One misconception that many sellers have is that they think buyers will come in with an offer, even though their home is listed too high. First some buyers won't even look at your home because it is now out of their price range. They won't write an offer because you are 10% or more higher than the price they would write an offer on and the buyers don't want to insult you. Even I tell them to write an offer not more than 10% off the purchase price. In almost every case where my buyers came in at 10% under the asking price the seller has been really upset and feels that we are not serious. Also, buyers are busy comparing all the homes for sale via computer, Zillow, Trulia, Howard Hanna's home price finder and they are knowledgeable about the homes for sale in their price range. They can easily see that the seller's home is much higher and price than the other homes they are considering. When this happens they cross that home off their list.
Sellers, price your home to sell. That way you will sell at a better price and in a sooner rather than later.