Buyers do not browse continuously. They search in round brackets, and a listing one dollar above a bracket disappears from a large share of saved searches.
Before setting a price, we map the brackets that dominate search volume in your submarket and position just beneath the nearest one.
This is also why mid-listing price reductions should cross a bracket rather than trim a token amount.
From the book
This topic is covered in depth in Real Estate Intelligence: A Seller's Guide to Success. A free sample chapter is available.