There are several great articles on the web concerning home pricing. The one I read this morning from Zillow has a lot of solid thoughts on the subject.
One thing that isn't talked about enough is showings. Experienced agents know that showings are the real indicator of whether your market price is fair value. Buyers will pounce on homes that are priced right. Bottom line, in every market, whether a $50K home or a million, a home that is priced right for it's market will generally see 12 - 15 showings in a month. There is truly a magic pricing point where buyers will find you. OBTW, looking for unique buyers for your unique property is pretty much over for now.
Sellers ask all the time: "Why don't buyers just send me a lower offer if they think I'm priced too high?" It's an understandable question. The answer is, they haven't found you, yet. Agents set up searches for themselves and for their buyers. If a buyer tells their agent: "Look up to $700,000," and you are priced at $700,001, you are essentially invisible. In practice, many agents search over their buyer's upper limit, but it's not necessarily a common practice. Take this a step further and ask any active home buyer you know, "What price range are you looking in?", and it will generally be a round number, like $750K or $700K, rounded by $25,000 increments.
You need showings in order to sell. Are you invisible?
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