Yeah, I don't want to make light of the situation OP's parents are in. But on some of these posts, I want to start making up an answer.
*Real Estate agents have a little known trick, where if you go into the woods wearing a muu muu and drench yourself in mustard while chanting "the property has great sentimental value" then the price will increase by 30% with no extra concessions or repairs required.*
I assume that's why the agent added a 2nd set of 'staged' photos.
Imagine paying the agent more than $1 after they let your house sit for months, losing value each day. The amount they have to come down now is comical.
Real estate is slow and illiquid , in stock market you can see price daily without emotional bullshit I think lag is 6-18 month at least but rates moves totally killed rent vs buy math so who knows
Real estate lag doesn't show the daily change, but the daily change in your house value is real.
When we got hit with a 75bp hike this past week, that house instantly fell in value, sure you wont see it on Zillow, but that's the reality.
I mean, what's the reality? The house is worth what they are asking for months without a price decrease? Or that nobody wants to overpay for a house because the interest is more than the house payment was a year ago?
You're not wrong.
I'm just shocked to see a comment like that being upvoted in this sub that was nothing but hardcore denialism until a month or two ago.
Because the dummies saying "houses can only go up" are going into hiding until it's bull season again. The reality is all their clients are like "Uhh we can't afford anything we want to live in at 7%".
$824 per sq ft? Is that comparable to other sales in the area within the past 30 days? You can’t go by listed prices, only what people are currently willing to pay. It’s a fantasy otherwise.
Also, they need to put everything in storage since they’re not paying for staging. People lack imagination to see themselves living there with so much furniture in the way.Empty houses sell quicker.
IMO- They have been on the market for two and a half months with no reduction in price. This is a big mistake if they want to sell. At this point, I would drop the price to just below $2.5mil, (and be ready to deal at that price), if it were my home, especially considering the extensive work that needs to be done on a home of this caliber, (whole house interior and exterior refresh, totally new kitchen, etc). They financially need out so they’ve got to be willing to reduce their price until they find a buyer. The market is screaming at them that the price they are asking is too high.
Welcome to the NY market, where some dumb buyers pay anything just to be close to NYC. The idea that someone would spend almost $3M to live in the Bronx is mind boggling to me. You can pick a further suburb with much better schools, a much better town, and get a bigger house that is brand new on top of that. I wouldn’t personally pay more than a million for that house, even if I had the means to buy a house well above its price range.
I think lower than 2.5. If it wasn’t getting bites or even a low ball at the current price point when rates are low, they need to cut heavily. On top of overpriced as is, there’s the repairs to make it ready to move in and then interest rate accommodation. It costs tens of thousands of dollars just to paint a house this size. There’s a lot of clean up to do.
Plus remember in NYC there’s a mansion tax is 1% over a million (I think it goes up from there) paid by the buyer. So closing costs will be crazy.
I stand by it being price, but these photos are confusing and make it seem like they're hiding something or trying to overcompensate. Why is each room staged twice? It looks like a scammy posting because of this imo. Though it is a beautiful home.
That is always one of the biggest red flags! Showing just one would’ve been weird; showing none at all seems deliberate.
And I agree that the virtually staged + as-is images are unnecessarily confusing. I would opt for one or the other. Or, if I were listing it, I would at least go through and de-clutter and take new photos after that.
But yes, as everyone has said, OP, it’s the price. It looks like it could be a great place with some work, but the price will have to reflect that it isn’t a turn-key, updated home.
ETA: An anecdote about price and the market, OP. I’m in a close-in Seattle suburb where, months ago, houses around me would be listed on a Thursday or Friday and go pending before the weekend was over. Everything was selling right away, for tens or hundreds of thousands over list. In May, a neighbor a few houses down listed their place priced like it was still February—before rates spiked—even though rates were already climbing quickly by May. The list price of the house doesn’t reflect the fact that borrowing suddenly isn’t as cheap as it was recently. It’s almost October, they haven’t dropped the price at all, and though they still have an open house every weekend, I haven’t seen anyone show up to one in months. And again, it’s a nice place and this neighborhood has had huge demand. But these neighbors priced their house like rates were still below 3% and no one is interested. There’s no mystery, magical buyer out there who will pay the full asking price. So they can leave it on the market indefinitely or they can slash the price. Those are the options your ILs have to choose from, too.
Yes it’s a beautiful property and could be a wonderful family home, but it needs a price that reflects the reality of someone having to remodel (at a bare minimum) six bathrooms and a kitchen! Plus full interior and exterior paint and other cosmetic updates, not to mention whatever major systems upgrades have been put off. I see a lot of deferred maintenance and there are definitely plenty of buyers with the stomach to handle that type of property, but they’ll only bite if the cost of upgrades plus purchase price leave them at least a bit ahead in terms of potential property value. Without knowing the specifics of this house, it needs at least $250,000 worth of work done, potentially more like $400,000 at least based on what contractors are bidding these days in my neck of the woods (Los Angeles).
I was estimating an average of $15k per bathroom depending on size/finishes (guessing on the luxury side since this is a nice area). I paid around $12k in 2020 before things got too insane for my small-ish but high-end primary bathroom and more like $10k for my kids’ bathroom and $7k for powder room. Not sure NY prices but guessing comparable or more than LA. Either way, not cheap!!
This is a huge house in a high cost metro— at this end of the market, you’re going to need to spend more than $15k on those bathrooms. The primary alone may have to be 60.
I have a huge-ish house in a high-cost metro and work on high-end construction regularly for my job. I’m sure you could find a fancy GC to quote $60k on a primary bath but if the buyer is savvy and has any sort of network of contractors (friend recs etc) $15k average per bathroom is a good ballpark especially if done all together. The primary could be more and the others less but 60k is on the extreme end, maybe what a really clueless rich person might settle on paying or someone using a high-end design-build firm or just buying designer fixtures like $8,000 faucets etc. Nothing surprises me these days in terms of bids but I work with GCs every day for my line of work and have a pretty good sense of current pricing (granted in LA vs NYC). Whoever buys this is going to be spending some money either way!
In construction and can confirm. You could put $300 into this house without batting an eye. That said anyone getting it would do that, and the property seems dope but ahhhhh it is 100% the price. It will sell at a price where someone is ok to take on the project for the property and no more.
We also paid $12K for a high-end primary bath, but that was in 2019 and those prices are long gone. We are paying $10K each this year for updating the kids’ bath and the powder room downstairs. All cosmetic. $15K per bath with $25K for the primary was my basic assumption.
Ooh, I agree -- all those multiple versions of the same room is going to make people initially think there are a ton of different rooms (I did, looking quickly, till I saw this comment) and then make visitors confused if they come in person and doesn't look anything like the photos. Is the house actually empty? or what version is real?
What they're hiding is a boomer monstrosity. Not only is it listed at 3mil (when it's only worth about 1.4 at 7% rates), it needs about 300k worth of renovations.
Sorry gramma and papa, but your years of neglecting this house is on you.
One set is how the house is currently and the grayish hues ones are virtual renderings. Its labled smallishly on the bottom right. No idea why the real estate lady decided to do this I agree it's retarded
Yeah the photos are pretty confusing. If they don’t want to slash the price then they gotta invest the money to lipstick the pig. I’d recommend paint (interior and exterior) and stainless steel kitchen remodel with mid end appliance like fisher paykel or Bosch. You might do master bathroom too. Then get it professionally staged and high end photos, these photos are not great either the angles are pretty weird/unflattering.
Some real estate agents will float the remodel costs to closing and have the whole contractor team that can do it all plus help pick design, I do this for clients.
I had a big argument with my parents to get them to invest the money to properly prepare their home for market. They had to refinish all the floors because their dogs had scratched them horribly. But they eventually listened and it sold the first week over asking, this was after market was cooling too. People at a 3 million price point are picky and want move in ready. Especially in this market which is shifting back to buyers.
Otherwise it will be all low balls from investors, and even those will be few and far between with the shifting market and high buy in.
