When a home is on the market we sometimes get feedback from buyers who tour the home. It is their Realtor who sends it to us and these days there is a theme in the feedback. Almost every showing includes the feedback: "over priced", "way over priced" or "priced too high".
I have had two of these "over priced" homes sell for amounts close to the asking price shortly after they were put on the market. There are homes on the market that are over priced. . but not all homes. The trick is knowing which ones are over priced and which ones are bargains.
If you are working with a Realtor have them do a price analysis. We can figure out how much a home is worth with some accuracy. If you think it is over priced it might just be because you don't want to spend that much money for that particular home.
This isn't easy for sellers. If the feedback says the home is overpriced that might not mean much because if you are getting feedback that means you are getting showings. If buyers are looking at it that is a sign that it isn't terribly over priced. One sure sign of a problem is when there are no showings. Pricing is the number one reason for lack of buyer interest. There is more to it than that. It is more of a perceived value which is why a home that is staged and is marketed with plenty of high quality photos may get more showings than a comparable home that is messy and has marginal photos.
If you can't lower the price take it off the market. It will be worth your asking price one day. If you need to move now either rent it out or drop the price. Trust me, it won't sell and even if someone writes an offer on it if they need a mortgage the home will be appraised. I have seen several cases this year where homes appraised for less than the amount a buyer offered to pay but never an appraisal for more than the amount offered. If the appraiser doesn't think the home is worth what the buyer and seller have agreed to there won't be a loan and in most cases the sale is canceled.
Most sellers think their home is worth more than it is worth and most buyers think homes are worth less than they are worth. It makes my job interesting.