As a seller, please do not be afraid to price your property accurately. In some states Realtors are taking and entering listings into the Multiple Listing Service (MLS) with a high and low price such as $599,000 to $699,000. A One Hundred Thousand Dollar ($100,000.) price swing simply does not make any sense and is frightening to witness. In this market or in any market what buyer in their right mind is going to pay the high price? If a Realtor cannot properly appraise the value of a property, why would a seller consider doing business with that Realtor? Where is this Realtor's manager, and if there is so little oversight that they cannot or will not set a value, then why would you place your most valuable asset in their care? Why would the National Association of Realtors (NAR) allow such a self-destructive practice under their leadership? My point is that if these so called professionals are so wishy washy about price then you as a seller with complete familiarity with the property should have the fortitude to set a realistic price.
A common pricing mistake sellers do make is known as "Testing the Market." This poor practice has actually been performed by sellers and enabled by agents over the years for several reasons. It has traditionally been easy for a seller to persuade a realtor to take an overpriced listing. It is easy for the seller because the realtor is the one spending effort and money to move an overpriced property. The seller will come down to reasonable price after the seller has been satisfied that "they are not leaving anything on the table." And the seller will still keep the listing with that same realtor when they lower the price of the property. After all, the seller has everything to gain and nothing to lose.
What has just happened in this common scenario? If this "Testing of the Market" by adding fluff to the price sounds familiar to you, then I have just made my point. You (the seller) have just set the price. You always have! The seller sets the price by pushing it up higher and the realtor agrees and lets the seller do it.