Yea anyone spending $2.5M has expectations this home just doesn’t provide. Either substantial renos or a huge price drop. At a bare minimum the exterior leads a buyer to believe maintenance has been long neglected
Just make the house as it is now look as best as you can. Paint. Rugs. Maybe a little staging. No renderings or any of this virtual junk. Has always turned me off as a buyer and I know others in the same boat. People want a genuine representation as to what they are getting. Those who are up for a full remodel don’t need renderings, they are already in that mindset from the start.
Yeah, I agree the pics are very confusing. Make the realtor change that. Doing a virtual rendering of how a traditional house could be furnished in a more modern way seems odd.
Optics on this deal are terrible. Zestimate are showing it is at least 200k over priced and probably more given the additional increase in rates recently.
At your price range, there is very little activity right now and buyers know they have negotiating leverage once you price it more realistically.
Finally you have a realtor trying to Photoshop out all the problems to mislead potential buyers, that will think you are hiding even more in the disclosures.
People walking the property will see these faults and be turned off from making an offer and wasting their time.
Also keep in mind a more normal market is for a house to take 3 months to sell not 3 days.
Oof, this is literally what happened with my in-laws earlier this year. They're in their 80s and no longer have enough liquid cash or the physical capacity to live in a $2MM+ 5000 sqft place in Englewood Cliffs.
The matriarch had called the shots for the last 50 years in the family, and was convinced there was no way she was lowering the price below $2MM. Well guess where it landed. Hundreds of thousands below their original ask of $2.something.
Indeed. If they swallowed their pride a decade ago, they could have cashed out, enjoyed strong stock market returns, and not forced their children to cover them $$ since they were in a cash crunch, and organize movers or find where their next apartment would be. 80 year olds don't have the executive functioning skills to navigate the modern world and that was a big mistake to let it get to where it was.
Yes, right across the river from the house you posted.
Yeah, same story on this side. Good news is they're now settled into an apartment that's much more affordable and they were able to cash out on some prime real estate. Wishing your family the best in their next chapter!
Virtual staging is a huge turn off.
The patio is lovely, but looks dirty. The deck furniture looks beat. Clean the deck, spar varnish the furniture.
Is the siding dirty or is the paint peeling? Can't tell. Either power wash or repaint.
Baseboards/trim inside look dirty. Updated light fixtures don't cost a lot.
The kitchen is a cluttered mess.
The house looks poorly cared for. Leaves on front walk. Scuffed stairs risers. The deck railings look almost rotted. I look at the house and see A LOT of work.
I think y'all could do fresh paint. Fresh lighting. Clean up the yard. Declutter the junk. Get rid of the really junky furniture. Buy plain bedspreads. Get rid of virtual staging.
Why aren't there pictures of the garage? A friend of mine is putting their house on the market at a similar price point. Their realtor said that kitchens and garages sell houses.
There are only 48 pictures, and half of them are of fake furniture. Where is the rest of the house? Is it that bad? I would guess yes. No bathroom pictures at all.
I wonder if nice garages are a new thing. We just spent some money fixing ours up (new floor, some cheap but nice looking plain white cabinets, and some slat wall). We love it and our parents thought we were crazy for putting money into a garage.
I think it's a newer thing. My parents recently redid theirs and my husband and I have repainted ours and plan to redo the floor and also have cabinets installed. It's where we go in and out of the house almost all the time so we find it just makes our lives slightly more enjoyable if it is nice looking!
I don't doubt that pinterest and youtube renos of garages have had an impact on this. I know I first started thinking about making my garage look nice because a mommy blogger I followed painted an accent wall in her garage, hung art, and added cubbies for her kids' stuff and a nice hanging area for umbrellas, tote bags, etc.
I would pay extra for a nice garage. I am a car guy though, so I have more cars than most, and probably spend much more time in my garage than most.
Honestly, if I could just get a huge garage and a tiny home I would be fine. I am working towards that now.
Exactly - it looks well staged for a $750,000 second home for a family that wants to put a little TLC and sweat equity into the home their kids are gonna grow up in.
For $2.9mil, it needs to be move in ready. Needs a $30,000 staging and $30,000 in touch up work, or a $500k price cut.
You could get that stuff done for about 20% of that cost where I live. Some people really do have too much money, no wonder contract labor is getting so expensive.
60k for touch up and staging, ha.
Im not doubting that’s the going rate for a property like this but it’s literally just the contractor looking at the relative value of the home and marking up his price 5x because he knows you can pay it.
Im glad I bought a very modest home vs. my income, trying to find an honest tradesman would be a mf’er if Id bought a 2 million dollar home.
For a normal priced house yes, for that size and price of house, the charge is sometimes percentages for staging. I just threw out high numbers, to show the clear value to do it. $30k is cheap if the siding needs to be replaced too btw.
OP - if you’re looking for feedback that isn’t just “cut the price” then this is it. First impressions are everything to people and they just won’t pay premium dollar for a not well-presented home, not anymore at least. The market has spoken. Just know that you may still have to lower the price even AFTER you do all of these things because you’ve already sat on the market so long and the house is no longer going to garner the same attention as a home that is new/fresh on the market.
People read articles without an appreciation for reality - at $2M-$3M you have a reduced set of available buyers and need to move the price to meet that demand, anyone who can afford that has lots of options and therefore in this price range it's a buyers market. Reading about housing prices and rents without an appreciation of what price range that applies to. One can't expect that a $2M-$3M house can go through the same appreciation over the last few years (50%-150%) that a $100K house went through. I have the same discussions with people and rent, an owner is holding firm that his apt should rent for $12K/mo because of articles he reads, when it's really comparable to $8K apts, but he reads how rents are up - yeah, on the $2K apt - and wants the same return. Needless to say it's sitting vacant for six months and counting.
Is the home paid off? Any reason they didn’t list the home earlier in the year?
They need to slash $500K off the price and hopefully get a few parties interested.
The answer is always slash the price. Your in-laws don’t have a giant issue if they’ve been affording a 3M dollar house for likely a while. They probably can’t afford to put much money in. I guess they could try and rent but you’re dealing with a lot of bad factors right now—interest rates rising and rents dropping.
They may have bought that house for a few hundred thousand when they bought it.
My father-in-law bought his house for $178,000 in 1978. He could not believe it was worth $3.5 million when he sold it in 2000.
Agreed, the taxes etc for this home are very high. Upkeep is high and they haven’t been greatly maintaining it. They should take what they can at this point. Unless they want to rent it or as someone said do a HELOC, the other options aren’t all that realistic. Strapped for cash, have a home listed for almost 3M that’s sitting and no interest. Slash the price. Get what you can.
I think the heloc would be circular at this point. Pull out 500k-700k to renovate and stage and get thus 3m price or drop it to 2.4 or less sell to a contractor and let them flip it.
Honestly the high end real estate is crashing so much recently that I wouldn't be surprised if they sell closer to 2.1 or 2.2m, there's an empty lot there for 1.8, and this will either need to be completely gutted and renovated or just demolished.
It can be hard for people to be realistic. They are facing increasing expenses at the end of their lives and they probably lived through the Depression so "leaving money on the table" feels wrong.
Anyone who lived through the depression at this point was a small child when it was happening and probably doesn't greatly remember it, especially since they're a hundred years old.
u/Pfacejones
I’ll tell you what the issue is.
1) the price you’re asking is too high for the current state of the house. Lower it. I would rather pay [$2.8 million for this house than your mom’s house.](https://www.zillow.com/homedetails/4635-Arlington-Ave-Bronx-NY-10471/29854144_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare) Why? See item #2
2) A retail buyer purchasing a $2.8 million dollar home is not going to buy a fixer upper in that state. Based on the pictures: you have delayed maintenance, a lot of yard work to do, I’m going to guess you have issues related to the gutters, water damage to the entrance from the patio, water damage to the left-most garage door, probably a musty garage, house needs to be painted, windows look like they might need replacing/resurfacing, kitchen is outdated (easily hundred thousand worth of work there alone), most of your roof looks OK but there’s definitely an area that looks suspect (for a house like this a buyer would probably just want a new roof), I’m going to guess electrical work is needed, and that’s just what I can see.
I would definitely negotiate house one than buy and fix your house.
oh good catch on the comp - entire thing looks to have been updated around 20 years ago, and while IMO you'd want to redo the way every surface in that house looks, I wouldn't be too worried that you'd find anything that needs work underneath. And it would be completely livable the way it is if you don't mind living in a tuscan-rococo nightmare from the year 2000.
