First of all, have a meeting with your listing agent and talk about potential buyers reactions and level of interest. Obviously, if you already arrived to the conclusion that the house is priced too high, that means it is and the only thing you can expect from now on is a low ball offer or avoidance. However, you need to send a strong signal to the buyers that you do intend to sell your home and you are willing to negotiate.
1. Officially lower the price, announcing it in MLS and all the marketing outlets.
2. Have your agent contact the potential buyers and their agents and allow him/her to confidentially communicate that you will accept a lower than listing price.
3. After testing the market with the newly lowered price, you will have an idea if a set offer date is appropriate and may be in the position to set a deadline.
4. Be realistic!
Alina Aeby-Broker Associate
Pacific Union International