Your point is valid and applies to markets all over the country. So often, sellers think that they can price higher and come down later if they need to, or they think that buyers can simply make an offer for lower if the buyer thinks it should be priced less. Then, there are a few sellers who are only willing to sell if someone is willing to pay their price. Certainly, that is any homeonwer's right.
Agents sometimes take overpriced listings and try to work w/ the seller to accept the market feedback and adjust accordingly. Other agents may simply list the property, knowing it is overpriced, and not invest much in the marketing of it. Most companies will not invest heavily in the advertising and promotion of an overpriced listing.
Our company pays for all of our advertising, and allocations for the ad budget are definitley gerared toward serious sellers.
As a buyer, sturcture you offer based upon what you think it is worth and submit comps along w/ time line adjustments in a market where properties are losing value. i.e. Comp is 4 months old, but that same comp may be 3-5% (you need local market expertise here...this is simply illustrative) less today.
Not all sellers will hear or see the documentation, even when it is sitting on the table in front of them. If that is the case, move on, or be willing to pay wha tthe seller wants. With large inventory levels, you can often find plenty of alternatives and simply move on.