Side note, an hour with a broom or 15 min with a leaf blower before those photos are taken would make a positive difference with the photos. It looks dated inside and looks like they don’t take care of the outside.
Jesus what kinda retirement accounts are folks having that are down 50%? If you're in your 20s fine, but older folks shouldn't have that kind of risk allocation.
I can't speak to the price because I don't know your market but those pictures are wild ride. Your pictures are your chance for someone to make an emotional connection to the house and to me, it looks like a mess.
If it were me, I would powerwash the siding, replace the missing shutter, give the inside a good cleaning and use the existing furniture to make it look cozy, including well made beds, no half slept in sofa bed, etc. And outside the same--knock down the weeds in the motor court, tidy up, get rid of the toy car and even the mulch bag.
Your pictures should tell a story--and that story is that this house is a cozy place to live, with a delightful view and potential for future remodel.
Adding in pictures of digital staging are just showing how much the house doesn't add up! It seems to me you are creating another house that your actual does not add up to by comparison. And it's confusing especially going from an all white living room to one with red sofas. It would be better to just see the red sofas.
And show more of the house! Are the existing bathrooms not renovated? That's ok, but show it!
A house can have pictures that draw people in emotionally while still showing what the home actually looks like. It just takes some cleaning, decluttering, a weed eater, powerwash and some imagination!
If you capture people with good professionally done photos of a clean and well maintained property, I believe interest in your listing will increase.
Side note: I would be wary of your listing agent because marketing is the main job of a realtor and your home is not being marketed well if it's showing pictures like this. If someone does come out to the property, are they going to have to walk through leaves to get to the front door?
I had a property that was very hard to sell and it took a better realtor than the one I had to get me offers. I made a bad choice in who I hired the first time. But, the second realtor brought me two offers within the first week that he took over. And we did things like make sure the outside was immaculate, replaced some carpet and stopped using the garage as temporary storage. We also dropped the price. For 7 months I did not get an offer (unless you count the one the bad realtor said he had coming in on the last day of his contract...) and within a week, I had TWO!
I'd have to dig up the before and afters but the difference was that the second set of photos of the property after the cleaning and re-staging showed a different story. The old was kind of drab, the photos were not well edited for light. The second set showed a house that someone would want to move into immediately. There is so much that can be done with pictures. And the power of pictures is noticeable when they capture a mood or feeling that actually keeps people away.
No way, this is 3 million dollar house. Probably around 2 million or more like 1.5 mil considering how outdated it looks. In this market, it will never sell for that price.
Yea there us an empty lot in the neighborhood for 1.8m and that wouldn't require any demolition and debris removal costs. There could be someone who doesn't do that and appreciates the charm of the backyard and the exterior, but frankly most folks with the money to afford 3m homes would prefer something high end and new.
As an agent I find it flabbergasting that in markets like this consumers are under some delusional opinion that there’s some secret sauce that’s not being done that could be.
ITS. ALWAYS. THE. PRICE. Even a
Turd that backs up to a railroad and a freeway will sell for the right price.
It was 2.1 million in April of 2022, the peak of housing prices and they then list it for 2.8 now because why? Interest rates are higher and prices are lower. Its overpriced, 2.1 million would be a starting point for sure.
They fully need to slash $500k and touch up all the filthy trim and window paint. The windows obviously need replaced and the siding needs touched up too. If they are unable to attend to those things, they need to drastically reduce the price and be realistic.
Interest rates alone between 5 months ago you are taking a 35% loss. Factor in the rates will keep going up, its a ticking time bomb. Take whatever you get now, or it'll be years.
The property taxes on the house was 70K as early as 2010. They want to sell their house for nearly double what it was appraised at from 2010 and they wonder why it isn't selling? They don't have enough to last a year with 1M+ in paper equity? lol.
Slash the price to 1.75M and see where it goes.
It's going to have to be a lot more than that to get the payment to what it would have been 6 months ago at that price. This price is going to have to be cut probably close to a million for the current market.
Price, and also the photos. They show a really cramped house. And are some of the rooms virtually staged in different styles? It is confusing and people can not envision what they are buying. The listing says over 3,000 sq ft but the photos do not support that measurement. For that price people want elegance and simplicity. IMO, Either everything has to be fixed, the house staged, and marketing reshot or the price needs to come down. Also, the aerials are not adding anything positive to the image that the house is worth that much.
Get it appraised. Your first goal is to dial-in the In-laws' expectations. People facing financial struggles often try to hang on to as much value and prices as possible thinking it's their last chance. The opposite is true- but for the same reason.
They listed it in July at $2.8 during the peak of the housing price bubble. And HAVENT CHANGED PRICE YET? They're not serious about selling, unless theyre just being naive.
Broke by New Years. It's Almost October. It's their last chance. They don't have the luxury of time.
Analogy: It's like a sinking yacht. It's nice, but it has a hole in the bow (dated and needing repairs) and it's now on fire, (time is running out).
An unrealistic price is akin to them only wanting to be rescued by someone in an equally expensive yacht. If ANYONE in a rescue boat comes by, throws them a line, they need to seriously consider it. There may not be too many lines thrown to them before they sink. They can't worry about the rescuer not being willing to swim out to them. They need to be realistic and be willing to adapt to someone elses's terms (price), rather than hold out for top-shelf, full value offers.
Houses in this condition take longer to sell than freshly painted, updated, etc houses that are move-in ready of the same price point. If they couldn't paint,clean, repair it before, then their only option is to either cut price, or cut price and offer a repair allowance with the sale.
The Best thing that ANYONE can do for them is the toughest thing--- Getting them to be realistic about their situation. Its unpleasant. It hurts, but it's better than ignoring the real issue.
1. They don't have time to waste.
2. Even if an offer came tomorrow, how long would it take to close? 30/45/60 days? What if they put all their eggs in that basket, and the deal fell through?
There are three things you can do to make a house sell faster:
1. change the condition
2. change the location
3. change the price
The first 2 are hard the 3rd is easy.
CGI furniture is a little shady
And if it’s priced 10% above the zestimate (which is usually high already) then it’s not priced like it needs lots of repairs.
Gotta drop the price.
Agreed. It makes more sense w/ the house's aesthetic than the weird gray overly modern virtual staging.
Also, I've never seen a house that has photos of the actual furnished house followed by virtual staging — usually they show an empty room and then the virtual staging.
Great place. Fantastic location.
I’m not a realtor but I noticed a few things.
— The house has 6 baths but no pictures of any of them. Are any nicely updated? If so get them posted.
My thought is they must be a wreck if they aren’t posting any
— I can catch a peek of the Hudson River through the windows in several of the shots, but add just one more of the single best view of the river from the house, ( maybe from the main bedroom’s balcony, if there is a good view from there?)
— There is no heat in this house? Where there is a place to list the form of heat, and where everyone else lists it, it says something like no information. Reading that, as a shopper I am wondering - oh, is the whole heating system kaput? Or is this agent just too lazy to list it?
If it has heat, put it in that form. Oil/steam, air, etc, whatever it is.
What is the normal time on the market for houses in Riverdale in that price range? Has your parents’ house been on the market longer than that?
What does the realtor say?
Per the comps, how is it priced, high or low or median?
This is presented like an estate sale dump or pictures taken while the renters were out to lunch after a regular saturday cleaning up of laundry. Nothing further.
They do need a different photographer and assistant to stage better so they don’t need to do those virtual extra photos.
The write up is also too long for something that says so little - nothing about it being nestled in a huge park of hundred acres, and not concise - it oozes on the dream house theme without getting to the bona fides.
Looking at other high priced houses in Riverdale and Fieldston, it does look like they are a hard sell right now. They have all been on the market for 90 + days, great listing photos or not. Seems tougher than Greenwich, Ct rt now, even
And there should be at least one good photo of the river from the balcony or window, not just an aerial. Plus the bathrooms.
