Pricing Strategies- How to determine list price?

Noticing the overwhelming trends of houses selling for WAY over asking price in some of the larger markets here in Canada.

Is it still a viable marketing strategy to advertise low prices with the hopes of creating bidding wars?

Personally, I was on the losing end of this when I sold my last property as we hoped for a bidding war and ended up with zero offers. After a short hiatus from the market, we relisted at the price we actually wanted and sold for a few dollars less.

As a homeowner, the stress of a bidding war wasn’t worth the end result for us.

How do you go about determining the list price of a property?