How much is my house really worth? Tough question. And it's always a tough question. In a seller's market, you usually know if you have overpriced your house within 10 days. In a buyer's market, it might take up to 30 days to know that you are overpriced. How do you know? Are real estate professionals showing your home? If you have not had at least 10 showings in 30 days, you are at least 10% over the market price as agents look at the market. If you've had 20 showings but no offers, you're at least 5% above market as buyers see it. If you've had an offer but it fell apart, you're at least 3% off on the price.
Nobody understands how good your house is? Don't kid yourself. Agents and buyers know how your house compares to the others they have seen and/or sold. If you are told that there are too few bedrooms, that is a price objection. If you are told that the buyer prefers hardwood floors, that is a price objection. If you are getting any type of negative feedback, your home is overpriced. Real estate that is priced correctly gets good feedback.
How often should you change your price? Prices should change every 30 days at a minimum. In 30 days, everyone in that price range has seen and rejected your home and you're now waiting for the "needle in the hay stack" to appear. It won't happen. Call your agent. Change the price!!!!