Siblings disagreeing on listing price on inherited home

[RetireeRobert]

Quote:

Originally Posted by Badger In my area there are realtor signs in front of houses saying "Coming Soon" and then before they go up for sale they get offers and sell. This has been happening frequently lately. Our house (that will be knocked down for the property like 90% of the houses on my street) would list for over $900k. At 7% I would be paying a realtor $63,000. Why would I do that?

Exactly. In this super hot sizzling sellers market, with so few houses up for sale, and so many realtors out there, why would, why "should" any seller be expected to pay customary full commission rate for what amount to an "order taker"?

Sellers can list on Redfin, and that site only charges 1.5% commission to sellers.

And especially on homes in higher price ranges, say $750,000 and above, it seems the industry had better adapt to a lower commission structure than has been the custom. Seems the time is ripe for some transformational restructuring of the home sales industry.

[Texas Proud]

Quote:

Originally Posted by RetireeRobert Exactly. In this super hot sizzling sellers market, with so few houses up for sale, and so many realtors out there, why would, why "should" any seller be expected to pay customary full commission rate for what amount to an "order taker"? Sellers can list on Redfin, and that site only charges 1.5% commission to sellers. And especially on homes in higher price ranges, say $750,000 and above, it seems the industry had better adapt to a lower commission structure than has been the custom. Seems the time is ripe for some transformational restructuring of the home sales industry.

Well, it has been ripe for many many years with nothing happening.. until one of the cheap options start to show they are just as good or better than the current system nothing will happen...

[2HOTinPHX]

OP here
Thanks for all the replies....not sure if any siblings are following this...bit that's a whole nother conversation.

Home was listed this AM at 950000. We will see how it goes.

Man looking at the pictures of the home empty is gut wrenching for me.
We were very lucky to great parents and to have grown up in that house. Many fond memories...TKS Mom and Dad.

[Brat]

I think that the listing price is smart. My prediction is that it will close well over $1M, even empty lots in Los Altos go for more than that.

[ivinsfan]

JDP change is hard and it's wonderful that you have such fond and loving memories of your parents.



Hopefully a new family will come in and make new memories..


Keep us on the ins and outs of getting it sold..

[jollystomper]

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Originally Posted by JDPascale OP here Thanks for all the replies....not sure if any siblings are following this...bit that's a whole nother conversation. Home was listed this AM at 950000. We will see how it goes. Man looking at the pictures of the home empty is gut wrenching for me. We were very lucky to great parents and to have grown up in that house. Many fond memories...TKS Mom and Dad.

Glad you got it listed.

I had the same feeling seeing our parents home, the first and only home they purchased, empty.Before the closing, my siblings and I, and most of our kids, were able to go to the house and take "farewell" pictures. The finality really hit home. However, we were comforted that the buyers were a young and growing family, so hopefully they will have their own great memories of the house.

[2HOTinPHX]

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Originally Posted by jollystomper Glad you got it listed. I had the same feeling seeing our parents home, the first and only home they purchased, empty.Before the closing, my siblings and I, and most of our kids, were able to go to the house and take "farewell" pictures. The finality really hit home. However, we were comforted that the buyers were a young and growing family, so hopefully they will have their own great memories of the house.

That's kinda what I would like to see too a new young family.

[2HOTinPHX]

https://www.redfin.com/CA/Newark/360...0/home/1949943

So I thought with all the kind advice here I would share the listing so you could see the house. Keep in mind parents were original owners and added a bedroom and family room way back when. They updated the kitchen a few times but not much for in the last 15 or 20 years. Mom liked the color of the house...not my cup of tea. They house used to back up to our elementary school yard. Mom could keep an eye on us...LOL. The city sold the land about 10 years ago and houses are there now.
We did not want to spend time or money for complete remodel. We felt better to do minimal and let new owners make it their own. So fresh paint on the inside and new carpet in a few places.
Crazy prices in Bay Area now..true home of the million dollar fixer upper
Watching the views on Redfin over 550 since listed 4 hours...crazy.

