Every seller wants to get their house sold quickly, for as much money as they can, with as few headaches as possible. And chances are, you’re no different.
But did you know one of the biggest things that could jeopardize your success is the asking price for your home? Pricing your house correctly is one of the most crucial steps in the selling process.
So, how do you know if you’re missing the mark?
Here are four signs your high asking price might be turning potential buyers away—and why leaning on your real estate agent is the best way to correct this.
1. You’re Not Getting Many Showings or Offers
A lack of showings is one of the most obvious signs your house may be overpriced. If it’s been on the market for several weeks and only a few buyers have come to see it—or worse, you haven’t gotten any offers — it could indicate the price doesn’t match what buyers expect.
Buyers looking for a while can easily spot (and write off) a home that seems overpriced.
Your real estate agent will coach you through this, so lean on their experience for what you may want to try to bring more buyers in, including considering a price cut.
2. Buyers Have Consistent Negative Feedback after Showings
If potential buyers’ comments after the showings you do have aren’t great, you may need to correct them. Feedback from showings is essential to understanding how buyers see your house.
If they consistently say it’s overpriced compared to other homes they’ve seen, it’s time to reconsider your pricing strategy.
Your agent will gather and analyze this feedback so you can see how your house stacks up in the market. They can also suggest specific improvements or staging changes to justify your asking price better or recommend one that aligns with today’s buyer expectations.
As the National Association of Realtors (NAR) explains:
“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
That lack of interest will ultimately lead to it sitting on the market without any serious bites. The longer it lingers, the more likely it is to raise red flags for buyers, who may wonder if something is wrong with it.
Especially in today’s market with growing inventory, a long listing period means your house is stale—and that makes it even harder to sell.
Your real estate agent will be able to give you perspective on how quickly other homes in your area are selling and walk you through what’s working for other sellers.
That way, you can decide together if there’s something you want to do differently.
As a Bankrate article says:
“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
And here’s the last one to watch out for.
If similar homes in your area sell faster than yours, it’s a clear sign that something is off. This could be due to a lack of upgrades, outdated features, a less desirable location, or a price too high.
Your agent will keep you updated on your competition and what changes, if any, you need to make your home more competitive.They’ll offer advice on minor updates that could increase your home’s appeal or how to adjust your strategy to reflect the current market.
Bottom Line
Pricing a home correctly is both an art and a science.
It requires a deep understanding of the market and buyer psychology. When the price isn’t drawing in buyers, your agent is a better resource for what you may want to do next.
Need advice or have questions? Connect with Chicago’s top-rated realtors at KM Realty Group LLC.
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