As previously stated the issue of pricing remains one of the key elements in successfully getting your house sold. Sellers and in many cases REALTORS® are failing to acknowledge this which is why we have such a high ratio of "expired" versus sold listings.
Unfortunately and despite the effort some of us put into it, pricing a property is not a pure science. Comparable sales analysis is the best methodology out there for pricing a property but for some homes and or parcels of land there are no comparables. Increasingly, I find it helpful to have a seller(s) look at their homes through the eyes of a buyer(s). Buyer's certainly expect a property to meet certain conditions in terms of appearance. It is up to date, nicely decorated, well maintained, free of clutter etc. etc. but it also goes much beyond that. At specific price points, certain other expectations emerge that help to establish a home's value. At $350,000+ a home better have a nice master bedroom with an ensuite bath. When you start getting up in the $500,000+ range, today's buyers are expecting finishes commensurate with that price such as granite or other such material for the counters, upgraded trim, better than average bathroom fixtures and kitchen cabinets etc. Many homes in our market are over-priced from the standpoint the features and finishes don't live up to the expectations of the buyer(s). For example, a home listed in the $800,000, $900,000 range that has laminate floors versus real hardwood, Arborite counters not granite, hollow core "800 series" doors and other such finishes typical of a mass produced, tract subdivision home is never going to attract a buyer willing to pay that price. Despite a detailed comparable market analysis or other mathematical gyrations, a property is ultimately worth what a willing buyer is prepared to pay and if a buyer(s) sees a lot of cost ripping out what they perceive are inferior finishes, they will never pay an inflated price.
Looking at your home through a potential buyer's eyes is something your listing REALTOR® should help you with. One other key point to consider is this. When you finally get an offer on your home at a price you turn down, essentially what you are doing is buying your own home for that price. At that very moment, looking at your home through a buyer's eyes is critical as you need to ask yourself, would I pay that for this home? Why? Because that is exactly what you are doing when you turn down that offer.