Buyer agents compare a new listing to sold comparables within days of it appearing, and if the asking price does not match those comparables, many buyers simply stop looking rather than making a lower offer. Correcting the price restarts that comparison in the seller's favour instead of against it.
The adjustment works fastest when it is decisive rather than incremental. A single meaningful correction gets noticed by agents watching the market; a series of small reductions spread over several weeks reads as a seller in trouble and can invite lower offers instead of better ones.
None of this replaces getting the number right at listing, since the first price a home carries sets the tone for every offer that follows. Get your hand-reviewed valuation from Joel Dyck.