I'm not so sure he was that far off. What's really happening in the marketplace? The prices aren't really all that down, but buyers sometimes think they can offer 30% less for a house in the "bad market." They do make those offers.
So why shouldn't a seller overprice his listing by more than that? Sounds reasonable enough.
But I couldn't do it. I ran the comps and we were $30,000 away from the very highest listing sold in a neighborhood where houses are going for 1/2 of what he wanted to list it at ($170,000). I flat out told him, "Sorry, but I can't lie to you. I couldn't in good concience put it up for any more than $150,00 and even at that, I'd be asking for reductions, I'm sure."
As an afterthought I called him up the next day to suggest another Realtor, but it was already listed. Just goes to show that you WILL find someone to take that overpriced listing. Even in this market.
Too bad. Maybe I will catch up with him when his contract expires. That seems to be the trend.
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