I don't agree that in Ohio you can cancel a contract at anytime. . . however, based on the Cincinnati market place you can ask to have the contract canceled. The broker may or may not agree to do this, however, as you did sign a legally binding contract. The other option would be a conditional withdrawal---your home is taken off the market but you are legally bound to the listing company for the duration of the contract's time frame (you can't sell it through another company or to anyone or you'll owe the agreed upon commission).
It sounds like a more in-depth conversation needs to be had regarding the pricing of the home between you and your agent or you and the broker. Before this conversation ask yourself why you want to adjust the price and what is it about the comparable sales data the agent showed you that you don't agree with? If you believe the agent was incorrect in his evaluation of what the market will bear, talk to his broker and ask for the price to be re-evaluated. If you want more than the market will bear, take your home off of the market.
You definitely want someone with at least a few very local deals under their belt. Their local knowledge makes it difficult for them to be bufalloed by other agents and gives them a leg up on the many calls/questions that precede a showing or offer. The business is a local one in my opinion and the closer they are located to you the better for a dozen reasons. Local local local.
Agents have the ability to show you what they've sold in the past and how those deals stacked up vis-a-vis the norms. Ask for that. The discussion that follows from that will give you a glimpse into the deals and their style for getting the deals into and out of escrow (sold). If they double end alot of deals that is a sign that they do "sell" the home and the 'hood. "Double ending" is when they bring the buyer and the seller together without the aid of a second brokerage. It happens less than most folks think.
Generally the longer an agent has been in town and with the same broker the more likely they are to be a steady performer and have the skills you need. An agent with years in the trenches is a better bet than a newbie, all other things being equal
I agree completely with Robert Kroon...if the agent has to drive more than a few minutes the home will not get the attention it needs. Ditto on "buying the listing"...an overpriced listing is a waste of YOUR time and puts you in the position of being "the closer" for the other listings. Neighborhood expert is a sign they sell at the local realtor service center...look for numbers of sold homes. In my case I have about twice as many sales as any of the three or four "Neighborhood Experts" in my own 'hood.