Unless the property is a short sale or a foreclosure a good "rule of thumb" for reducing the listing price is two week on the market with no showings or with 10 showings and no offers. Also, unless built in price reductions were part of your Listing Agreement it is unusual to reduce the price on a property so early. However, our market is unusual. Have you ask your Realtor why he or she felt a price reduction was necessary?
Karen Nicolls, Realtor, CDPE
Keller Williams Realty of Manatee