There are so many things that go into pricing a property. Location and condition are two things that a Realtor always has to take in consideration plus the absorption rate. The absorption rate determines weather it's a seller or buyers market. Every time I hear "lets throw it out there and see if we can get the $20,000 more than its worth," I just shake my head.
No one is perfect at pricing every time.
If the home is priced correctly in the beginning, then you can expect to sell within the first 2 to 3 weeks. No offers means the market has rejected the home at the initial price.
Due to the time sensitive nature of real estate, and understanding an extended time on the market will be expensive, I recommend you have a pricing plan in place at the time of listing.
Most real estate agents will tell sellers a price the seller wants to hear, just to get a listing, and when the home does not sell, they begin calling and asking for a price reduction. Once the price is reduced these agents will advertise price reduced on yard signs and in print. This automatically degrades thehome and invites low offers.
My advice is to price at what you believe to be fair initially, and if the home does not sell, choose 2 dates in the future to make price adjustments. These dates will depend upon time of year, and other market factors.