We have a certain couple that are clients, just sold them a place with acreage out west of Granbury. We have her deceased father's house and the riverfront home they just moved out of listed. They wanted to set the prices, refused to use comps. The Dad's house will realistically appraise for about $400k, we told them we couldn't see it going for more than $425k, so they set the price at $469k. The riverfront house will realistically appraise for $600k, they originally wanted it priced at $825k. We told them that there was no way it would bring remotely close to that, but they wanted to list it at $775k.
They priced them so out of whack, that there were no showings for two weeks. Of course, it was our fault (not advertising it enough, not having an Open House every two or three days, not coercing our clients, which we can't do anyway, etc.) We finally got a contract on the father's house, they grudgingly accepted an offer of $425k, exactly what we told them it would bring.
Both of these homes need major renovation, $100k on the father's house, probably $200-250k on their home. The priced them as much or more than new construction in our neighborhood. My Mom (the broker) told them they were priced too high, and if you want to try FSBO on their house, she would gladly give up the listing agreement. Every listing that we price is on the market for 3-4 days at the most. She has shown them that. But damn, some people are just greedy and hardheaded. Not to mention paying mortgage, taxes, maintenance, and upkeep on two homes.
CHIEF