Pricing your home correctly is the most important part in obtaining a buyer. Think about this...when searching online for a home, people look at pictures first, price second. Once a potential buyer (or realtor) sees your home, and decides that it is overpriced, they probably won't notice a later change in price. They will scroll thru the listing, see the picture, and mentally determine that they looked at it before and it was priced too high.
If your home is priced too high initially, you will find yourself chasing the market. The initial price becomes associated with that picture of your home, and you may have to drop your price dramatically just to get attention. Pricing it right in the beginning is what results in a quick sale...hoping for the best, and dropping the price later is not a good plan, and will inevitably cost you money.
Well priced homes are selling...over priced homes are only helping the other guy. If you simply can't price your home "in the market," then you need to wait for the market to improve, or attempt a short sale.
What is your property worth? What you paid for your home doesn't affect its value! The amount of cash you need from the sale of your home doesn't affect its value! What you want for your home doesn't affect its value! What another real estate agent says your home is worth doesn't affect its value! What an appraiser says your home is worth doesn't affect its value! The price that your neighbor received for his/her property doesn't affect its value. What well meaning friends and family members think your home is worth doesn't affect its value.
The value of your home is determined by what a BUYER is willing to pay in TODAY'S MARKET, based on COMPARING your home to others currently on the market for sale.
Buyers always determine value!