"Why don't I just list the property high and see what happens? Is there any danger in that?"
When a property seems like it has been on the market forever and it hasn't had any offers forthcoming, it almost always boils down to this - price or location. And you can't adjust the location. The only thing that can be adjusted is the price, and every home will sell at the right price. (Fair market value).
Overpricing can have a far reaching negative impact, is difficult to overcome, and can be costly for everyone involved. How so? First off, the Seller doesn't sell the property within a reasonable time.... Potential Buyers avoid the overpriced property or just use it for comparison. .... The ideal, perfect Buyer overlooks the property because he/she is looking for this same type of home in a lower price range.
How does overpricing affect the Property? The unsold home ultimately has the price adjusted downward. It becomes stale on the market and few people notice the lowered price. Still nothing occurs. Buyers start to wonder if there is something wrong with the property. The seller might even have to reduce the listing price below true value just to regain market momentum.
And of course with no sale, the Salesperson receives no earnings and an unhappy client is produced.
Happily last year 70 buyers and 70 sellers of homes in Powassan, Trout Creek, Nipissing and Chisholm benifited from homes being priced at fair market value.