”
3. “Not bad – better value on a different house”
4. “Made the top 3 – liked floorplan of other house better”
5. Offer

I would give it 3 - 4 weeks. If a property is priced and marketed correctly you should have an offer within the 1st 30 days. It is important to be ahead of the market vs playing catch up with it.

I agree with Ute.. depends on where you priced your home. If you did a complete market survey and priced it agressively then you should be seeing some action.

If you priced it on the high side and no one has shown interest then it might be time to do a thorough evaluation of your market. Homes that are still on the market are possibly over priced and most sold property is old information. Your competition is what has gone into escrow..especially those that sold quickly..

In today's market you have to price your home agressively.. otherwise you may wind up chasing a down market which will cost you more in the long run then if you price it right immediately. Many sellers are afraid to lower the price.. thinking a buyer will make an offer even if the price is high.. but most buyers won't make low ball offers on properties they think are priced too high.. they want the seller to lower the price first..

It's a bit of a Catch 22.. but if your homes is in good condition and priced right it will sell.

If a home does not sell, it's due to either price, product, or pitch. Before you consider a price drop, examine the situation. The product is your home. Does it show well? The pitch is your home....is your Realtor giving you weekly feedback on internet and other marketing? If these two elements are in place, I would look at a price drop every 2-3 weeks. Keep in mind that pricing is critical. If you start out too high, you'll just keep chasing the market. Price appropriately and your home will sell. Good luck!

Hello Donna. I think the answer to your question depends on whether or not your started out with the right price, what the average days on market has been for similar homes in your area and how the property has been marketed.

Typically, the first four weeks on the market are the most important and starting out with a price that's on the high end sabotages your chances at success from the outset. So if you think that your price might be on the high side, I would say call your agent tonight to let him/her know that you would like to discuss a price adjustment. One way of knowing whether you are overpriced is if you have not had a lot of traffic through your house and/or your agent received feedback about the price being too high.

Since we have no information about your agent's marketing plan (Internet presence, open houses held, networking with other agents), it's really impossible to know if a price drop is what needs to be done. Correct pricing is imperative, but it has to go hand in hand with active and effective marketing. I am not suggesting that your agent has not done what he/she was supposed to do, but since you are asking us how long you should wait before you drop the price, I thought you should know that there are no hard and fast rules. My answer is operating on the assumption that the property is marketed properly.
The best of luck to you.