Your agent should be communicating with you on a weekly basis regarding activity on your house (calls/emails, showings and feedback from those showings), new listings in your area (competition) and similar houses which have sold (comparables). Holding a price too high for too long will hurt the sale in the long run, especially if buyers are not inquiring about your house at all. You'll know when the list price is right when the buyers come around.
This is a question you should direct to your real estate professional. Ask for the comps for secently sold property that are similar to your home.
This should clarify the price range your home should be in.
At the end of the first month the property has been listed it will be important to take a close look at the number of times it has been shown and the feedback that has been provided by each potential buyer.
If you are getting few or no showings, this is an indication that your price may need to be lowered.
Repeat this at the end of each month or two. We know it normally takes 10-12 showings before a property sells. By using the number of showings of showings over a period of time you should be able to identify a point at which the home will sell....and at a fair price.
The "Eckler Team"