It has been my experience recently that properties that are not priced aggressively- and by that I mean priced at or slightly below market value- are receiving only lowball offers, whereas properties that are priced aggressively are receiving reasonable offers. I don't have any data that I can share to present you to back-up my theory, but I believe it is because opportunistic buyers (often investors) are not worried about offending a homeowner with a low offer. Less aggressive buyers don't seem to feel comfortable making offers significantly below asking even if they are making a market-value offer. Furthermore, everyone loves a bargain. So if your property is perceived as being an excellent deal, you might very well end up with multiple offers. Ultimately it appears that the more unreasonable your price is, the more you are going to attract unreasonable buyers.
Read this New York Times article if you want further anecdotal support of this theory.
http://www.nytimes.com/2011/10/30/realestate/long-island-in-the-region-homes-priced-to-sell.html?ref=realestate
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