My Realtor Overpriced My House, Now What?

You’ve decided to sell your house. You know you’ll have decisions, like where to live next or how to decorate your new place. But there’s one decision you thought you could trust your realtor to make for you. The rough part is, they botched it.

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One of the most critical decisions for home sellers is setting the right asking price for your house. Ask for too little, and you end up getting paid less than you should. Ask for too much—well, that’s the problem we’re looking at today. And sometimes, it’s not even your fault.

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Realtors can sometimes overprice your home for sale. Remember, real estate agents aren’t impartial. They earn their income through commissions, which are a percentage of the home’s sale price.

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Some realtors think—incorrectly—that setting a higher asking price could help them earn more money. Overpriced homes get less interest from buyers, sit on the market for longer, and end up selling for less than they should—if they sell at all.

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Accurately priced houses, on the other hand, get more attention, sell faster, and give sellers like you the payout they deserve.

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If you think your realtor overpriced your house, it’s time to find out for certain, so you can adjust your home pricing strategy.

What Happens When a Realtor Overprices Your House?

Here are some of the negative consequences when your house is overpriced by a realtor:

• Buyers shy away from listings that seem too expensive. When people shop for a home, they compare your property with others in the area. Exorbitant price tags result in buyers losing interest in your house. If that happens once or twice, it might be okay. But if it becomes a trend, it can hurt your ability to sell.
• Your house sits on the market for months or longer. An overpriced home typically sits on the market longer than its competitively priced properties. The longer your home remains unsold, the more buyers wonder what might be wrong with it. In a competitive market, you want to attract attention quickly—which means the first few weeks it’s on the market.
• You lose your competitive edge. Aggressive buyers’ agents take advantage of stagnant properties. They assume you feel the pressure to sell and use this leverage to make smaller bids.

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These challenges are exacerbated if you need to sell quickly to fund your next home, free up your finances, or stop paying taxes on a property you no longer want.

How to Identify Home Overpricing by Real Estate Agents

You have your suspicions. But how do you know if your house really was overpriced by your real estate agent? It’s not just vibes, there are some legitimate signs to help you make certain.

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Keep in mind that there’s a difference between a few uninterested house hunters and a trend indicating a bigger problem. The same goes for feeling antsy versus a house going stale.

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With that in mind, here are a few warning signs that your house was overpriced by a realtor:

• Your house spends too long on the market. Keep a close eye on how long your home has been on the market. If similar listings sell while your property hasn’t generated any offers, you might have an overpriced listing.
• Your experience doesn’t match market trends. In a hot housing market, expect more viewings and bids. If you’re in a slow housing market, well, that might explain why you’re not seeing much action. Examine market trends to discover if your experience matches the current conditions, or if you’re the unfortunate outlier.‍
• You lack showings and offers. How many showings have you had? If you’ve had very few—or worse, none—your home could be priced too high. Alternatively, you might want to update your listing with fresh photos to attract interest.‍
• Get a comparative market analysis (CMA). You or your realtor can order a CMA to examine similar properties in your neighborhood. These comparable properties or “comps” can indicate if your home is competing with local real estate or missing the mark entirely.

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Order a Fair Deal Zone report. The quickest, easiest, most affordable way to get accurate home pricing expertise is with the Fair Deal Zone report. All you need is your address and $49 to get an unbiased report that looks at market trends, regional comps, home features, and the like. In 24 hours, you get an easy-to-read report on how much your home should cost.

Adjusting Your Home Pricing Strategy

Know for sure that your realtor overpriced your listing? There are steps you can take to make things better:

• Work with your realtor to reprice your home. Communication is always the best policy. Discuss your concerns with your realtor. A good agent should listen to you, provide guidance, and use data to adjust your pricing strategy. This is often enough to put you back on the right track.
• Seek new real estate representation, if you need to. Not getting what you need from your current agent? Consider new representation. Stubborn, inexperienced, or unprofessional agents can hurt your ability to sell your home. Most home sellers go with the first agent they meet. Instead, interview a few agents to see who best fits your needs. A fresh perspective can help reset your strategy and bring renewed energy to your listing.
• Get the data you need to make smarter pricing decisions. Start by examining the current state of your local market and identifying key trends. Particularly, look at how various factors like economic conditions, the number of active buyers, and the inventory of homes affect your pricing strategy. Getting hands-on with your research can help you understand the landscape.
• Revitalize your listing. Ensure that your listing descriptions accurately reflect your home’s best features and are captivating enough for potential buyers. Similarly, refreshing photography can engage buyer interest. Consider making small cosmetic changes to your house to increase curb appeal, like landscaping, new exterior paint, or window treatments.

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By taking these actions, you can hopefully recuperate and sell your house for the right price in a timely manner.

Benefits of Correct Home Pricing with Reverified

One of the best tools for home sellers is the Fair Deal Zone report from Reverified. It’s affordable, easy to read, and determines the ideal price range for any home.

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By pulling relevant data—such as market trends, comparable properties, neighborhood information, unique features, etc.—and combining it with human expertise, Reverified gives you the pricing information to better sell your home. Our report is especially useful for convincing realtors that you might need a new pricing strategy.

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For just $49, you can have the impartial expertise you need to properly price your house for sale. This is the super simple, powerful way to attract serious buyers, reduce time on market, and maximize sale-price potential.

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Even cooler, if you price your house within the Fair Deal Zone, we will give you a Fair Deal Zone badge and marketing materials—signaling to buyers that your house is fairly priced.

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‍So what are you waiting for? Order your Fair Deal Zone report today!