The emotion attached to owning a home is powerful. If every Realtor had to buy or sell a home once a year to be able to empathize with the buyers and sellers - we would all be a better bunch.
If there is no reasoning with the seller - I know it is time to walk away from the listing.
Serving Maryland, D.C and Northern Virginia
This has been so common but we are recently seeing more sellers accepting the terms of the current market conditions.
With sellers that are in "hard core" denial and refuse to accept the market as it is....agents should refuse to list the property. After all, why spend your advertising dollars on a listing that doesn't "stand a snowballs chance.........." of selling.
It is a difficult position for an agent to take but, if enough agents just refuse to deal with this nonsense, just possibly the message will be heard.
My advice, simply "pass!"
I agree with Alma that having them walk the comps will help to wake up some of them, but others are so delusional that they'll continue to hold out until they cancel the listing, or lose their property due to foreclosure.
Wholesale offers also work.
Also you may want to take the client to tour the competition... And... sometimes if you take a video of the house it may lift the cloud from the seller's eyes so they can see what they really have there!
If the home isn't priced correctly, it will never sell.
Best of luck!