The Fallout Of Being Overly Attached To Your Home.

By
Real Estate Broker/Owner with KGC Properties LLC, Tucson Property Management & Real Estate

A friend of mine listed her Mom's house nearly a year ago - only one low offer, not accepted, two big price drops and relatively few showings since.

It is listed with another agent - another of her good friend's.  I received a message from her the other day - can you help? Should we paint? Upgrade? Anything to sell it?  My response? Stop waiting for the right buyer and just price the home right.

Why hasn't that been done? Because:

1) The son, my friend's brother, tells mom that the right buyer will come along

2) Son says Mom's house is worth more than what it's listed for - just wait it out.

3) Son says the agent is just not doing their job - it needs marketing, open houses, etc.

Why is this type of thinking a mistake?

1) Nobody is going to love your home or be attached to it like you are.  

2) The "right" family still won't overpay for a home.

3) As for the agent - I wouldn't spend money to market an overpriced home either - the job of the agent should have been to facilitate pricing the home correctly from the beginning.

Mom makes all the decisions about the house - it is her right to be overly attached and keep it overpriced.  Because the agent is a friend of the family - perhaps her emotions are getting in the way of having a price talk with Mom.

Back to my friend's question - what can be done - anything to sell the house?  Nothing - until Mom changes her mind about the price.  And what is the fallout from this?  Depends on how you look at it - Mom clearly thinks there is no fall out (even though she complains that the house hasn't sold and someone should do something about it!)

But there are fallouts to think about if you are overly attached and overpriced to a house that is not selling:

1) Consider what it is costing you to continue owning a home that sits vacant on the market - at some point it will turn "negative" and will cost more than a price drop would.

2) The longer it sits on the market - the less appealing it becomes and the fewer if any showings it will get.

3) If you are lucky - lowball offers will come - especially after nearly a year on the market - so be emotionally prepared for that to happen.

4) Vacant homes, with out of state sellers and no caretaker or relatives to check on the house? Potential for vandalism and theft of whatever is left inside the house.

 

 

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Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.KGCPropertiesLLC.com .

                                                 

 

This blog is written with my opinions and my opinions are  presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions.    Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .

 

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Rainmaker
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Brenda J. Andrew
ULTIMA REAL ESTATE - Corpus Christi, TX
Professional Realtor in Corpus Christi, TX

This is great advice.  Sometimes a good friend needs to tell the truth and let the person know the true reason the home is not selling.  People need to hear the truth about the home sitting on the market and it is the agents job to let them know, even if they are friends.  You brought up some excellent points here for them to consider.  Hopefully your advice is followed.

Feb 03, 2017 04:20 AM #1
Rainmaker
1,009,999
Kat Palmiotti
Grand Lux Realty, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

Well, if mom doesn't want to sell, sure, keep it overpriced. If she wants to sell, it's time to make a change. And perhaps some other improvements could happen at the same time.

Feb 03, 2017 04:43 AM #2
Rainmaker
2,622,468
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Gabrielle. This is excellent and I'll bet you are happy you don't have it.

Feb 03, 2017 05:25 AM #3
Rainmaker
399,962
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

Great advice. I think these scenarios will become less common in the future. New generations don't seem to stay put like our parents and grandparents did.

Feb 03, 2017 05:42 AM #4
Ambassador
2,416,119
Paul S. Henderson, CRS, REALTOR®,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I have lost track of how many times I have had that conversation Gabrielle Kamahele Rhind 

 

I hope you just had an awesome week!

Feb 03, 2017 07:56 AM #5
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Gabrielle Kamahele Rhind

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