I've found that pricing is more opinion than fact.  There is always a Buyer for every property.

It depends how long the seller wants to wait.

Yes, when the price comes down to the appropriate level.

Peter,

Eventually, it does.  A

It will sell, but it won't sell above its value. Buyers are savvy and sellers who pretend that buyers are stupid are left being the highest bidder on their own house until they catch a clue. 

Rare to find a fool with cash. If it sits on the market for prices to catch up or there are price reductions to get it sold, it is no longer overpriced when it eventually sells.

A product that doesn't take itself serious gets no respect. A mixed message is confusing in this business. High price? I want to sell but I don't want to sell?

Yes. Seen it happen. 

BUT, it most likely won't be sold by you because the sellers will think it's your fault when it doesn't sell and by the time it gets to the 3rd agent, WHAM. It sells.  Murphy's law.

Rarely, but the purchase of a home is emotional and sometimes, emotion is 80% versus 20% logic.

Possible.  A fool is born every day.

Yes, I have that experience all the time. People with cash will pay more for exactly what they want!

Rarely

If the seller actually wants to sell, it will sell. There are many things that may precede the sale.

I would add overpriced succeeds as often as a dirt-ball offer gets accepted.....and the show goes on.

I'm always surprised, but sometimes they do!

I've been surprised.  More than once.  

In Denver if the property is under $400K, it most likely will, and get thousands over appraised value!  

Eventually! I agree with Susan Emo "There is always a Buyer for every property!"

Good morning Peter. Yes, even an overpriced property will find a buyer, but if a mortgage is needed, the appraisal could be a problem.

I'm noticing that a lot of places that I think are overpriced fly off the shelf with bid ups.

In our market right now, yes! We are in high demand with little supply!

Yes, I have sold a few.

Oh Yes...I have seen it often and NOW it is happening all the time

Yes.  I've sold a few that were "the highest price/sqft" in the area.  They had other features that justified the price (lot, view, etc.).

in OUR marketplace they ARE selling.... some are not appraising but some are....very bad sign....

There will always be a buyer, which will buy any property 

Besides using all marketing tools available and making sure, you get your word out the best way possible, you need to be very patient

Meaning,  you need to take time out of the equation, to avoid that pressure and anxiety push buyers away 

Always, if the seller is motivated and makes the right adjustment.

in 2006 we sold hundreds of them.  People waiving appraisals left and right.  And other when eventually the market catches up the price.

Whether a property is overpriced is in the eyes of the buyer.

Yes, though as others have said, you will have the price reductions and it will be over a period of time Peter Mohylsky.  Sellers that bought 'high' are not happy to be selling at today's comparable prices even though they see the numbers . . .  it's emotional . . . 

Peter Mohylsky An overpriced property will eventually sell. It just depends on how long the seller wants to wait for the price to catch up with the market. However, chasing the market rarely works.

Eventualy... as the market rises, or the price drops.  

What Eric Kodner said...by which time it's no longer overpriced!

Wait long enough and it may no longer be over priced.

Eventually a contract will be written to be accepted; that is of course if it does not expire first.

Not quickly for sure!