It sounds like it could be a bunch of things. Normally if you are not selling, you have not struck the correct price. If your seller is resistant to lowering the price, then you may need to look at other factors. Is it staged? Is it clean? Is it upgraded? How easy is it to view? Are you holding open houses on occasion?
Can you query any pending sales that are comparable? Usually agents will tell me if they received asking price or maybe 5 percent below, 5 percent over, that kind of thing. The best way to know what someone is spending to buy a similar property is to get pending data. Because in this market, when something has already closed escrow, it is three to six weeks "old news" and even older for short sale closes. In a declining market, it is critical to educate the seller on pending vs. closed sale information if you can gather it.
Another thing I like to do, although it is not purely "rational" is to get with the seller and get a feeling about their resistance to selling. Are they open to selling for the market price? Or are they stuck on "i must get X price or I won't sell." Work on a mindshift into being open to whatever the buyer will pay right now. The true market price. What the market will bear. Not what someone else paid in October, but what someone will write an offer for right now. That's the market value.
I respect agents who reduce prices frequently although I personally like to aggressively price so that when the agents show homes my listings appear like the very best price per home among comparable homes. Does yours have a higher HOA than comparable homes? Then you need to price lower to get the same level of approved buyer (if that makes sense). HOA will play into qualification level, and lenders are more careful about that than in previous years.
So, look at everything from our very conservative buyer population's point of view.
And market the heck out of the schools! Kindergarten packets are out NOW and were allowed to be turned in Feb. 2. There is not time to waste if you want your child to get into a good school.
Education Expert/Santa Clara County resident since 1966