Home buyers have access to all the comps, and follow them closely. They spend weeks and months looking at every new listing in their range, and they know the market better than anyone – because they’re the ones making it.
Sellers can judge their chances of selling by the number of people coming by, and number of offers.
If you get a great offer in the first few days, you nailed it on price. If you are getting lookers, but no offers, you’re about 5% to 10% wrong on price. If no one is looking, you’re at least 10% wrong on price.
Lower the price early and often to keep urgency high, and you’ll find what the market will bear: