So if you take a look at whats on the market you'll find a lot of listings that have been on the market for more than 3 months. 

These are sellers that are looking to test the market with their own price in mind.  However, there are consequences when it comes to not properly listing the price, especially in a declining market. 

In a rising market, the market may catch up to your test pice....maybe.
But the market doesnt typically rise that fast. 

However, if you test the market with a high price in a declining market, there are consequences where there is no turning back.  

Now, lets use easy numbers for example and say you're selling your 1 million dollar townhome and you wanted to test the market with your ideal price. 

I can tell you right now that townhomes in Richmond has seen a steady decline of 7% in the last year. 

So...in that 3 months while you were waiting for that 'right offer', your property would have lost somewhere between $10,000-$20,000 just waiting for that right offer.

This is money you will not get back, and now....your test price is more unrealistic than ever. 

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