For most people, the sale of their property is one of the largest financial transactions they will ever enter into. Proper pricing is absolutely essential to attract the greatest number of potential buyers and increase the possibility of a quick sale and a multiple offer situation.
Many owners I encounter are under the impression that if they list their property high initially and reduce gradually, they are more likely to sell for the highest amount possible. However, I strongly advise against such a strategy.
If the property is overpriced, the listing experiences little activity and is likely to sit on the market for a long time. No matter how hard an agent promotes the listing, feedback from the few viewings that do happen will often be negative; a potential buyer has an expectation for a better apartment at such an unrealistic price point. By the time the listing is reduced into a more accurate range for qualified buyers, it has been on the market for too long and the buyer assumes there is something wrong with the property, or tries a low-ball offer.