It is sometimes hard to walk away from an unreasonable Seller who wants way more than the market will bear. When will you take an overpriced listing?
During my 43 years of real estate, I have taken lots of overpriced listings, as Kenny Rogers say, you got to know when to hold and when to fold.
Depending on the motivations of the Seller, if they are testing the market to see if there are any uneducated Buyers that will overpaid for their house, I might consider it if . . . they are transfer and will eventually have to sell, if it's a unique house that might attract buyers, if the market is slow and I have lots of down time to baby sit the Sellers, and you know that they will be on your back constantly to see why their house is not being shown,
Hey all is not lost - its an opportunity to have your for sale sign out in the public. The say a business with no sign is a sign of no business. This sign will generate calls, Buyers will ridicule you when you tell them the overpriced house , "They are asking WHAT!?" They will never get it, if they are asking that much, then we want to sell our house too! ( Wow, guess what I just got another lead to list another house! Who is to say it's overpriced?
Perhaps they have a personal reason to buy in that location, it worth more to them because their parents lives nearby and they need them to babysit, what is that worth, how do you put a value to that?
Lots of Realtors will not agree with me, however my philosophy is the more listing you have out there will generate more public interest and awareness. However you have to have a lot of time and patience. Besides an overpriced listing will help you sell other listings that are well priced.
Yes there is a negative impact as well, your sign sits on the lawn for a long period of time and does not have a sold sign on it, is that really bad, so what, my sign is out there advertising that \i am in real estate it's all subliminal to the public, "Wow Dennis Has a lot of Listing! He must be good"
Now when one of your listings sells, make a big deal about it publicize it so people knows that my listings sells as well.
This may not work in all cities or town, and depending on the economy or the market, it will be a discretion to whether you want to take it or leave it!
If it's to be it's up to YOU!