selling -- price it high and lower it over time, or price it low and stand firm?

[Alex D.]

Hi. I am new at real estate investing and new to BP. I'm looking to sell a SFH in Pittsburgh, PA, that I have held for 5 years.

My question is about setting the asking price for the listing.

Should I set a high asking price and reduce it gradually until I get an offer (or offers), or should I price it right around where I think it should sell for and stand firm?

My assumption is that retail buyers are more informed these days with all the resources available to them, so I feel that they would be unlikely to overpay. Of course, I have no evidence to support this yet. I am looking for advice from the forum. Would I simply be wasting time by listing too high?