The listing price is a message to buyers. Priced to what the street has paid, it brings them in on the first weekend. Priced to the hope, it sits.
The street, not the hope
I price on sales, not listings. A listing is only what someone hopes; a sale is what someone paid.
What happens when it is too high
A house priced above its street sits, and after three weeks buyers start asking what is wrong with it. The eventual price is usually lower than it would have been.