Historically it's tough to compete with new construction versus a resale.

Further what you want to sell your condo for is irreverent. Buyers decide what they're willing to pay for a new home and you can either sell it to them for that price or try to negotiate a compromise.

Given the Knoxville market today it does not seem realistic to me to expect to sell a condo you bought 2 years ago for 98K and get $115,000 or more 2 years later.

You might want to take a look at some of my blog postings where I've graphed the Knox County closed real estate transactions for this year.

Your problem is very common in this market. You must create an answer as to why some one would pay more for your condo - location, improvements, size, garage, etc. In your comps concentrate on closing prices not listing prices..
$115k-125k may be unrealistic considering your neighbors listings. According to the Knoxville Area Association of Realtors there are 25 condos listed in Fountain City priced between $90-125 k; 30 have been sold this year
Avg Closing price $103,517 Days on the market ave 79 Ave listing price$105,237
Let your Realtor advise you. Good luck! DAVE

Hi Ashley,

Luckily you're in a price point that is selling well here. I'm sure you know the comps will dictate your listing price. There is a lot of smart people out there buying right now. If you are planning on moving up you're smart to be wanting to do so. Without knowing where your condo is I can't give any advice. Do you feel like you paid too much 2 years ago? This is the problem most people are facing with todays pricing.

Anything's possible, but this sounds improbable.

Agreed - your best bet is have a comparable market analysis done by a real estate agent.

From a lender's perspective, your buyers may have trouble unless they have some spare cash. Unless an appraisal shows your home is worth more for newer comparable sales as their down payment and financing would be based on the lesser of the appraised value or sale price. Thus overpricing can hurt even if there are immediate offers.

A new fence is nice and adds desirability but adds nothing to the structure. Upgrading the floor plan won't net you 100% return on investment. My guess is that you would have to hold onto your home a bit longer to get the price you want.

If you have any questions about financing anywhere in these United States, please let me know!

Tom

Tom Stevens, Eagle Nationwide Mortgage Co., a subsidiary of Eagle National Bank
Thomas.Stevens@ENMCdirect.com
508-653-2223 x 25

Not being an expert in your market, I can only comment on how this scenerio would play out in market. If you purchased a condo new construction AND the complex still has new construction available, then potential BUYERS would prefer the newly constructed units over you unit. If, as you said, the new construction condos are in a different neighborhood, your condo may be worth more IF you neighborhood is preferable to the other nighborhood.

My advice, TRUST whatever your REALTOR has to say regarding price and marketing (as long as they are qualified and experienced.) They are the experts in your market.