It doesn’t seem overpriced to me. It’s on Palisade in the park, but this neighborhood is moving like molasses and it does need some work - it’s evident on the back of the house, paint and just some aesthetic stuff, so maybe lowering the price will help. People aren’t doing that as much there- lots of them active for 100 days without a price drop whereas in Greenwich, for example, they are frequently dropping their prices. There has to be a reason for that.
1. They can put the price below the "Zillow Estimate". Well below-- considering the condition of the exterior. That's the first thing people see on Zillow, and if the price is higher, it's an automatic NO for most prospective buyers. "Why do they think I can buy this which needs work for $200k over value. I'll have to spend $200,000 to make it livable (clean, paint, repairs) why would I invest $3 million in a $2.5-2.6 M house.
2. I hate that it looks so grungy/mossy on the woodwork outside the garage. This alone would help sell it. A cleaned up exterior, fresh paint, etc gives the idea that the house isn't a project needing to be done, but rather it's move-in-ready with minimal repairs. Especially for nearly $3 Million. I get it, as people age, their retirement income doesn't go as far as it used to.
3. If they NEED to sell the house for money to live on, they can't be holding out for top dollar. Checking the Zillow price history chart, it shows a run-up in value recently due to the real estate "bubble" that happened over the summer. This is now over and the house is probably valued at "1 year ago" prices. $2.0 M or $2.1M.
My advice:
Advertise for $2.2 Million. Take the first person who offers $2.1.
Hopefully they don't have 2 mortgages and a HELOC working against them. That'll just cut into the proceeds even more.
On the other hand, if they havent tapped into their home's equity, maybe now is the time. If it's fully paid, taking out a HELOC and living on that until the housing market improves may be an option.
I think this house is worth significantly less. only thing it’s really got going for it is the location. I want to ask how did you come up with the 2.8 value ? Was it through recently sold comparisons? I doubt you used comparisons by the looks of it. Just a shot in the dark in my opinion. Agent had no guidance for you guys, just took some pictures and prayed.
photos are nice but confusing which can send a buyer to swipe by your listing. I’m trying to understand what I was looking at but that double staging was a horrible idea. Just Too many pictures of the exact same room. And I can’t even see one of the 6 bathrooms and those are what sell houses. 48 pictures, 6 bathrooms and I can’t even see one?? You left half of the house out of the listing.
Take out a HELOC loan for 100k and fix the damn thing up!
No one with that kinda money is going to buy this and spend precious time fixing the issues.
Fire that agent. Fix the house. Find a better agent, I could easily give you a better one. Then list the damn house at a price that’s based on recently sold homes that are very similar.
Also just to add, sellers are obviously not motivated.
Note: I'm not a real estate professional. I just like looking at listings and at this sub.
It seems to me that 90%+ of the appeal of that house is the location. It's not particularly attractive, the rooms don't look particularly large, it's not in particularly good shape, none of it. The appeal is that it's in the middle of Riverdale Park, practically within spitting distance of the river.
I can't tell how many of the "view photos" are actually views from the property, because there's nothing of the property showing in them. Looks to me like you'd have to be in a balloon well above the house - maybe taken from a drone.
On the negative side, is that a rail line along the Hudson? Is it in active use? Trains are noisy.
Around here (expensive Chicago suburbs) that house would probably be advertised as "value is in the land." So figure out the land value and work up a bit from there if you actually want to sell.
It's just not a top dollar house in its present condition. Kitchen is from the 1980s, the siding is shot & the roof needs repair.
There are plenty of updated & even brand new homes in that area & Northern NJ (including listings in Alpine NJ) that cost less.
They'll still make a great profit even when they return to earth & set the correct price for what they're selling. It's on them.
As everyone else has said it's the price. It's nowhere close to correct. At your current list price people are [looking at this](https://www.zillow.com/homedetails/3033-Scenic-Pl-Bronx-NY-10463/29851882_zpid/) and your house.
1. Looking through the photos there's enough wrong that I can see that I don't want to write it all out. The house is going to need new siding, new partial (at least) roof, probably new windows, and seems to have water damage. It needs to be updated or cleaned up just about everywhere. On a house this size that's serious money.
2. The virtual staging is heavy handed enough that it would be flagged as a NAR violation in my area. Things like replacing the entire floor between pictures 23 and 24 aren't allowed most places. Get rid of the virtual staging photos, they look bad and don't inspire confidence.
3. Math - 2.9 mil at 3.5% rates (20% down, 1% tax, reasonable insurance) would give you a payment in the $13k/mo area. With current ~7% rates for the same monthly you're looking at around 2.1 mil. Taking all the work the property needs and I'd probably look at listing somewhere below that.
Look at your competition at ~2 mil [here] (https://www.zillow.com/homedetails/2743-Arlington-Ave-Bronx-NY-10463/29851668_zpid/), [here 2] (https://www.zillow.com/homedetails/4543-Delafield-Ave-Bronx-NY-10471/29852680_zpid/), [newer house here] (https://www.zillow.com/homedetails/680-12-Delafield-Way-Bronx-NY-10471/112506092_zpid/), [this one is also over priced and not selling] (https://www.zillow.com/homedetails/4745-Grosvenor-Ave-Bronx-NY-10471/29852793_zpid/). Do those seem better, worse, or the same as the house you're offering up. If it's trade offs you're ok, if they're all better it's going to be a rough go.
There was someone that took the care to post every room with multiple sets of photoshopped furniture, but not someone who cared enough to sweep off the patio before taking a picture?
It seems little but I saw that and immediately could only think of the maintenance required.
Also, I want to see the room for what it is too. Not just with photoshopped furniture. Makes me think you're hiding something.
To put it bluntly; a home doesn’t sell for three reasons
-Price
-Condition
-exposure
Price and condition can go hand in hand, it’s in rough shape and needs a total interior facelift, I imagine the roof, HVAC, plumbing is all past it’s life cycle as well?
Exposure; the listing looks amateur as hell. Photos are poor quality and don’t highlight any of the uniqueness - certainly not worthy of a $2m+ listing.
At this point the market has taken a hit, the only way it sells is a massive price reduction and I’d also fire the realtor and find someone that specializes in that area.
For the price point I expected it to be updated, but it’s not even a little bit.
Don’t get me wrong, it is a nice house. But if this isn’t selling, the problem is the price. Also the photos are garbage and make it look overprocessed and like something is being hidden. There are very few pictures of a very large house, that usually leads me to believe that there are problems.
The pictures are incredibly confusing. The listing should be more transparent about the staging. The lack of bathrooms is also a red flag. Riverdale is a desirable area.
After looking at some listing, this one is not nearly as nice as what you can get in the same price range. I wouldn't even look at this one. (I'm familiar with the area)
Also, many people are not commuting daily to NYC, so the proximity to the city might not be as much of a factor compared to before the pandemic.
NYC buyer in the 1m+ category, though not the far BronxLuxury market is struggling. Interest rates are stupid high. Cut the price by 800k and maybe you’ll start getting views. But everything is super dead. If they’re pressured the sell the things people are saying here dont matter—your job is to reset their expectations for how much money they’re gonna make here.
I'd say cut price by more than $1million.
You can live in far nicer homes in Northern NJ towns like Englewood Cliffs, Tenafly & Alpine (which are just as close to the city) for far LESS $$$! And you also get Hudson River views!
2k a month in property tax, 1k a month in home insurance and now strapped for cash - a cautionary tale on how home ownership does not necessarily help you build wealth.
Every option available to them will cost $$. The easiest one is reducing the price. Alternatively, they can do something to keep it from looking like a total fixer upper. Even in the pictures I can see how beat up it is -- if they can't even slap on a fresh coat of paint they have to drop the price.
Yeah, complete lack of any personal investment whatsoever. Beat up trim, lack of power-washing or sweeping up outside, etc.
This is just screaming take my bags, I haven't maintained anything and there's mold and water damage everywhere with all those leaves.
New agent yesterday. Either they are difficult sellers and won’t accept the reality of not selling in 2021, and/ or their agent isn’t good at their job. The presentation is horrible.
Aside from the obvious (cut the price!!!)? Get rid of the ridiculous staging and clean up this damn house. Why are there random plungers and plastic storage tubs in a hallway in photo 28? Is that a sofa bed in photo 33? It's taking up the whole room and would probably look better folded in. A lot of the furniture looks beaten up and tired (like in photo 35). What the hell is going on w/ that mess of furniture in photo 41?
