Trouble pricing house

[Travis Hardy]

I have a property that I did major rehab to that I am in disagreement on pricing it. Comps are fairly different in my opinion. Realtor wants to list it 10k less than the number I came up with. I have redone the foundation, all new electric, all new plumbing (PVC to the street), all new kitchen, added a bath, new flooring, all new windows/doors, updated all insulated while walls were open for electrical, new furnace/AC, new siding. It is basically a new house except the roof, which is metal and does not leak). Im trying to tell the realtor that it should be priced in between new build prices and remodeled houses. I did not skimp anywhere as I planned on keeping it and am now looking to sell it. 

Comp 1(Sold 14k less than I want to list at)- 

Things that are worse than mine-Is on a slab foundation and clearly has foundation issues. (Large hump in middle of room plus cracking along drywall), mine has a large basement(cant count as living space due to no egress) old kitchen cabinets, old furnace, old windows(condensation in between panes). On a the main st, mine is on a dead end with only one house past mine. Layout of bedrooms is awkward. It was definitely a "fix and flipper" lipstick job. 

Things that are better than mine- Has garage. Is 3bd/2bath(They are able to count, mine is 2bd/2bath with attic(due to slant of roof cant technically count as bedroom), Small deck.

Same sqft, same lot size, 2 blocks away

Comp 1 is the best and most recent sale.

Comp 2-(Sold at what Im looking to list for)I was not in this house so I'm not as familiar with it. 

+100sqft. 4bd/2bath. carpet throughout house. 

Basically my realtor says because I can count the attic as bedroom and cant count the basement as living space, that I need to price it cheaper. I disagree as the attic would make a perfect bedroom, even though it cant officially be called a bedroom, for a kid and I took all the steps to make sure that there would be no water issues in the basement (Dug drainage along house, added "pond liner" and waterproofing tar along exterior of basement walls). Basement area is another 300sf. 

Any advice would be greatly appreciated. Thanks in advance. 

[Kevin Sobilo]

@Travis Hardy, I won't dig into the details of your analysis but I think I can give you some things to consider in a general sense.

The typical buyer is NOT analytical. They value how it is to live in a home over the infrastructure and mechanical components.

This is an over simplification, but with a roof they basically look at it and say to themselves. Does it have any current issues? Will it need to be replaced in the near future? If both of those answers are no, then they mentally move to the next step. They don't assign much, if any, difference in value for a 10 year old shingled roof versus a 20 year old one. 

If you bought a house for $100k and replaced a 20 year old heating boiler spending $10k, how much would that increase the properties value if you immediately tried to resell it? LESS than $10k! WAY LESS than $10k. The fact that its brand new might get you something more than $100k, but probably not more than $105k.

So, for foundation, electrical, plumbing etc I would assign very little additional value over the comparable remodeled properties.

As for the attic and basement. For use as a bedroom one of the key factors is egress. A safe way to exist in case of something like a fire. Most basements don't have egress for a bedroom unless they specifically add an egress window which is expensive to dig out around the foundation to add. So, with regard to use as a bedroom your realtor is probably correct.

As for use as "finished space", a basement can add SOME value but typically the head height may be lower, it doesn't have large windows etc. So, as a rule of thumb they might be considered at half the value per square foot as above ground space. That is how I would think of it.

Finally, your realtor wants to sell your house for you. Consider TIME in your thinking. If this sale takes you 9 months to complete what does that cost you in $$$ and aggravation versus a quick 60 day close? If time is NOT important then listing at a higher price might make sense. If it is important you want to make sure you listen carefully to your agent. I have seen MANY sellers shoot themselves in the foot trying to get a higher sale price but losing MORE because time more than ate up the additional money they might have gotten.

Consider making a long term plan with your agent. Agree up front to price reductions at specified intervals. Your agent doesn't want to sign up for all that work unless they believe there is opportunity for a sale. So, if you list it higher agree to price reductions every 30 days or whatever and SIGN THOSE PRICE REDUCTIONS WITH THE LISTING! This way your agent knows you are both on the same page. They will work hard for you because they feel they can make the sale and the sooner they sell the more they make!