The question is, when is the best time to ask for a price reduction?

It turns out the best possible time to ask for a price reduction is when you receive an offer and the seller counters back at less than asking price. This tactic puts additional pressure on the buyers to accept the seller’s counteroffer, because they know the new price will probably attract other buyers.

This is an especially helpful strategy if the offer came in lower than they expected. While the sellers may be disappointed, the price change will generate new interest in the property. To generate even more interest, take new photos and repost them with the price reduction on the web and the MLS.