Getting good traffic and getting offers are two different things. It sounds like he isn't getting offers yet so your suggestion to wait for multiple offers and get highest and best is valid. 

Good traffic is one thing but no offers is another. Wait and see what the buyers want to offer and hopefully there will be multiple offers! I wouldn't raise the price just because you have good showings.

Good traffic without offers is not a good sign. I would not change the price.

I've done this successfully several times.  It depends on the property.

If your market is like mine, you're getting good showings because inventory is low - raising the price STILL won't bring in an Offer!  If it was underpriced, you'd have multiple Offers by now!

Sound like everyone agrees with you, let the market raise the price, not the seller. If they insist, your hands are tied. 

You have already given them good advice, now remind them of the failure that often results from too greedy sellers.

And let the market raise the price.

In my area (L.A.), you do not withdraw the listing, you simply sign a price modification form and change the price in MLS. 

I would not be able to give advice on your situation since I do not know your comps. Listing a little bit lower does often produce a lot of buyers attention , many offers and a much higher final price. But sometimes you have a lot of traffic and no offers( happens often now when inventory is low)

Provide the market information so your seller will make a good decision.

"That trick never works Bullwinkle " - Rocky J.

Anonymous

Good traffic = good marketing.
Good traffic - no offers = overpriced
Good traffic + no offers + raising price =
bad idea

Run, Forrest, Run

Unless they make improvments that adds appraisal then no.

I have had that discussion before and a few times I did raise it

Debbie Reynolds has the perfect response.

I would suggest that they hire an non anonymous agent the chances of their property being seen will be greatly improved by this move alone LOL

So there haven't been any offers? That says something right there. I would have a heart to heart with your seller and hopefully the seller will keep the price where it is. 

If it hasn't sold, it is price.

Debe has a good answer.

You work for your client. I say go for it. The market is appreciating weekly. However, the fact that there are no offers make me think, the house is not priced correctly.

If you aren't getting offers with all the good traffic something is lacking. I would work on that first.

Will make other agents think the listing agent is not a pro.

Traffic and no offers = price might be too high to begin with!

Not without a reason.  Always give 'em a reason. 

I would not let that happen.... the seller needs to clearly understand the damage that would do...

That is a good time to have a "cause & effect" meeting & review the mission.

I will advise the sellers and allow them to do what they insist upon.

Debbie Reynolds and Dorie Dillard have your answers.  Personally I agree offers don't always follow showings such as the case here.  Yes, some have raised the price but it's not a good strategy.  

Properties priced correctly with traffic garner the best offers and sellers net the best price.  Lots of traffic and no offers...listen to the silence.

It would be a complete waste of time to withdraw and re-list with such a Strong market now. I would go into detail showing the seller the comps that prove the price. When done up front, sellers do not have second thoughts on list price. 

Adding square footage or doing major upgrades might justify raising the price, not good traffic. Showings mean it's well-priced and you are doing a good job marketing. I think you are right to let buyers bid up the price. 

Why do you think this strategy will work?

I would follow the advice you've already given.

When last, dear seller, did you buy something that was clearly marked up?

This change will be visible to all.

Be aware, the seller hired a professional. So did the buyer.

When either ignores the guidance of the professional they hired, they do not benefit.

increase the price if the market demands it

Why withdraw and relist? Just raise the price... who knows maybe you'll lose traffic and they'll figure it out. Traffic does not equal offers, by the way. 

Susan Emo nailed this one!

And there is nothing wrong with it! It may work!

It depends on the property.

What Debbie Reynolds & Dorie Dillard said.  If it is getting good traffic but no offers that is a sure sign that raising the price is not needed.   If it was priced too low you'd have a bunch of offers already and there would be a bid war so it would move up to market value anyway (that's how it would work in my market anyway). -Kasey

The buyers are more sophisticated. They offer a price and make it expire same day so you have no time to play your game.