Every home seller dreams of getting their house sold fast, for top dollar, and with as little hassle as possible. If you’re preparing to sell in Brookings, South Dakota, chances are you’re no different. But did you know that one of the biggest factors that could derail your plans is the price you set for your home? Getting the price right is crucial—overpricing can cost you time, money, and potential buyers.
So, how do you know if your asking price is scaring buyers away? Here are four clear signs your house might be overpriced, and why working closely with a real estate expert like Shane Andersen from the Brookings Home Team can help you turn things around.
1. Lack of Showings or Offers
One of the most glaring signs that your home may be priced too high is a lack of showings. If your home has been on the market for weeks and only a handful of buyers have come to see it—or worse, no offers have come in—it’s likely that the price isn’t sitting well with potential buyers. Those who have been house hunting for a while can quickly identify overpriced homes, and they’ll move on to others that seem like a better deal.
Your real estate agent will keep you updated on what’s happening and can suggest strategies to attract more buyers, including adjusting the price. Don’t hesitate to rely on their local expertise—they’ve seen how the market in Brookings moves, and they know when it’s time for a price cut to boost interest.
2. Consistent Negative Feedback After Showings
Even if you do get some showings, pay attention to the feedback from potential buyers. If you’re consistently hearing that your home feels overpriced compared to similar listings, that’s a clear signal to rethink your pricing strategy. In real estate, feedback is gold—it’s how you understand what buyers are thinking and how your home compares to others in the area.
Your agent will gather and analyze the feedback from showings, so you can see how your home stacks up. They’ll also suggest ways to make your home more appealing, whether it’s staging improvements, minor upgrades, or—if needed—a price adjustment that aligns better with 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 for Too Long
The longer your home sits on the market, the more skeptical buyers become. They start wondering if there’s something wrong with the property, even if the only issue is the price. In today’s market, where more homes are being listed every day, a listing that lingers for too long becomes “stale.” And the longer it stays unsold, the more challenging it can be to attract serious offers.
Your real estate agent will provide you with valuable context on how long homes in your area are typically staying on the market. If your home has been listed significantly longer than others, it may be time to consider a price reduction. According to a Bankrate article:
“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 a Problem
Here’s a big one: if similar homes in your neighborhood are selling while yours is still sitting, it’s a red flag. Maybe their house had more updates, or it’s in a slightly better location—but often, the issue comes down to price. A home that’s overpriced compared to others in the area is bound to struggle.
Your real estate agent will keep an eye on the competition and let you know what adjustments you can make to stay competitive. Sometimes it’s about tweaking your pricing, while other times, small upgrades like a fresh coat of paint or updated fixtures can make all the difference. Whatever the case, your agent will guide you on how to position your home to sell in today’s market.
The Bottom Line
Pricing a home correctly is both an art and a science. It’s not just about setting a number—it’s about understanding the local market, knowing what buyers are looking for, and being willing to adjust when necessary. If your asking price isn’t attracting buyers, don’t panic. That’s where Shane Andersen and the Brookings Home Team come in. With their deep market knowledge, they’ll help you course-correct and get your home in front of the right buyers at the right price.
So, if you’re ready to sell your home in Brookings or the surrounding area, let’s connect. Together, we’ll make sure you’re set up for success from the start!
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