The important question is what do you think.?
Sellers can ask any price.
Real estate professionals can help you determine what is a buying price.
Happy New Year.
I would contact a local real estate professional to help with this answer and to save time and money.
(I'm on the Cape, but I can help you choose a local pro if you want help doing so.)
(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
Other main factors to consider, location, layout, condition.
Many homes are selling for over asking, why?
A good buyer is an educated buyer. Takes two things to be educated, a good buyers agent and a lot of diligence on the buyers part. (Todays buyer has many tools to do so thru the internet and in going to open houses.)
In ALL real estate transactions the price may go for below asking, at or above the asking price - you'll never know unless you put an offer in.
Depending on how bad you want the house will determine how you and your agent proceed.
Remember it is always easier to get out of a transaction than into one.
It is priced below market value and when the accept date arrives, there will be multiple offers and they will be above the list price.
The elevated price was to eliminate the weak buyers who do not understand negotiations. Knowledgeable buyers will submit and offer and start the conversation. Time wasters, tire kickers and those needing to be entertained are not invited to the party.
What property are you talking about?
By the way, just received seller and buyer signatures (New Years Eve) with a negotiated price $40,000 below list. That's about 30%. If you are a buyer...you need to get in the game.
Was the price to high? Depends if you want to get real buyers or attract weak buyers who can not close. Having an exceptional REALTOR has incredible advantages.
Seller's will often accept less than their "asking price" for a property. This however, should be a topic of conversation for you and your agent representing you. They know the local market and will be able to best advise you on this home's value relative to the current RE market.
As you enter the "home buying" process be sure that you benefit from having your own personal agent representation. This means, you should not welcome the opportunity to use the listing agent as yours.