Over pricing a home in Rochester, NY can be very costly.
You will lose the excitement that a new listing generates. Realtors are working with buyers who have seen what is currently on the market in Monroe, Ontario, and Wayne County and are waiting for something new to be listed. Therefore, the most activity will take place in the first 21 to 30 days of a listing. Your home will probably receive it's highest best offers during this time period. After that initial period, the only people to look at your home will be new buyers in the marketplace.
You will lose the most qualified prospects!
Buyers will not just "make an offer" because they probably will never see your property. They will view the properties that are priced within their purchase power range, knowing that they cannot afford anything above their price range. Also, buyers are often afraid of offending you with what they think the house is worth.
Over pricing helps sell other more competitively purchased homes first. Your home may be used to demonstrate the good value of other properties. Your objective should be to enter the market in a position that will attract prospects, not drive them away.
Your home may become still on the market. Prospects may wonder why it has been on the market so long or if something is wrong with the property, even after you lower the price. You may even have to settle for less than market value. A house takes on a reputation surprisingly fast, so don't wear out your welcome on the market.
You lose a strong negotiating position when your house is on the market a long time, both financially and mentally. Prospects will not "rush" to make an offer on an overpriced property and you may feel compelled to accept less when they finally do. Having multiple interested buyers usually means offers at list price or higher.