I’m late on catching up on comments but being in the real estate industry myself I can tell you that 90% of the time it’s because the sellers are pricing the home too high because property values and appraisals won’t back that high price up. And although with some loans banks will allow you to pay what you want for a home (if it’s higher than the appraisal) most loans won’t allow you that. Think of it like a car loan most banks won’t lend you $25,000 for a car whose MSRP is $19,000. Katie and Cullen are very much upside with their home and wanting to price it to a point where they’re able to make some money on it but unfortunately that’s not going to happen. At this point they’ll be lucky to make an even break.
Another likely reason is because people have come and viewed the home and noticed it’s just not worth the price they’re asking. This can include needing things to be done such as repainting or new hardware and fixtures throughout and with a home that size it can get costly. I’m not saying this is the case but the fact that he sat on a video and said he had to sell an iMac just to feed the family tells me they didn’t want to do any of that at the time and because of that they kept trying to see who’d bite and buy the house by lowering the price every couple of weeks little by little.