You are going to get a lot of 'what if' scenarios since none of us know why the agent did this and they might help you understand once your agent clarifies. Here is one more 'what if' scenerio that might have happened assuming your agent is competent.
In my experience if I am dealing with a property that is unusually larger than the comparables I can't price it based on square foot price alone. (FYI- no property is priced on square footage alone) Let's say the average square foot home is 1500 sf in the neighborhood and sells on average for $100 a sq ft. Obviously the average price point for the neighborhood is $150,000. Then I look at the 2700 sf home. If I price the home at $270,000 I know I've got the castle in the neighborhood problem. The castle in the neighborhood typically takes a lot longer to sell in a sellers market much less the time it will take in a buyers market. Most people looking to spend $270k on a home will not be shopping a neighborhood with the average home being $150k. Unfortunately, for people who own the castle in the neighborhood, the smaller homes pull their value down in terms of square footage price. The larger the home is in comparison to the comparables the less money per square foot. This also occurs on the opposite end. The smallest homes get more per square foot.
What might help if our responses are completely non applicable is detail your question a little more. The more information we have the better we can answer your question.
However, remember what Sylvia states below: You determine the price - the agent typically only makes a suggestion based on the actual market survey. If you did not get all the information - then it's time for the sitdown with your agent.
If you aren't satisfied - then I suggest you bring the agent's broker in on the discussion. Remember, you drive the bus! Don't make a decision you aren't comfortable with - there are too many agents out there, ready & willing to assist.
Having said this, I truly believe - this is a simple matter of a miscommunication. Besides, didn't the agent use more than one comp?
Again - much luck to you Jill - and I send my wishes for a quick sale your way!
Sounds like you need to talk to your agent and straighten things out. If your agent has really made a huge mistake you might want to ask the broker to reassign agents for you.
Good luck with your dilemma!
RE/MAX Bryan-College Station
If you do compare a smaller property to a larger one, the smaller property will pull the value of the larger one downward.
Did you meet w/ more than one agent and get more than one pricing opinion?
Only you as seller can set your price. A sellers agent may determine the ask price is too high and decide he/she cannot represent you as a seller. If your agent walks away from a listing because he/she says it is priced too high, he/she probably really means it is ovepriced.
In your example above, I would ask for some help in uderstanding why the conp was chosen, and what alternate comps could be used in discussion.
Is the difference in the house only in square footage? Not saying your house is this way, but are there differences in the location of the houses (freeway vs. open space), condition of the house (complete remodel vs needing update or repairs?), neighborhood (desirable vs not), demographics around the neighborhood? floor plan of the house (sometimes some floor plan is very difficult to negotiate - one of the houses on an extremely desirable area is defined as tear-down because the house has strange floor plans). The lot location and condition (level vs slope?) or combination of several?
Again, I am saying any of the above applies to your house, i am just trying to point out that square footage is not everything when we price houses. Assuming he is not aiming for a quick sale, he should be able to explan his reasons to you until you are satisfied. .
If you still do not agree, then you can ask him to change the list price because the house is yours. Just make sure you price the house fairly and correctly. If you overprice your house, it can be difficult to sell - stay ahead of the curve is a good plan in this market.