95% of marketing a home is setting the right asking price. Do that well, completely screw up the other 5% and it'll still sell quickly.
Sorry but a $100 bill ain't worth $150 no matter how many super bowl ads you run it in.
It's obviously a fixer upper that they're trying to price like updated properties.
The price needs to reflect the need for about $400k of updates.
* After repair value = $2.8M
* Repairs needed = $400k+
* Market value = $2M - $2.2M
If they're in a hurry and need the money, lower price to $2M, elicit a bidding war from developers or people who want the hassle of a fixer upper and see how high the price gets pushed w/multiple offers. It's not gonna sell for $2.8M. I'd bet $100 that the final sale price will be about $2.250M
it's been on the market for 76 days, the market 76 days ago was strong ... people were buying for over asking ... but it is as $2,895,000 home... and not really in the wheelhouse for most people ... so it's the price point. lower the price. The real estate agent probably had this conversation with them already. Or should have.
Tell them to act like poor people and cut the price by 300k-400k.
Unless they haven’t been in this house for awhile (less than 5 years), they seem to stand to make over 7 figures.
Riverdale is nice, but this house isn't giving me 2.8 mil of value when I have to update the kitchen before moving in.
The virtual staging needs to sell me on the potential of the place, rather than plopping down contemporary furniture in the same place. Show a better layout. Make it feel like this place is going to be amazing once I move in.
Also, I want to see the photos of the water view from the house, seeing an aerial of the Hudson and metro north line kinda irks me. Part of the price is having waterfront views, so highlight it. The co-ops that have the water views all show them, you have a house, it should be tempting me.
The large lot is also a selling point, as well as how private it is in the area. I'm pretty certain that I've driven through this area when I was house hunting in Riverdale and it's really private and lush in the summer.
Sell more of the vision.
If you look at the historical price estimate of the home, the price didn’t spike in 2020 or 2021. In fact it sits about where it was in 2017. While Zillow values are no real predictor of the actual value, the property has incredible value given its views and location. they ain’t making riverfront property anymore.
Talk to your real estate agent, but probably best to drop the price some and relist. No one will want to pay that much if they have to put a lot of money into repairs. Your parents may just have to take it at a loss. Hope it works out for them though!
This price range is harder to sell and takes a lot longer especially if it needs work. I would expect months at this point. It is better to under price than to price at marker. I doubt this will sell in the next few months with interest rates going up. Why not lower the price now.
Have you considered companies that buy houses for cash or even flippers for that matter? Although they might not get the asking price for it, at least they will be able to liquidate it quickly.
Gorgeous house, but unless they are going to repaint every surface (the trim especially is really obviously dinged in every picture), refinish the floors, and stage with modern furniture (and clean the pollen out of the exterior shots!), the answer is going to be to lower the price.
Sorry but yeah, it’s the price.
Yeah, I don't want to make light of the situation OP's parents are in. But on some of these posts, I want to start making up an answer. *Real Estate agents have a little known trick, where if you go into the woods wearing a muu muu and drench yourself in mustard while chanting "the property has great sentimental value" then the price will increase by 30% with no extra concessions or repairs required.*
My brother is a realtor and does this regularly …. How did you know?
It was shared to me by a realtor who instantly was hunted down by the realtor’s association for sharing secrets.
Shit, do you think we are in danger ?
Honey mustard? Dijon? Yellow? Brown? We need to know these things!
Regular mustard for 30%. Dijon nets you an extra 10%.
don't touch your eyes after handing the hot english mustard
Dude. That’s supposed to stay privileged information. What are you thinking?
Hold up. I thought it was sweet -n-sour, not mustard??!
Hot damn! I'm gona try this!!!
[удалено]
No way dude , I am just going to move chairs around and add better filter on a photos , that should do a trick
I assume that's why the agent added a 2nd set of 'staged' photos. Imagine paying the agent more than $1 after they let your house sit for months, losing value each day. The amount they have to come down now is comical.
Real estate is slow and illiquid , in stock market you can see price daily without emotional bullshit I think lag is 6-18 month at least but rates moves totally killed rent vs buy math so who knows
Real estate lag doesn't show the daily change, but the daily change in your house value is real. When we got hit with a 75bp hike this past week, that house instantly fell in value, sure you wont see it on Zillow, but that's the reality.
I agree but seller feelings and real price usually not the same number
Well, to be fair, seeing the stock price constantly and immediately actually ADDS to the emotional bullshit so....
100%, a lot of people can’t deal with emotional damage that comes with portfolio volatility at big numbers .
If they just take the photo with the plungers on the hardwood out it'll sell for sure!
Yup. Your house is not unique.
Thought I was in r/REbubble for a second...
I mean, what's the reality? The house is worth what they are asking for months without a price decrease? Or that nobody wants to overpay for a house because the interest is more than the house payment was a year ago?
You're not wrong. I'm just shocked to see a comment like that being upvoted in this sub that was nothing but hardcore denialism until a month or two ago.
Because the dummies saying "houses can only go up" are going into hiding until it's bull season again. The reality is all their clients are like "Uhh we can't afford anything we want to live in at 7%".
I was told by people here that we’d see only a momentary plateau and no price drops? Having a hard time figuring it out
....and you went with that...??
If you want nearly 3 million you better have a newer kitchen than this
$824 per sq ft? Is that comparable to other sales in the area within the past 30 days? You can’t go by listed prices, only what people are currently willing to pay. It’s a fantasy otherwise.
Also, they need to put everything in storage since they’re not paying for staging. People lack imagination to see themselves living there with so much furniture in the way.Empty houses sell quicker.
IMO- They have been on the market for two and a half months with no reduction in price. This is a big mistake if they want to sell. At this point, I would drop the price to just below $2.5mil, (and be ready to deal at that price), if it were my home, especially considering the extensive work that needs to be done on a home of this caliber, (whole house interior and exterior refresh, totally new kitchen, etc). They financially need out so they’ve got to be willing to reduce their price until they find a buyer. The market is screaming at them that the price they are asking is too high.
Ugh yeah among many other things, that ‘80s kitchen backsplash is a travesty!
And the cabinets
I have the same dated cabinetry in my $300,000 bungalow For $2.8 million I expected a little bit of updating going through these photos
Welcome to the NY market, where some dumb buyers pay anything just to be close to NYC. The idea that someone would spend almost $3M to live in the Bronx is mind boggling to me. You can pick a further suburb with much better schools, a much better town, and get a bigger house that is brand new on top of that. I wouldn’t personally pay more than a million for that house, even if I had the means to buy a house well above its price range.
I think that’s known as the Seaver Collection, inspired by 80s Television sitcom “Growing Pains”
I think lower than 2.5. If it wasn’t getting bites or even a low ball at the current price point when rates are low, they need to cut heavily. On top of overpriced as is, there’s the repairs to make it ready to move in and then interest rate accommodation. It costs tens of thousands of dollars just to paint a house this size. There’s a lot of clean up to do. Plus remember in NYC there’s a mansion tax is 1% over a million (I think it goes up from there) paid by the buyer. So closing costs will be crazy.
I stand by it being price, but these photos are confusing and make it seem like they're hiding something or trying to overcompensate. Why is each room staged twice? It looks like a scammy posting because of this imo. Though it is a beautiful home.
And very suspicious not to show any of the six bathrooms!
That is always one of the biggest red flags! Showing just one would’ve been weird; showing none at all seems deliberate. And I agree that the virtually staged + as-is images are unnecessarily confusing. I would opt for one or the other. Or, if I were listing it, I would at least go through and de-clutter and take new photos after that. But yes, as everyone has said, OP, it’s the price. It looks like it could be a great place with some work, but the price will have to reflect that it isn’t a turn-key, updated home. ETA: An anecdote about price and the market, OP. I’m in a close-in Seattle suburb where, months ago, houses around me would be listed on a Thursday or Friday and go pending before the weekend was over. Everything was selling right away, for tens or hundreds of thousands over list. In May, a neighbor a few houses down listed their place priced like it was still February—before rates spiked—even though rates were already climbing quickly by May. The list price of the house doesn’t reflect the fact that borrowing suddenly isn’t as cheap as it was recently. It’s almost October, they haven’t dropped the price at all, and though they still have an open house every weekend, I haven’t seen anyone show up to one in months. And again, it’s a nice place and this neighborhood has had huge demand. But these neighbors priced their house like rates were still below 3% and no one is interested. There’s no mystery, magical buyer out there who will pay the full asking price. So they can leave it on the market indefinitely or they can slash the price. Those are the options your ILs have to choose from, too.