[ivinsfan]

Neat of you to put in that link. It looks very much like the house my parents bought after Dad retired from the Army in 67. But.. a million dollars and a 4200 a month house payment even with 20% down. Put down 90K and the payment is over 5K a month. Where is this going to end? Good Luck on the sale..

[jollystomper]

Quote:

Originally Posted by JDPascale That's kinda what I would like to see too a new young family.

Yes indeed. At the closing 4 of my siblings were present in person, I and 2 other siblings conferenced called in, and a BIL who is an attorney handled the closing. The purchasing family (couple with 2 kids and a third on the way) was pleasantly surprised at our banter - "so many of you and you all get along!" was their comment. They felt the "good vibes" of the house contributed to that. Of course my BIL had to quip "they're just putting on a show for you, it will be WWE Battle Royale time after this is all done", which broke up everyone at the closing.

[2HOTinPHX]

Quote:

Originally Posted by ivinsfan Neat of you to put in that link. It looks very much like the house my parents bought after Dad retired from the Army in 67. But.. a million dollars and a 4200 a month house payment even with 20% down. Put down 90K and the payment is over 5K a month. Where is this going to end? Good Luck on the sale..

I totally agree. Prices are way out of control in the bay area. The property taxes will go from around 1200 a year to over 10000 a year...forever.

I worry how its all gonna end...feel bad for anyone having to buy there right now. We could not afford to move back.

[iloveyoga]

It's a really pretty house, good luck on your sale!

[daylatedollarshort]

Thanks for the link and good luck on the sale! I seems like a great time and place to be a seller right now.

[2HOTinPHX]

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Originally Posted by iloveyoga It's a really pretty house, good luck on your sale!

Thanks for the reply and kind thoughts. Our parents were very lucky to have had great neighbors that all grew old together. Great times in that house. Gonna miss it.

[38Chevy454]

Thanks for the link. Reminds me of typical east bay houses. I grew up not too far away (Livermore) and can also reminisce about the old neighborhoods for myself and friends. House looks good in pictures, I think you will get a pleasant surprise on the response and offers.

[socca]

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Originally Posted by JDPascale I totally agree. Prices are way out of control in the bay area.

Definitely a different world than mine, price-wise. I have no idea what the quality-of-life is like in that neck of the woods. Relocate that house, lot, & neighborhood to my area and the house would list at ~$280k and sell for maybe ~$260k. Another way to think about it: $1M buys an 'estate' in my area: 6 BD, 4 BA, 1 acre lot, water view, maybe a guest house ...

Congrats on selling into a hot market. If the Zillow prices are accurate expect a price war. Good luck!

[Gary 1958]

It's easy to drop the price and impossible to raise it. You've waited more than a year to get to this point so list it high for a few months and drop it later.

[2HOTinPHX]

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Originally Posted by daylatedollarshort Thanks for the link and good luck on the sale! I seems like a great time and place to be a seller right now.

Thanks. Listed 7 hours and over 800 views so far. Crazy...hot market.

[2HOTinPHX]

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Originally Posted by socca Definitely a different world than mine, price-wise. I have no idea what the quality-of-life is like in that neck of the woods. Relocate that house, lot, & neighborhood to my area and the house would list at ~$280k and sell for maybe ~$260k. Another way to think about it: $1M buys an 'estate' in my area: 6 BD, 4 BA, 1 acre lot, water view, maybe a guest house ... Congrats on selling into a hot market. If the Zillow prices are accurate expect a price war. Good luck!

Wife and I relocated from Bay Area to Phoenix about 15 years ago....came for the half off home sale. Bay Area has gotten really crowded. Traffic is horrible now. Not sure we would return even if we could. Do miss the variety of things to do there.
Yes its crazy how much more home you can buy when you look out of the bay area bubble.

[2HOTinPHX]

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Originally Posted by 38Chevy454 Thanks for the link. Reminds me of typical east bay houses. I grew up not too far away (Livermore) and can also reminisce about the old neighborhoods for myself and friends. House looks good in pictures, I think you will get a pleasant surprise on the response and offers.

Have been to Bay Area lately? It has spread out so much past Livermore. At least Bart runs out that way now.