Obviously when homes don't sell the market feels they are overpriced or there is a problem with them. In Easttown Township homes over $1 million have been slow to sell, builders are offering very good deals on spec homes they have for sale. With the move of the Episcopal Academy to their new location on 252 there was a belief that there would be buyers for these homes, that has not materialized for several reasons. mortgage products for jumbo loans have been hard to obtain this year, although that has eased somewhat inthe past few months. Buyers who work in Philadelphia want to be closer to the city thus sales in lower Merion have not dropped off as significantly as those further out.
Obviously a buyer can always make an offer and depending on the circumstances. There are currently 5 houses for sale, these have been on the market for 322, 142, 96, 77 and 28 days respectively, all but one are priced in the $900's, one is more and one home settled in the last year for $967,000 with some minor seller concession in the MLS.
Sellers can be tied to what they paid and what they need to get out of the home when it sells. But as I have said above buyers can make offers then it is a matter of buyer and seller reaching a pont that works for everyone.