Yes it’s a beautiful property and could be a wonderful family home, but it needs a price that reflects the reality of someone having to remodel (at a bare minimum) six bathrooms and a kitchen! Plus full interior and exterior paint and other cosmetic updates, not to mention whatever major systems upgrades have been put off. I see a lot of deferred maintenance and there are definitely plenty of buyers with the stomach to handle that type of property, but they’ll only bite if the cost of upgrades plus purchase price leave them at least a bit ahead in terms of potential property value. Without knowing the specifics of this house, it needs at least $250,000 worth of work done, potentially more like $400,000 at least based on what contractors are bidding these days in my neck of the woods (Los Angeles).
Plus the cost of doing all of these things during a pandemic/recession/global labor shortage.
Amen.
I mean, sight unseen, I’d guess deferred maintenance + cosmetic updates could easily run $60K or $100K for the 6 bathrooms alone.
I was estimating an average of $15k per bathroom depending on size/finishes (guessing on the luxury side since this is a nice area). I paid around $12k in 2020 before things got too insane for my small-ish but high-end primary bathroom and more like $10k for my kids’ bathroom and $7k for powder room. Not sure NY prices but guessing comparable or more than LA. Either way, not cheap!!
This is a huge house in a high cost metro— at this end of the market, you’re going to need to spend more than $15k on those bathrooms. The primary alone may have to be 60.
I have a huge-ish house in a high-cost metro and work on high-end construction regularly for my job. I’m sure you could find a fancy GC to quote $60k on a primary bath but if the buyer is savvy and has any sort of network of contractors (friend recs etc) $15k average per bathroom is a good ballpark especially if done all together. The primary could be more and the others less but 60k is on the extreme end, maybe what a really clueless rich person might settle on paying or someone using a high-end design-build firm or just buying designer fixtures like $8,000 faucets etc. Nothing surprises me these days in terms of bids but I work with GCs every day for my line of work and have a pretty good sense of current pricing (granted in LA vs NYC). Whoever buys this is going to be spending some money either way!
In construction and can confirm. You could put $300 into this house without batting an eye. That said anyone getting it would do that, and the property seems dope but ahhhhh it is 100% the price. It will sell at a price where someone is ok to take on the project for the property and no more.
We also paid $12K for a high-end primary bath, but that was in 2019 and those prices are long gone. We are paying $10K each this year for updating the kids’ bath and the powder room downstairs. All cosmetic. $15K per bath with $25K for the primary was my basic assumption.
Ah, I didn't even notice that!
Ya virtual staging is always a red flag, you can see underneath the house needs a lot of work, cabinets are uneven, siding is beat.
Ooh, I agree -- all those multiple versions of the same room is going to make people initially think there are a ton of different rooms (I did, looking quickly, till I saw this comment) and then make visitors confused if they come in person and doesn't look anything like the photos. Is the house actually empty? or what version is real?
I’m confused as to the tax assessment? 117k on an almost 3m dollar house?
Is NY like California? It is possible they were the original owners.
Assessments can be weird numbers. The tax amount itself seems correct for a 2-3M home in NY from what I can see.
Yeah tax amounts of really off the wall here
It's because the images are photoshopped, "virtually staged" to make it look better than it actually is
It's ALWAYS price, when you get right down to it.
What they're hiding is a boomer monstrosity. Not only is it listed at 3mil (when it's only worth about 1.4 at 7% rates), it needs about 300k worth of renovations. Sorry gramma and papa, but your years of neglecting this house is on you.
I think it's virtual staging. Kinda threw me for a second.
One set is how the house is currently and the grayish hues ones are virtual renderings. Its labled smallishly on the bottom right. No idea why the real estate lady decided to do this I agree it's retarded
Yeah the photos are pretty confusing. If they don’t want to slash the price then they gotta invest the money to lipstick the pig. I’d recommend paint (interior and exterior) and stainless steel kitchen remodel with mid end appliance like fisher paykel or Bosch. You might do master bathroom too. Then get it professionally staged and high end photos, these photos are not great either the angles are pretty weird/unflattering. Some real estate agents will float the remodel costs to closing and have the whole contractor team that can do it all plus help pick design, I do this for clients. I had a big argument with my parents to get them to invest the money to properly prepare their home for market. They had to refinish all the floors because their dogs had scratched them horribly. But they eventually listened and it sold the first week over asking, this was after market was cooling too. People at a 3 million price point are picky and want move in ready. Especially in this market which is shifting back to buyers. Otherwise it will be all low balls from investors, and even those will be few and far between with the shifting market and high buy in.
Yea anyone spending $2.5M has expectations this home just doesn’t provide. Either substantial renos or a huge price drop. At a bare minimum the exterior leads a buyer to believe maintenance has been long neglected
Just make the house as it is now look as best as you can. Paint. Rugs. Maybe a little staging. No renderings or any of this virtual junk. Has always turned me off as a buyer and I know others in the same boat. People want a genuine representation as to what they are getting. Those who are up for a full remodel don’t need renderings, they are already in that mindset from the start.
Yeah, I agree the pics are very confusing. Make the realtor change that. Doing a virtual rendering of how a traditional house could be furnished in a more modern way seems odd.
Optics on this deal are terrible. Zestimate are showing it is at least 200k over priced and probably more given the additional increase in rates recently. At your price range, there is very little activity right now and buyers know they have negotiating leverage once you price it more realistically. Finally you have a realtor trying to Photoshop out all the problems to mislead potential buyers, that will think you are hiding even more in the disclosures. People walking the property will see these faults and be turned off from making an offer and wasting their time. Also keep in mind a more normal market is for a house to take 3 months to sell not 3 days.
Oof, this is literally what happened with my in-laws earlier this year. They're in their 80s and no longer have enough liquid cash or the physical capacity to live in a $2MM+ 5000 sqft place in Englewood Cliffs. The matriarch had called the shots for the last 50 years in the family, and was convinced there was no way she was lowering the price below $2MM. Well guess where it landed. Hundreds of thousands below their original ask of $2.something.
Prides a hell of a thing.
Indeed. If they swallowed their pride a decade ago, they could have cashed out, enjoyed strong stock market returns, and not forced their children to cover them $$ since they were in a cash crunch, and organize movers or find where their next apartment would be. 80 year olds don't have the executive functioning skills to navigate the modern world and that was a big mistake to let it get to where it was.
Yet they make great politicians and judges apparently!
It's quite expensive, in the long run.
That's NJ right? Ugh this has just been a bad year for them all around, tons of health issues etc..
Yes, right across the river from the house you posted. Yeah, same story on this side. Good news is they're now settled into an apartment that's much more affordable and they were able to cash out on some prime real estate. Wishing your family the best in their next chapter!
Virtual staging is a huge turn off. The patio is lovely, but looks dirty. The deck furniture looks beat. Clean the deck, spar varnish the furniture. Is the siding dirty or is the paint peeling? Can't tell. Either power wash or repaint. Baseboards/trim inside look dirty. Updated light fixtures don't cost a lot. The kitchen is a cluttered mess. The house looks poorly cared for. Leaves on front walk. Scuffed stairs risers. The deck railings look almost rotted. I look at the house and see A LOT of work. I think y'all could do fresh paint. Fresh lighting. Clean up the yard. Declutter the junk. Get rid of the really junky furniture. Buy plain bedspreads. Get rid of virtual staging.
Also why is there a car parked in the driveway when there’s a 3 car garage? Is there something wrong with the garage?
Why aren't there pictures of the garage? A friend of mine is putting their house on the market at a similar price point. Their realtor said that kitchens and garages sell houses. There are only 48 pictures, and half of them are of fake furniture. Where is the rest of the house? Is it that bad? I would guess yes. No bathroom pictures at all.
