A home or any commodity, is only worth what the market will bear. A troubled Phoenix real estate market doesn't change that.
Quite often, we hear from sellers that they need to net X amount of dollars from their home sale, despite its value being considerably less. Well, I'd like a second home in the south of France, but that's not going to happen, either.
The point is, you have to be realistic in your hopes for your home, and be able to adapt your plans accordingly, or you are effectively buying your home back at your inflated asking price.
The other side of the problem, unfortunately, is that weak agents often encourage, and support that behavior which is a waste of everybody's time.
Remember, you have the right to want whatever you want for your home, as much as the market has the right to insist that you keep it.
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