1. You will lose the excitement that a newly listed home generates.  Phoenix has pleny of homes to choose now but there are still lots of buyers that have not found the home they want from the inventory available and agents working with buyers are waiting for something new to be listed  Therefore, most activity will take place within the first 30 days.  Your home will most likely receive its best offer then.  After this period has past only buyers that started to look will see your home.  If you home is overpriced in the first place you may miss that golden time and the home will stagnate.

2. You will lose the best qualified prospects. Potential buyers will not "put an offer in on you house" because they may never see it.  If its priced beyond the market and competing home it will simply be ignored. 

3. Overpricing You Property Will Help the Competition.  By overpricing you home, you will only be helping other competing homes. Your home will be used to accentuate the other home's value over yours.  Your object is to position you home competitively to bring in prospects, not drive them away.

4. Your home may become stale on the Phoenix market. Once your home has been on the market a long time, prospects will wonder if something is wrong with the property, even after you lower the price. You will most likely have to settle for a much lower price than maket value. Don't let your home take on a bad reputation.

5. You lose your strong negotiating position. when your home has been on the market a long time, it hurts both financially and mentally.  No one will rush to make an offer on an overpriced property and you will be faced with accepting less when you finally do.

6. If you do get an offer, it may not go through because of the appraisal.  Lenders want to make sure value is there in a property and they will not lend on an overpriced property. Appraisers are even more conservative now then before as are lenders.

7. Bonus: What is usually one of the main questions buyers have? "How long has this home been on the market?"

As you can see, pricing your home correctly will put your home "IN the market" not "on the market" 
You can get an estimate of you homes value by visiting our website Access Phoenix Home Values, but this will only be an estimate.  We can help you establish a better value when we meet with you and after we thoroughly review and analyze the Greater Phoenix real estate market and your neighborhood.