Whichever the case, if you start out with too high a price on your home, you may have just added to your stress level, and selling a home is stressful enough. There will be a lot of “behind the scenes” action taking place that you don’t know about.
Contrary to popular opinion, the listing agent does not usually attempt to sell your home to a homebuyer. That isn’t very efficient. Listing agents market and promote your home to the hordes of other local agents who do work with homebuyers, dramatically increasing your personal sales force. During the first couple of weeks your home should be a flurry of activity with buyer’s agents coming to preview your home so they can sell it to their clients. If the price is right.
If you and your real estate agent have over-priced your home, it’s highly likely that fewer real estate agents will preview your home, or show it to their clients. After all, they are real estate agents, and it is their job to know the local market conditions and real estate values. If your house is priced dramatically above the rest of market, why should they waste their time? Their time is better spent previewing homes that are priced realistically.