Sellers: Price to Your Market
Certainly, they are more common because sellers have more difficulty setting reasonable prices, especially when prices change frequently.
With buyers ignoring properties they believe are overpriced, it is especially important for sellers to quickly correct noncompetitive pricing, according to Hymer.
Sellers should be prepared to lower their price more than once if they are out of sync with the market. The best measure is the sale prices of comparably priced properties that closed after the house was put on the market.