So many factors, so many strategies. Just remember overpricing shoould not be one of them!

Neither. 

I complete a CMA using the most accurate sales data of comparable properties within two or three miles of the subject. I sometimes make adjustments to any comparables as needed. This is the science to getting a well priced listing. 

Now the hard part. I go over several charts that show how overpriced homes take longer to sell, help sell other well priced listings and can end up netting the seller less after adding up carrying costs and other costs associated with time on the market. Next I go over the CMA ... comp by comp using each FULL MLS sheet. I explain adjustments and show photos of the comparable when needed. 

Finally, I show the customer the summary sheet from the CMA that shows, days on market, average price per square foot and suggested high, medium and low sales price. I have a Net Sheet that shows all three prices and ask the seller where they would like to start. 

I expect pushback from the seller and handle all objections using the facts and challenge the customer on why they "feel" their home is worth  more. 

This my friend, is the ART of getting a listing that most agents, well, just are not very good and doing. 

The end result is one of the following:

70% of the time I take the listing in my suggest price range.

20% I take the lising at the seller suggested price that is above my price range with an agreement reduce the price in 30 or 60 days.

10% I decline the lising or the sellers chooses another broker. 

***It is important to know that I approach every listing appointment completely OK with either of these outcomes.

Realistic pricing works in any market.

I agree with Roy Kelley - 

Price it at market value or a little below to attract multiple offers and let the market decide. If you go too high you miss the profile Buyers search window!

If they want it to sell, it has to be priced right around whatever the current market dictates.

 at market value

Most clients ask me for my opinion on this, no point in wasting time with the wrong price.

Great question and asnwers. Good luck. 

Good answers are here. I hope you find the best one. 

Richard L. McKinney P.A. is spot on with his answer!  It also really depends on the house.  Most of my listings are rehabs that are of a far better quality than what is available, so we usually set new record highs for the tract or model.

I price right at or ever-so-slightly below market comps.

Market value.

Dino,

What Wayne Martin said.

Based on analysis of customer goal, property and competition.... totally individualized.

    Our Tallahassee market is not that hot.  Taking an overpriced listing is a waste of time, and will only lead to frustration.  Price it at or below market.

There can be only one strategy: Price it right.

 then I go get a profile photo 

Who is the potential buyer that you are hoping to attract and what does the Absorbtion Rate look like in that Price Point are a couple of Fine Tuning moves .

Wayne Martin nailed this one!

I present a CMA and discuss with the seller. They sign off on the CMA before we proceed. 

I price at market value. No value in taking an overpriced listing.

Fair market value, and let the frenzied buyers bid it up.

Here in the land of multiple offers we aim for market price or just below. Overpricing is still a big mistake. Substantial underpricing yields too many offers, many of which are a waste of time but still must be reviewed and discussed with the seller.

List at about 1% below market value Dipti Thakkar.

Never above is possible

I present a value range and let the seller select after we talk about how the subject compares and the seller's motivation.

Dipti, it is very helpful to use or present current market value.

I price at what I think is market value, not a dollar more. Put the listing in the MLS announcing an open house on Saturday and Sunday. Normally have multiple offers by Monday.

Can't listen to seller; best to price slightly below to get more attention.

Market value - unless the sellers want to go just above and will sign an agreement to reduce the price in 7-14 days. 

I've had sellers request to list just below market value for a quick sale. It really depends upon the sellers' wishes though.

The pricing strategy must align with the goals of the seller.

Based on their confirmed goals and motivation, I then decide if this is business I want. Trying to fit all sellers into the same size suit doesn't work well and looks even worse.

The right price is my mantra.

Price a tad below market and have your phone handy...

Price to sell for the most money in the shortest amount of time.

It depends on the particular listing.