Every home seller wants to close the deal quickly, for top dollar, and with as few hassles as possible. Chances are, you’re no different. However, one major factor that could derail your plans is the asking price. Setting the right price is one of the most critical steps in the selling process.

But how do you know if your home is priced too high? Here are four clear signs your asking price might be turning buyers away—and why consulting with your real estate agent is the best way to adjust your approach.

1. Low Interest: Few Showings or Offers

One of the clearest indicators that your home may be overpriced is a lack of interest. If your property has been listed for several weeks with only a handful of showings—and no offers—it could be that the price is deterring potential buyers. In today’s market, buyers are savvy and can easily spot when a home is priced above its value.

Your real estate agent can guide you through this by recommending adjustments, including a price reduction, to attract more buyers.

2. Consistent Negative Feedback After Showings

Even if buyers are viewing your home, consistent negative feedback—especially regarding the price—may signal a need for change. Feedback from showings provides crucial insight into how your property is perceived. If buyers repeatedly comment that your home seems overpriced compared to others they’ve seen, it’s time to reconsider your pricing.

Your agent will collect and analyze this feedback to help you make informed decisions. They might suggest staging changes, home improvements, or adjusting the price to better align 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. Your Home Has Been on the Market Too Long

When a home lingers on the market, buyers may begin to assume something is wrong with it. In a competitive market with growing inventory, an extended listing period can cause your property to appear stale, making it even more difficult to sell.

Your agent can provide insights into how quickly homes are selling in your area and how your listing compares. Together, you can decide on any necessary changes, such as a price reduction or marketing refresh. As Bankrate explains:

“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 Home Sold Quickly

If comparable homes in your neighborhood are selling faster than yours, it could indicate that your price is too high. Factors such as outdated features, fewer upgrades, or a less desirable location may also contribute, but pricing is often the main culprit.

Your agent will monitor the local competition and suggest updates or pricing adjustments to make your home more appealing. They can also advise on simple improvements that can enhance your home’s desirability and boost its competitiveness in the market.

Bottom Line

Setting the right price for your home is both an art and a science. It requires a deep understanding of the market, buyer behavior, and local trends. If your home isn’t attracting buyers, your real estate agent is your best resource for reassessing your strategy and making the necessary adjustments.

Let’s connect to ensure your home is priced competitively and positioned for a successful sale.