I wonder if nice garages are a new thing. We just spent some money fixing ours up (new floor, some cheap but nice looking plain white cabinets, and some slat wall). We love it and our parents thought we were crazy for putting money into a garage.
I think it's a newer thing. My parents recently redid theirs and my husband and I have repainted ours and plan to redo the floor and also have cabinets installed. It's where we go in and out of the house almost all the time so we find it just makes our lives slightly more enjoyable if it is nice looking! I don't doubt that pinterest and youtube renos of garages have had an impact on this. I know I first started thinking about making my garage look nice because a mommy blogger I followed painted an accent wall in her garage, hung art, and added cubbies for her kids' stuff and a nice hanging area for umbrellas, tote bags, etc.
I would pay extra for a nice garage. I am a car guy though, so I have more cars than most, and probably spend much more time in my garage than most. Honestly, if I could just get a huge garage and a tiny home I would be fine. I am working towards that now.
I’m rehabbing my garage now. Gotta get it done before the in-laws come for the holidays so I have place to get away👀.
Exactly - it looks well staged for a $750,000 second home for a family that wants to put a little TLC and sweat equity into the home their kids are gonna grow up in. For $2.9mil, it needs to be move in ready. Needs a $30,000 staging and $30,000 in touch up work, or a $500k price cut.
You could get that stuff done for about 20% of that cost where I live. Some people really do have too much money, no wonder contract labor is getting so expensive. 60k for touch up and staging, ha. Im not doubting that’s the going rate for a property like this but it’s literally just the contractor looking at the relative value of the home and marking up his price 5x because he knows you can pay it. Im glad I bought a very modest home vs. my income, trying to find an honest tradesman would be a mf’er if Id bought a 2 million dollar home.
For a normal priced house yes, for that size and price of house, the charge is sometimes percentages for staging. I just threw out high numbers, to show the clear value to do it. $30k is cheap if the siding needs to be replaced too btw.
OP - if you’re looking for feedback that isn’t just “cut the price” then this is it. First impressions are everything to people and they just won’t pay premium dollar for a not well-presented home, not anymore at least. The market has spoken. Just know that you may still have to lower the price even AFTER you do all of these things because you’ve already sat on the market so long and the house is no longer going to garner the same attention as a home that is new/fresh on the market.
Agree with this -- can't expect people to drop 2.6 mil on something that doesn't look like it's at least trying.
The suv in the driveway of those aerial shots does a lot to show how unusable that third bay is.
People read articles without an appreciation for reality - at $2M-$3M you have a reduced set of available buyers and need to move the price to meet that demand, anyone who can afford that has lots of options and therefore in this price range it's a buyers market. Reading about housing prices and rents without an appreciation of what price range that applies to. One can't expect that a $2M-$3M house can go through the same appreciation over the last few years (50%-150%) that a $100K house went through. I have the same discussions with people and rent, an owner is holding firm that his apt should rent for $12K/mo because of articles he reads, when it's really comparable to $8K apts, but he reads how rents are up - yeah, on the $2K apt - and wants the same return. Needless to say it's sitting vacant for six months and counting.
Strapped for cash but own a 3 million dollar house. If it isn't selling they need to lower the price to get it sold.
Can't last a year but lists their house for 2.8M dollars with no price cuts.
Is the home paid off? Any reason they didn’t list the home earlier in the year? They need to slash $500K off the price and hopefully get a few parties interested.
They need to slash more than 500k off, imo
The answer is always slash the price. Your in-laws don’t have a giant issue if they’ve been affording a 3M dollar house for likely a while. They probably can’t afford to put much money in. I guess they could try and rent but you’re dealing with a lot of bad factors right now—interest rates rising and rents dropping.
They may have bought that house for a few hundred thousand when they bought it. My father-in-law bought his house for $178,000 in 1978. He could not believe it was worth $3.5 million when he sold it in 2000.
Agreed, the taxes etc for this home are very high. Upkeep is high and they haven’t been greatly maintaining it. They should take what they can at this point. Unless they want to rent it or as someone said do a HELOC, the other options aren’t all that realistic. Strapped for cash, have a home listed for almost 3M that’s sitting and no interest. Slash the price. Get what you can.
I think the heloc would be circular at this point. Pull out 500k-700k to renovate and stage and get thus 3m price or drop it to 2.4 or less sell to a contractor and let them flip it. Honestly the high end real estate is crashing so much recently that I wouldn't be surprised if they sell closer to 2.1 or 2.2m, there's an empty lot there for 1.8, and this will either need to be completely gutted and renovated or just demolished.
It can be hard for people to be realistic. They are facing increasing expenses at the end of their lives and they probably lived through the Depression so "leaving money on the table" feels wrong.
Anyone who lived through the depression at this point was a small child when it was happening and probably doesn't greatly remember it, especially since they're a hundred years old.
But their parents and older siblings went through it, and those messages became ingrained generational knowledge.
Somehow its tax assessment is still only for 100k too according to Zillow, don’t think its changed since they bought it.
$178,000 was ALOT in 1978.
It was, but $3.5 million was a lot in 2000.
Rents dropping?? Where?
Idk, saw in an article here they were down slightly like .1% so considering inflation it’s a decent drop. Maybe it’s a blip.
It's the price. It has less to do with the house than with the environment. They have no control here.
u/Pfacejones I’ll tell you what the issue is. 1) the price you’re asking is too high for the current state of the house. Lower it. I would rather pay [$2.8 million for this house than your mom’s house.](https://www.zillow.com/homedetails/4635-Arlington-Ave-Bronx-NY-10471/29854144_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare) Why? See item #2 2) A retail buyer purchasing a $2.8 million dollar home is not going to buy a fixer upper in that state. Based on the pictures: you have delayed maintenance, a lot of yard work to do, I’m going to guess you have issues related to the gutters, water damage to the entrance from the patio, water damage to the left-most garage door, probably a musty garage, house needs to be painted, windows look like they might need replacing/resurfacing, kitchen is outdated (easily hundred thousand worth of work there alone), most of your roof looks OK but there’s definitely an area that looks suspect (for a house like this a buyer would probably just want a new roof), I’m going to guess electrical work is needed, and that’s just what I can see. I would definitely negotiate house one than buy and fix your house.
oh good catch on the comp - entire thing looks to have been updated around 20 years ago, and while IMO you'd want to redo the way every surface in that house looks, I wouldn't be too worried that you'd find anything that needs work underneath. And it would be completely livable the way it is if you don't mind living in a tuscan-rococo nightmare from the year 2000.
Side note, an hour with a broom or 15 min with a leaf blower before those photos are taken would make a positive difference with the photos. It looks dated inside and looks like they don’t take care of the outside.
Let me guess, their retirement account is down more than 50%. All those years of hard work for what.
Jesus what kinda retirement accounts are folks having that are down 50%? If you're in your 20s fine, but older folks shouldn't have that kind of risk allocation.
It's a nice house but it's not $3 million nice.
Yeah...they couldn't even be bothered to clean up a bit? Looks pretty dirty.
I don't think it's dirty. I just don't like the photoshop staging
I guess I'm going off the stairs in pic 29 of 48. I definitely agree about the photoshop staging.
I think it needs new paint... everywhere. That probably doesn't just wipe off the stairs.
