Updated 2 days ago on . Most recent reply
Checking My Math
Good morning BP community! First, thank you BP for being such a great resource and forum; this is my first ever post on BP despite having first signed up in 2013/2014 timeframe and then left the community because work took me elsewhere.
So I'm posting to throw a question out there and I'm genuinely interested in all angles of looking at it - no holds barred please.
I'm looking to sell a 4/3, 2500 sqft home in Knoxville, about 5 minutes from UT Medical. It needs some updates but nothing crazy and I've already poured about 50k into it on repairs and updates (long story, much of it not pertinent). I've had two realtors come look at it briefly, both people I have known from the past, and both have given me what I feel are low estimates: one 399k and the other 450k, representing 160 and 180 $/sqft respectively. I have done nine of my own comps in the area - what has sold over the last two years, what's under contract, and what's on the market now. The average of what has sold and pending over the last two years is $221/sqft. Throwing in what's on the market now throws it up to $243/sqft - all comparable houses (though some are more updated in terms of amenities). At the "sold/pending" average, it would be 552,500. Zillow (I know, I know) has it at 525000.
I'm no expert by any means but I've done a few deals, done a lot of reading, and been doing this for a couple few years. I can't for the life of me figure out why I would be getting such low estimates from my realtors - no less - unless they are looking at flipping it to someone they know who may come in, throw another 10-15k into it, and then flip it? 75k-100k is such a large difference that it has me perplexed enough to reach out to the community.