Is Your House Priced Too High?

Is Your House Priced Too High?

Every seller aims to sell their home quickly, for top dollar, and with minimal hassle. If you're in that position, you’re likely no different.

One of the most significant factors that could hinder your success is your home's asking price. Setting the right price is essential in the selling process.

How can you tell if you've priced your home too high? Here are four signs your asking price might be driving buyers away—and why relying on your real estate agent can help you adjust accordingly.

1. You’re Not Getting Many Showings or Offers

One of the clearest signs your house may be overpriced is a noticeable lack of showings. If it's been on the market for several weeks with minimal interest or no offers, it’s a strong signal that the price isn't aligning with buyer expectations. Experienced buyers can quickly recognize (and pass on) homes that seem overpriced.

Your real estate agent can guide you through this process. Trust their expertise on strategies to attract more buyers, which might include adjusting your price.

2. Buyers Have Consistent Negative Feedback after Showings

If feedback from the buyers who do view your home isn’t positive, it might be time to adjust your strategy. Buyer comments are valuable for understanding how your house is perceived in comparison to others on the market. If multiple potential buyers suggest that your home feels overpriced, it’s a strong indicator that you should reconsider your pricing.

Your real estate agent will collect and assess this feedback, helping you understand how your home compares to others. They can recommend improvements, staging tweaks, or even a price adjustment to better align with current buyer expectations. As the National Association of Realtors (NAR) points out, feedback is key in making these decisions.

“Based on all the data gathered, agents may make adjustments to the initial price recommendation. This could involve adjusting for market conditions, property uniqueness, or other factors that may impact the property's value.”

3. It’s Been on the Market for Too Long

When your home sits on the market too long without attracting serious interest, it raises concerns for buyers who may start to wonder if something is wrong with it. In today’s market, where inventory is growing, a home that lingers for an extended period can appear "stale," making it even more difficult to sell.

Your real estate agent can provide insights on how quickly comparable homes in your area are selling and help you evaluate what’s working for other sellers. Together, you can decide if adjustments need to be made. As a Bankrate article explains, collaborating with your agent is key to staying competitive in the market.

“Check with your agent about the average number of days homes spend on the market in your area. If your listing has been up significantly longer than average, that may be a sign to reduce the price.”

4. Your Neighbor’s House Sold Without an Issue

The final red flag to watch for is if homes similar to yours are selling faster in your area. This could signal a few things, such as a lack of upgrades, outdated features, or even a less desirable location. However, more often than not, it comes down to the price being too high.

Your real estate agent will monitor the competition and provide guidance on how to make your home more competitive. They may suggest small updates to boost its appeal or help you adjust your pricing strategy to better align with today’s market conditions.

Bottom Line

Pricing a home accurately is both an art and a science, requiring a solid grasp of the current market trends and buyer behavior. If your pricing strategy isn't attracting buyers, your real estate agent is your best resource for guidance on how to adjust. They can help you assess the situation and suggest the next steps to get your home sold.