You will sell less than asking price in most cases, but expect to get closer to fair market value for your home! The fair market value is the price at which a knowledgable, willing, unpressured buyer would pay to a knowledgable, willing, unpressured seller (according to Wikipedia). In this market, I'd say most sellers are self pressured because they are anxious but they may not be willing.
Sellers often make the mistake of focusing on the asking price but are less than willing to sell if they have priced the home significantly higher than the fair market price. When it comes to the buyer, it's about "getting a deal." Of course the logical one- namely the appraiser- steps in and provides the fair market value.
How could a seller not be willing if they are trying to sell in this market?
Sellers trying to achieve their asking price for whatever reason (either because it's what they need, it's what they put into the home, or it's what they want) are not what I could call very willing sellers. When the property does sell, however, it sells at the moment they have come to terms with their "willingness" to accept fair market value.
See related article for buyers: How much should I offer on a house?
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