Why does RE agent say list house $30K less than Zillow estimate?
My parents are in a quandary about how to sell their house so that they can move to a retirement community. First they were going to sell at an auction, which is very common in our area. But then they decided to list it. It just so happens that the auctioneer is also a real estate agent, so he is listing the house for them.
My parents custom built their home 35 years ago, and it has tons of amenities that most people do not put in their homes. It also has a second kitchen in the basement which my mother used to do her freezing and canning. The house is well maintained and tastefully decorated. The landscaping is impeccable. Ok, it doesn't have granite countertops and SS appliances, but neither do any other homes in their area.
When they were talking about an auction, I looked on Zillow and noticed that their house value is listed as $x. I actually thought their house could easily bring $x + $10,000-$20,000 at an auction, but you never know.
After they changed their mind and decided to list it, the auctioneer put on his real estate agent hat, and discussed price. His price is $x - $30,000. In my parents price range, that is a significant amount of money to leave on the table. As I look at listings on Zillow that are in their school district, all homes are priced higher than the Zillow estimate.
Why do you think the agent is listing their house so low?