This was a great article written in the following blog: http://www.realestateabc.com/homeselling/toohigh.htm#But%20which%20Realtor%20do%20you%20choose?
Here are a few excerpts…The full article (link above) is worth a read:
…Amazingly, a couple of the Realtors have come up with prices that are lower than you expected. Although they back up their recommendations with recent sales data of similar homes, you remain convinced your house is worth more.
When you interview the third agent’s figures, they are much more in line with your own anticipated value, or maybe even higher. Suddenly, you are a happy and excited home seller, already counting the money….
The moral of the story is that pricing the home right at the beginning will get your home sold faster and this means you will be paying less in the long run. Less monthly payments on that home…Less condo/HOA fees for the additional months it is on the market…Less time waiting on the home you want to purchase because your home hasn’t sold…and you may even take home MORE money because the longer time a home is on the market, the lower a buyer is willing to pay. Had you priced it right up front you would have sold faster and for a higher price.