Days on Market vs. % of Asking Price

Home sellers sometimes want to "test" the market by listing their property at a higher price, and then reducing it later. Unfortunately, as recently noted by Larry Flick, President and CEO of Prudential Fox & Roach Realtors, this is a "test that fails".  In fact, the data above (taken from TREND MLS) tell the true story: homes priced at or near their true market value sell quickly and close to full listing price.  Homes that are priced above the competitive market value languish on the market, and ultimately sell for significantly less.