The 'Musical Chairs' of Home Pricing

Selling your home is a lot like MUSICAL CHAIRS!  
Let me explain...
Its crucial to price your home accurately even as Calgary & area are seeing record number of sales.  Just because you hear "record number of sales" in the news, does not mean "record prices".  Due to pent-up demand from Covid and super-low interest rates, buyers and sellers are coming onto the market in droves.  
But we are not in 2005 or 2006 where buyers were buying at home just so they had one.  Before the pandemic hit, we saw housing prices completely erode equity gains from 2013 and then start eating into 2006 numbers.  Yikes!  
And while SOME house prices have edged up, we are not seeing this in the higher-priced homes - homes $700,000+ and definitely not in the apartment condo market.  
I recently sold a house in Rundle, a community in NE Calgary and we asked "top dollar".  We didn't get it.  We received a large volume of showings over 2 weeks but no second showings.  However we did get a couple offers but they were very low to the point of ridiculous.  Buyers just testing to see how desperate we were to sell.
We did a price reduction of $5,000 and this finally generated an offer.  
So be careful.  When setting a price, initially only look at SOLD prices - remember, ACTIVE listings haven't sold yet and who knows at what price they will sell?   Sure, everyone wants to try to get top dollar and I'm hearing "we won't know unless we try", but don't spend too much time sitting at the higher price - be careful when pricing your home to sell - give it a week at the higher price and that's all or else you will be the one without a chair when the music stops playing.  And the music always stops when we least expect it.