But what does a price reduction cost you? Goodwill, credibility, and possibly the listing--not to mention your time and money.
You're already using your best advertising vehicle--the MLS.
You can't change the location. You don't want to change the price. So what can you change? What should have been optimized before the property hit the market? The condition!
Home staging sells homes!
And it's far cheaper than your first price reduction.