Newsflash: Is my home value being artificially kept low by the local realtors?

Not sure I can do this justice but I’ll try.We have a large, expensive home for the area. The problem is that it’s in a 4 year old subdivision while everything else in the area is from 1970’s-1990’s.So…few to no comps.The agents we talk to say that you simply can’t sell a house in this area over a number we’re uncomfortable with. We’re not upside down but we know our home is worth more (upgrades, layout, age, etc.) It’s truly stunning in many ways compared to other local properties.The agents show us numbers of activity in a lower range (of which we’re just beyond), the range we’re in and an upper range where there is more activity (of which we’re well below). So there is a dead zone of sales in our price range. Meaning our upgrades don’t mean jack to them.They say that pricing our home in that dead zone ensures it won’t sell.Our belief is that the local agents (possibly all agents?) make more money selling homes quickly. So they undervalue homes to move them fast. We’re not interested in selling fast. We have plenty of time and may choose to not sell.One agent, however, did a ton of legwork and found comps that are more appropriate. She feels we can ask a much higher price.What it feels like (true or not we don’t know but it feels like this) is that there is this dirty little cabal of local realtors who all work to keep the market depressed by undervaluing homes.Can anyone either give us the confidence that it’s okay to list higher OR that we need to listen and just accept our home isn’t worth what we believe it is worth.I have tried to write this in a manner to indicate we’re willing to listen and understand feedback even if we don’t like it.In the long run it just feels like we’re being pressured to sell at 3-5% below our actual value so that the home will move quickly and that no one is willing to try and sell higher simply because it’d require more work.I told my wife that it feels like we have a Porsche parked in a Ford parking lot and are being forced to sell at Ford prices.I hope that makes sense.



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