Oh, silly sellers, why did you have to make this so difficult!?  ;-)

There's a fantastic new listing on the market... very likely worth $415K.  But... the sellers listed it for sale with a price of $430K.

Ugh.

You want to make an offer on this house... you want to buy the house... but what do you offer?

If the house had been priced at $415K, you would immediately make an offer of $415K. 

If the house had been priced at $420K, you may very well have made an offer of $420K.

But the house is priced at $430K.

So do you...

[1]  Offer $430K, the list price, ignoring the fact that you think this is too much to pay for the house?

[2]  Offer $415K, the likely value of the house, but $15K lower than the list price?

If you offer $430K you are likely paying more for the house than it is worth in the current market.

If you offer $415K the seller is almost certainly going to stall in responding to your offer, hoping for another offer that is higher... and is going to alert other interested buyers that they have an offer... which might result in other offers coming in as well.

There is no easy answer to this question... it's situational in some ways... and your course of action should be guided by your level of interest in the house and the amount of other early interest in the house.

But darn those sellers, pricing the house a bit of market value.  ;-)