Because of the change in real estate market conditions, more sellers are competing for fewer buyers. So once again, it seemed important to challenge a long-standing "myth" of real estate. It is believed that the initial listing price isn't that important because the price can always be adjusted down later. This is a myth, and not true.
If most buyers first viewed your house because of a newspaper ad, a magazine, the internet, brochures, or the sign in your front yard, the initial listing price probably would not make a difference. The house would always be "new" to those seeing it. However, most buyers do NOT come to your house because of various types of advertising. That is another myth.
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Sure, buyers call on an ad, they often LOOK at that house, but not always. Once they talk to an agent, they may discover it isn't what they need. They are, however, talking to an agent. That agent knows the current inventory and will know of other property that DOES fit their needs.
Those are the properties that buyers look at, and THIS is how most buyers end up looking at your house, too. Because of other agents, not because of your ad. It is very rare that anyone buys the house in the ad.
As a result, you need to get other agents interested in your property, and this is where your listing agent comes in...and why a good listing agent is extremely important. The listing agent gets buyer's agents looking at your home.
The most important factor in selling a house is still the list price. If your house is overpriced, agents are going to show similar homes that are priced more attractively. Your listing will get passed over. Agents pay MOST attention to homes newly on the market. There are fewer NEW listings than current listings. It is easier to keep an eye out for what is NEW, compared to the vast number of current listings. New listings are on the "hot" sheet circulated in real estate offices. The MLS computer identifies new listings. Your listing agent may hire a service to distribute fliers to all the buyer's agents. There are office previews and MLS tours to showcase new listings. A lot of attention is focused on what is NEW.
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With agent's looking at newly listed homes so aggressively, a properly priced home gets attention. An overpriced home gets passed over. You may be thinking, "But I'm willing to negotiate!" Buyers aren't thinking in advance about how much you are willing to negotiate. They are comparing your asking price to other asking prices.
Agents know this stuff, but many sellers still mistakenly believe they should "price it high" because they can lower the price later, if necessary. That is not the best strategy. Get a good agent and get great advice. Start smart and get sold. The agent is going to know the market, know all the comparisons, and will know exactly what price is going to be the most attractive selling point for your house.
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