I'm not ready to drop the price....

I ran into someone at the park yesterday.  We knew each other's dogs, but not really each other. She told me that her house was on the market. The house has been on the market for over 3 weeks with NO showings. The interesting thing was she said "I HAVE TO SELL" and in the same breath, she said "I AM NOT READY TO DROP THE PRICE".  I steered the conversation to another topic, since I was not allowed to talk to another agent's client about a listing, and I make it a point to be a highly ethical agent.  But the statement reverberated in my mind: "I HAVE TO SELL BUT AM NOT READY TO DROP THE PRICE".  In a rising market like the one we enjoyed for 20 years, that strategy would ultimately work: if you wait long enough, the market will ultimately catch up to the price.  But with a flat or declining market, it means that the house is doomed from the start!  If the price is too high (as evidenced with NO showings), then you can wait until the cows come home - the house will only become stale, and the flat or declining market will never close the gap.   I bit my tongue and mentally wished that realtor good luck...