[H]igher initial overpricing reduces the probability that the property will sell.
Starting high and negotiating down is a poor strategy because you might not sell the property at all. Also, there’s this:
[O]verpricing and extending marketing time, perhaps by rejecting a viable offer, are costly strategies that can contribute to marketing failure.
The lessons: (1) Don’t overprice. (2) If you get a good offer, take it.