Depends how overpriced...  Now that the market is in a downturn, I probably wouldn't.  If there is a chance, and the home is in excellent condition with a great location, I would take a chance with it, but only with assurances from the seller that we could and could re-evaluate the price and market in 30 days.  

Not if I can help it.

But for the last 2-3 years…what’s an overpriced listing…

Once in a great, great while.  But as a general rule, no, absolutely not.

I have Charles Ross but only with the agreement that after two weeks we drop it to what I suggested based on reasonable comps. Some agreed some didn't but I held my ground.

No.  If the seller is unrealistic I offer them well wishes and move on.  Call me in 6 months if that doesn't work out for you.

Rarely, and if I do then I charge a retainer and most people aren't willing to pay a retainer so it solves the issue for me, haha.

It depends on the situation and what's going on in the market.

Charles Ross - it depends how cooperative and reasonable the sellers are. I begin with a consultation and a plan, very comprehensive plan with end results with timelines; including calls for action. I haven't  had any complaints and most will end up listing and pricing it right from the start. Getting off to a good start and making clients happy, with a lot of listening on both parts is most effective

Generally, no. To some degree it depends on how much overpriced and the price point of the home. 

How do you define over priced? 

We sell a lot of listings that expired for other agents at the same price or higher than they weren't selling for before.

Sometimes an overpriced listing is overpriced, sometimes it is simply under marketed.

Oh, you bet I will take an overpriced listing and the additional price they have to pay is hearing my non-negotiable lecture on the subject matter followed by an agreement that says after we try it your way, we try it my way. It's all this or no deal NOTE: Any type of attitude kills the whole deal

Certainly try not to... Sometimes the market surprises us though so, if it's within reason, I'll certainly give it a try. 

Hello Charles Ross it depends on the listing. I am aware of some agents take overpriced listing and hoping the seller will accept lower priced offer.

In this shifting market since June 2022, I offer sellers options with terms.  They get to select, and I get to price improve within 7 days.  Otherwise, no why let the property sit on the market with no activity.  It does not serve either party

I need to believe that the owner really want to sell the property.  If not. No. Not if they won’t work with me.

What part of "NO" don't you understand?

It depends on so many factors. 

Generally speaking, if the seller is hell-bent on X price and will not sell unless they get that price, the market does not support that price, or anywhere near that price, and the home is not so incredibly special that any reasonable person would believe any buyer would pay that price, then hell no. 

Intention is to get the most money possible for our clients**. 

Sometimes that entails going a bit over market and seeing what happens.
If nothing happens, making corrections.
I've been known to provision in our listing agreement that 
"Seller is going against Broker's advice and pricing over current market."
and/or
"Seller agrees that Broker will adjust price to X in X days without further authorization, should no accepted offer be obtained by X date."
I've had price adjustments be X, then X, then X incrementally.
More problematic for me are uncooperative sellers who refuse to clean clear repair their property to market. 
You cannot have it both ways. Your property is discounted for condition, or priced to meet the market. 

**Also a problem are sellers who think they can overprice and also sell the fastest. I can do magic but not miracles.

In my CRE market, the $$ folks will pay for certain areas and property types defy 'comps' and when agents tell me 'there are no comps to support that price' I ask if they are using cost, market, income or hoodoo.

It depends.  Last year, my seller started very high (Z said it was worth more), but after a month with no showings, they dropped it and it sold.   Depends on the client, the house and the price.

What do you mean by overpriced?  Are we talking overpriced by $10,000 or $100,000 or $1,000,000.  There's a big difference.  And that would change my (and perhaps everyone else's) answer.

Depends on the market... a year ago there was almost no such thing.

Now in a Shifting Market would not be a good time . Get a hefty non refundable Retain if you do

Yes I do and in most cases it's my fault.  I always try to get my clients top dollar and don't ever want them to get less than they deserve.  This has been my biggest problem as a listing agent throughout my career.

You are the local expert that sets the expectations. If you take a way over priced property, it reflects poorly on you and the sell is tied up for 6 moths, a year and another agent comes in, tells them over priced and does a better job marketing for a sale. You work for a living right Charles Ross ? You don't "kinda" list places and you do care if it sells or not if you have bills to pay and want to create sale after sale.

No, it is not beneficial to either party. Sometimes the seller insists & then there is the 10 day price reduction if an offer doesn't show up.

I am putting up a new listing this week. I recommended the sellers list higher than I would typically suggest. Why? There is nothing on the market comparable and only 2 apartments that are larger but at the next price point.  It's all relevant. But that said, if the inventory levels change- we will re-evaluate our price. 

Generally speaking, I don't like taking listings where the price doesn't seem realistic. 

Depends on the seller for me. Some high end listings can require $$$ upfront cost of marketing or the house is ''not sellable as is for that price~ ever!"~ think : the seller wants to do NO efforts ( imagine permanently closed windows,  terrible lighting, outdated messy house with very limited showings at their terms, attitude ''I like it and the right buyer will fall in love with it and pay a full price, etc.) ~ that is a very time consuming home with close to zero chance to sell. 

If the seller wants to start a bit higher( based on stronger comps), yet willing to negotiate or reduce if not sell by <date> ~ yes, sure. 

''You cannot approach people who think differently with reason and logic if they don't know what that means. First, you have to appeal to their values to start with. If you attack them, you lose them. ~ J. Fresco

           NO

               ...next?

In some cases I would: close to home; former client; good marketing opportunity; vacant; lack of inventory... factors like that.  An overpriced listing is better than not having any listings at all, because it can lead to more business.

Depends, how much over priced?  How's the market ... are prices trending up or down or flat?

Charles Ross  With a years-long listing contract and I do let the seller know we are testing the market. I also inform in writing what other homes in the area are selling for 

One of the benefits of retirement is that I no longer need to worry about overpriced properties.

Rarely. When overpriced listings don't sell, who do they blame? It's usually not the market but the agent. I really hate to lose clients over this but if it is grossly overpriced or they're not open to your advice from the beginning then you're getting off on the wrong foot.

It depends. If they agree to scheduled price drops of an agreed upon amount, they can work out. Usually just takes longer amount of days on market.

Learn a long time ago, you need to walk away from some over price listings.

For the most part my answer is no.  I give a thorough market analysis and most of the time my seller's are cooperative.  There are a few exceptions -- like no comps to really pin-point a proper price ... so I will be willing to go for it but with the condition that if nothing happens within the first week, we lower the price.