How do your fingernails look? If your house is on the market, they're likely bitten back a bit. But if your house has been on the market awhile without gathering bids, no one can blame you for chewing through a pack of press-ons a day. Simply, a house without interest is extremely stressful.
A fresh listing reaches the most potential buyers, and the highest rate of walk-throughs occur during a listing's first two weeks. After that, whether you're actually overpriced or not, you start to look stale. Buyers start to wonder what's wrong, and any bid you get is likely to be low.
That said, there's no hard-and-fast rule for when to reduce your asking price (and by how much). Instead, it's the stuff of Web site forums and real estate blogs, with most questions posted late at night by sellers who have already bitten their fingernails to the quick.
Basically, you should be worried if your house has been on the market longer than the average Days on Market (DOM) for houses similar to yours in your neighborhood (check redfin.com or another reputable site for DOM).
Then, if you're over the average DOM for your neighborhood, check out the next page for some tips.