Is Your Home Priced Too High? Here’s How to Tell

Bev Murray Real Estate Sell Your Home

Every seller wants to sell their home quickly, for the best price possible, and with minimal hassle. If you’re selling in Sarasota, chances are you feel the same.

But one of the biggest factors that could slow down your sale is your asking price. Setting the right price is critical to attracting buyers and getting your home sold. So, how do you know if your price is too high? Here are four signs to watch for, and why working closely with your real estate agent can help you make the necessary adjustments.

1. Few Showings or Offers

If your home has been on the market for a while but you’re not getting many showings or offers, it could be a sign that the price isn’t aligned with buyer expectations. Today’s buyers are savvy and can quickly recognize when a home is overpriced. If they’ve been searching for a while, they may bypass your listing entirely if it doesn’t offer competitive value.

Your real estate agent can help assess the situation and guide you through strategies to bring in more buyers—whether that involves making adjustments to the listing price or enhancing your home’s appeal.

2. Consistent Negative Feedback from Showings

Even if you’re getting showings, pay attention to the feedback from potential buyers. If their comments suggest your home is overpriced compared to others they’ve seen, it may be time to rethink your strategy.

Your agent will collect and review this feedback with you, helping you understand how your home compares to others in the Sarasota market. They may suggest minor updates or staging changes to justify the price, or recommend a price adjustment to meet current 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

Homes that linger on the market without much interest can raise red flags for buyers. They may start to wonder if something is wrong with the property. In Sarasota’s competitive market, where inventory is growing, a listing that has been up too long can quickly go stale, making it even harder to sell.

Your agent can provide insights into how long homes in your area typically stay on the market and help you decide whether it’s time to adjust your price or make other changes. As Bankrate notes:

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. Neighboring Homes Are Selling Quickly

If similar homes in your neighborhood are selling faster than yours, it’s a clear indication that something may be off. It could be due to factors like fewer upgrades, older features, or a less ideal location. However, it’s often the case that the price needs to be adjusted.

Your real estate agent will keep you updated on the competition and advise you on what changes you may need to make your home more appealing. They’ll suggest small improvements or help you rework your pricing strategy to stay competitive in the local market.

Bottom Line

Pricing your home correctly is a delicate balance of market insight and buyer psychology. If your home isn’t attracting the attention it deserves, your real estate agent is your best resource for understanding why and making the necessary adjustments. Let’s connect so I can guide you through the Sarasota market and ensure your home is priced to sell.

1523 Bayshore Rd Nokomis

$3.5M 1523 Bayshore Rd Nokomis FL 34275

5 beds
3 baths
4616 sqft
0.97 acres
1989 year built

One or more photo(s) has been virtually staged. This custom-built, one-owner, four-bedroom, 4,600 square foot home is located above the base flood elevation on a wide one-acre parcel, offering privacy, space, and over 130 linear feet of private water frontage on a wide stretch of the intracoastal waterway. A huge bonus: it is not in a flood zone and sits at 13 ft elevation. There was zero flood/surge damage from Helene or Milton. The home has wonderful curb appeal and is set back from the street with a circular driveway and a brick pathway flanked by a well-stocked koi pond. You enter the two-story foyer which opens up onto a large, light filled living room with soaring 19 ft ceilings, rich wood floors, a wood-burning fireplace with floor to ceiling coral stone surround, and sliders out to the sun-soaked pool deck. There is a formal dining room, a separate family room with wet bar and ice maker, a large kitchen with an adjacent breakfast room, a butler's pantry and an antechamber that is set up to be a wine storage room. The kitchen has a double oven, huge Subzero freezer, separate refrigerator and plenty of countertop space, and a handy passthrough to the family room. There are two bedrooms on the first floor and a bathroom which serves as a pool bath if you don’t want to rinse off in the outdoor shower. In addition to the four bedrooms and office in the main house, there are two additional air-conditioned work/hobby spaces in the garage, which is accessed via a covered walkway. One of the rooms faces north and was used as an art room. The other is sound-proofed and could work well as an office, dark room or gym. The oversized garage has a workbench. The second floor has two sections connected via a walkway overlooking the main living area. To the right is a nice sized bedroom and ensuite bathroom and to the left is the primary suite with a beautiful wood-paneled office with rich wooded cabinetry and a wood burning fireplace. A screened balcony off the bedroom and office offers unparalleled views of the intracoastal waterway and some of the Gulf coast’s finest sunset skies. These wide-open west-facing views are part of what makes this home an incredible opportunity for its new owner. There is a covered screened lanai as well as uncovered outdoor living and dining space. The pool is huge and has a max depth of 8 ft. Enjoy a navigable route out to the main channel. Take this incredible .97-acre waterfront property, make it your own, and enjoy endless sunsets and all that the Florida lifestyle has to offer!