How long before lowering price?

[Nikki Taylor]

My partner and I recently completed our first rehab in South Philly (woohoo!) It's been on the market since mid-July, and it's priced in the range of nearby comps, though perhaps on the slightly higher side.

We've had a couple open houses and some interest, though not as much as we'd hope to see at this point. Our agent is thinking of lowering the price (from $300k to $289k) to generate a little more interest. 

In general, especially for agents out there, how long would you leave the house on the market before lowering the price? And by what percentage?