I agree with everything said about comps, staging, knowing the neighborhood, all that. What hasn't been mentioned is the Agent. In this market it is imperitive that you listen to the Real Estate Professionals who "tell it like it is". If they are telling you things you don't want to hear about your home, your neighborhood, schools, etc. Don't tune them out and go on to that friendly agent who tells you everything good about your home and none of the bad. Be wary if they say, "Get ready to move, at that price you'll be out of here in 4 weeks".
If you are the one determining the Listing Price, watch out! Many agents will quickly agree and play the waiting game with you. After a period of time on the market, they know you will come around and you will agree to drop your price drastically to get any attention away from the Forclosure Buyers who are circling.
Selling a Home is a business decision right now. Just like the stock market or any other business, sometimes you make a lot, and sometimes you break even at best. People are willing to pay a fair price and avoid the REO, short sale game. Listen to those who make decisions in a business like manner.