Observe "testing the market" Properties
It's all about timing!
Most real estate agents have the training, MLS data access and property comparison information to price a property correctly. However, a seller thinks their property might sell for more than the agent recommends. The seller wants to “test” the market. Unfortunately, the agent reluctantly gives in to the seller’s curiosity because they don't want the seller to also "try" a competing real estate agent that will initially take the listing at the "try it" price.
Taking the listing at the sellers "try it" price may secure the listing but only to the detriment of the agent’s initial marketing effort and ultimately, the seller's best financial interest.
If a new listing has been active for more than 7 days without an offer, especially in this fast paced market, an experienced listing agent will suggest a downward price adjustment to the seller.
If a buyer makes their offer before the price drop - they probably won't be dealing with competing offers and their offer price could be acceptable to the seller, even if it's lower that the original asking price.