As mentioned, pricing your home right is the key to selling it quickly and for the best price.  There are many factors that need to take into consideration when pricing your home such as location, features, condition of your home, age, and current market conditions.  Homes sell quickly and usually for the most money when they are priced properly from the beginning.  Obviously, you, the seller, sets the asking price for your home but ultimately the buyer determines the value. A good strategy is to list slightly more than the price of properties recenlty sold and slightly less than the current competition on the market.  The understanding is that a buyer will pay a price similar to what he would have to pay for similar properties, wouldn't you??  The negative impact of overpricing is that is reduces the number of showings, reduces advertising responses, loses potential buyers, eliminates offers, helps sell the competition, and pushes the market time.

The negative impact of underpricing is not getting your monies worth for your property. Therefore, talk with your realtor and obtain a CMA and negotiate a reasonable price for your property to compete in the current market and understand how you arrived at that price.