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Source: YouTube - Used under standard YouTube license terms.
Some sellers like the idea of showing they are flexible and willing to negotiate.
But pricing the house too high means running the risk of getting no offers. And then it won't matter if you're willing to negotiate if there's no one to negotiate with.
Buyers who might have wanted to look at your house at the right price in the first few weeks of the listing now ignore it. They believe that either something is wrong with the house or, worse, that if they wait a bit longer, you'll lower the price again.
At this point, you're just attracting bargain hunters. And in order to get their attention, any price reductions will have to be substantial.