How do families value homes when the parents have lived in them for decades? Hopefully they call a professional tha
t has market and neighborhood knowledge!
I get a call from a family member that outlines a story of Mom being moved into assisted living. She is a meer 89 years young and not missing a step! She has resisted selling the car, resisted adding a couple hearing aids, resisted going into a community that offers meals every day. According to her son.....she has been a real pill! Heck she is still very active and stronger than her children.
The eldest son...now retired, calls and says we have an offer from one of his nieces. I get the address, do some preliminary comps, meet the son at the home for a personal tour. I sold a home four doors away several years ago. The son tells me the price...I ask if I can give him a thousand dollars more and write a check right now! He looks at me with a puzzled look.
I had pulled the comps on the property...even though Mom had not painted or changed carpets in at least 30 years it was still worth twice what the niece was graciously willing to offer. The home next door is listed for nearly three times what the neice has offered.
The little darling was going to "flip" the home and make a quick $40,000.00 and never look back at her Aunt's and Uncle's situation of still having expenses and care requirements. The look on the Uncle's face was a Kodak moment! He was less than happy when he grasp the stituation. We went over the listings and sales in the area for the last six months...he could not believe they had really thought the price the neice offered was a good one based on paint, carpet and wall paper. 
People do not know the market....in today's market the home is not worth what it would have sold for three years ago but is certainly not a fire trap either! Newer furnace, roof, all appliances stay including a washer and dryer...discounted $25-35,000 for cosmetics and clean-up and the home will not be on the market a week!
The most interesting result of this call and finally the follow-up was the neice's reaction when they came back with a new price. She said, hey I was going to sell it and make some quick money...if you guys didn't know what you had it was your fault! Her dad was standing a few feet away....he looked at us and said...I have no idea why she is so greedy or would treat family like this but she is not going to buy my mom's home....
I quickly interject that if she has the money and wants the home she is allowed under the law to purchase the home. She said forget it...that price is to high...and walked off giving me a hand gesture because I ruined her scheme of making a quick buck.
I know both the son's of the lady who is now in assisted living. They were very embarrassed...which they had no reason to be. The daughter is the one that should brought to task for trying to cheat her family. I doubt she will ever have a chance to purchase anything from the family again.
This is why clients call, they need guidence understanding the market, current home values.
Grand Rapids Michigan like so many communities has a wide divergence of neighborhoods and listings on our local real estate board (GRAR). The Grand Rapids Association of Realtors provides statistics for the public to review. Home sales are down significantly in Michigan and in our local market as well. The Michigan Association of Realtors supplies statistics for Realtors and the public to keep them up to date on market conditions state wide.
I subscribe to Realty Times and have a direct feed on my website offering national an local market information to further help my clients with daily updates of the real estate market and trends.
Many times clients do not understand or can not read the charts and graphs...we as Realtors provide a valuable service in offering key market information for sellers and buyers.
This is just one more page in a list of real estate issues that can happen to families if they do not seek professional help.
If you are a Michigan resident and need help with the sale or purchase of a home, give me a call. We have programs designed specifically to meet YOUR needs. NO two sellers or buyers have the same issues or requirements. Call: Gary White Toll Free 877-667-4699 Email: garywhite@FlexItRealty.com
Go to our website and Download over 30 Free Reports, these reports could save you thousands of dollars in your next real estate transaction. www.FlexItRealty.com
Gary
It's always amazing to me that a lifetime of values of a family member will disappear over a few dollars.
Hi Patty and Scott, it is very simple for us to create a price range...but people that have lived in homes a long time they have very little reference to the market because they have had no reason to keep up with it.
Thanks for your comments Patty and Scott.
Hi Duane, the niece was a bit miffed that a family member contacted me for paperwork and then I asked my usual questions and run a quick CMA to verify the price. OOPS! On the other side of the coin...they are giving me the mom's home as a listing and I am also getting another family members home as a listing along with helping purchase a third home...so the niece didn't have things work out well but I must say it was a very productive meeting for me and the family!
Hi Terry, some times they just never subscribe to the family values they have learned. This was very difficult for the family to swallow. Thanks for the comments Terry.
Gary,
This is an interesting business, for sure! Thanks for relating the story.
Mike in Tucson