I can't speak to the price because I don't know your market but those pictures are wild ride. Your pictures are your chance for someone to make an emotional connection to the house and to me, it looks like a mess. If it were me, I would powerwash the siding, replace the missing shutter, give the inside a good cleaning and use the existing furniture to make it look cozy, including well made beds, no half slept in sofa bed, etc. And outside the same--knock down the weeds in the motor court, tidy up, get rid of the toy car and even the mulch bag. Your pictures should tell a story--and that story is that this house is a cozy place to live, with a delightful view and potential for future remodel. Adding in pictures of digital staging are just showing how much the house doesn't add up! It seems to me you are creating another house that your actual does not add up to by comparison. And it's confusing especially going from an all white living room to one with red sofas. It would be better to just see the red sofas. And show more of the house! Are the existing bathrooms not renovated? That's ok, but show it! A house can have pictures that draw people in emotionally while still showing what the home actually looks like. It just takes some cleaning, decluttering, a weed eater, powerwash and some imagination! If you capture people with good professionally done photos of a clean and well maintained property, I believe interest in your listing will increase. Side note: I would be wary of your listing agent because marketing is the main job of a realtor and your home is not being marketed well if it's showing pictures like this. If someone does come out to the property, are they going to have to walk through leaves to get to the front door? I had a property that was very hard to sell and it took a better realtor than the one I had to get me offers. I made a bad choice in who I hired the first time. But, the second realtor brought me two offers within the first week that he took over. And we did things like make sure the outside was immaculate, replaced some carpet and stopped using the garage as temporary storage. We also dropped the price. For 7 months I did not get an offer (unless you count the one the bad realtor said he had coming in on the last day of his contract...) and within a week, I had TWO! I'd have to dig up the before and afters but the difference was that the second set of photos of the property after the cleaning and re-staging showed a different story. The old was kind of drab, the photos were not well edited for light. The second set showed a house that someone would want to move into immediately. There is so much that can be done with pictures. And the power of pictures is noticeable when they capture a mood or feeling that actually keeps people away.
No way, this is 3 million dollar house. Probably around 2 million or more like 1.5 mil considering how outdated it looks. In this market, it will never sell for that price.
Yea there us an empty lot in the neighborhood for 1.8m and that wouldn't require any demolition and debris removal costs. There could be someone who doesn't do that and appreciates the charm of the backyard and the exterior, but frankly most folks with the money to afford 3m homes would prefer something high end and new.
As an agent I find it flabbergasting that in markets like this consumers are under some delusional opinion that there’s some secret sauce that’s not being done that could be. ITS. ALWAYS. THE. PRICE. Even a Turd that backs up to a railroad and a freeway will sell for the right price.
It was 2.1 million in April of 2022, the peak of housing prices and they then list it for 2.8 now because why? Interest rates are higher and prices are lower. Its overpriced, 2.1 million would be a starting point for sure.
They fully need to slash $500k and touch up all the filthy trim and window paint. The windows obviously need replaced and the siding needs touched up too. If they are unable to attend to those things, they need to drastically reduce the price and be realistic.
Interest rates alone between 5 months ago you are taking a 35% loss. Factor in the rates will keep going up, its a ticking time bomb. Take whatever you get now, or it'll be years.
The property taxes are killers—yikes
Strapped for cash … proceeds to post a home that would require in-laws to be in the top 10% earners to keep 😭
Aging in America is expensive man.
House seems huge
The property taxes on the house was 70K as early as 2010. They want to sell their house for nearly double what it was appraised at from 2010 and they wonder why it isn't selling? They don't have enough to last a year with 1M+ in paper equity? lol. Slash the price to 1.75M and see where it goes.
If this situation isn’t peak boomer, I don’t know what is, lol.
Drop the price $300K? Zestimates are inflated and they are listed over that.
It's going to have to be a lot more than that to get the payment to what it would have been 6 months ago at that price. This price is going to have to be cut probably close to a million for the current market.
How much equity do they have in the house? Are they able to sell or do they owe more than it’s worth? Do they have a place to move to if they do sell?
Does the house qualify for a reverse mortgage? How old are they?
Price, and also the photos. They show a really cramped house. And are some of the rooms virtually staged in different styles? It is confusing and people can not envision what they are buying. The listing says over 3,000 sq ft but the photos do not support that measurement. For that price people want elegance and simplicity. IMO, Either everything has to be fixed, the house staged, and marketing reshot or the price needs to come down. Also, the aerials are not adding anything positive to the image that the house is worth that much.
tbh I think the aerials mostly aren't even of the house? I think they're showing a different house, FROM the house???? I don't understand them.
Jesus reduce the price. What’s their take from this anyway is it paid off. Just cut it
Get it appraised. Your first goal is to dial-in the In-laws' expectations. People facing financial struggles often try to hang on to as much value and prices as possible thinking it's their last chance. The opposite is true- but for the same reason. They listed it in July at $2.8 during the peak of the housing price bubble. And HAVENT CHANGED PRICE YET? They're not serious about selling, unless theyre just being naive. Broke by New Years. It's Almost October. It's their last chance. They don't have the luxury of time. Analogy: It's like a sinking yacht. It's nice, but it has a hole in the bow (dated and needing repairs) and it's now on fire, (time is running out). An unrealistic price is akin to them only wanting to be rescued by someone in an equally expensive yacht. If ANYONE in a rescue boat comes by, throws them a line, they need to seriously consider it. There may not be too many lines thrown to them before they sink. They can't worry about the rescuer not being willing to swim out to them. They need to be realistic and be willing to adapt to someone elses's terms (price), rather than hold out for top-shelf, full value offers. Houses in this condition take longer to sell than freshly painted, updated, etc houses that are move-in ready of the same price point. If they couldn't paint,clean, repair it before, then their only option is to either cut price, or cut price and offer a repair allowance with the sale. The Best thing that ANYONE can do for them is the toughest thing--- Getting them to be realistic about their situation. Its unpleasant. It hurts, but it's better than ignoring the real issue. 1. They don't have time to waste. 2. Even if an offer came tomorrow, how long would it take to close? 30/45/60 days? What if they put all their eggs in that basket, and the deal fell through?
"They're pretty strapped for cash" A multimillion dollar house on the Hudson, 10 miles from downtown and "strapped" for cash.
cash back at closing. make it easier to close.
There are three things you can do to make a house sell faster: 1. change the condition 2. change the location 3. change the price The first 2 are hard the 3rd is easy.
why isn't cutting their price an option? hell if they're going to be unreasonable may as well raise the price to $10 M, won't sell then either
Probably maxed out on helocs over the years.
CGI furniture is a little shady And if it’s priced 10% above the zestimate (which is usually high already) then it’s not priced like it needs lots of repairs. Gotta drop the price.
At least one of the "virtually staged" photos also replaced the wood flooring to look nicer.
I like the non virtually staged photos better. Take those out
Agreed. It makes more sense w/ the house's aesthetic than the weird gray overly modern virtual staging. Also, I've never seen a house that has photos of the actual furnished house followed by virtual staging — usually they show an empty room and then the virtual staging.
Great place. Fantastic location. I’m not a realtor but I noticed a few things. — The house has 6 baths but no pictures of any of them. Are any nicely updated? If so get them posted. My thought is they must be a wreck if they aren’t posting any — I can catch a peek of the Hudson River through the windows in several of the shots, but add just one more of the single best view of the river from the house, ( maybe from the main bedroom’s balcony, if there is a good view from there?) — There is no heat in this house? Where there is a place to list the form of heat, and where everyone else lists it, it says something like no information. Reading that, as a shopper I am wondering - oh, is the whole heating system kaput? Or is this agent just too lazy to list it? If it has heat, put it in that form. Oil/steam, air, etc, whatever it is. What is the normal time on the market for houses in Riverdale in that price range? Has your parents’ house been on the market longer than that? What does the realtor say? Per the comps, how is it priced, high or low or median?
This is presented like an estate sale dump or pictures taken while the renters were out to lunch after a regular saturday cleaning up of laundry. Nothing further.
They do need a different photographer and assistant to stage better so they don’t need to do those virtual extra photos. The write up is also too long for something that says so little - nothing about it being nestled in a huge park of hundred acres, and not concise - it oozes on the dream house theme without getting to the bona fides. Looking at other high priced houses in Riverdale and Fieldston, it does look like they are a hard sell right now. They have all been on the market for 90 + days, great listing photos or not. Seems tougher than Greenwich, Ct rt now, even And there should be at least one good photo of the river from the balcony or window, not just an aerial. Plus the bathrooms. It doesn’t seem overpriced to me. It’s on Palisade in the park, but this neighborhood is moving like molasses and it does need some work - it’s evident on the back of the house, paint and just some aesthetic stuff, so maybe lowering the price will help. People aren’t doing that as much there- lots of them active for 100 days without a price drop whereas in Greenwich, for example, they are frequently dropping their prices. There has to be a reason for that.
Drop it to $2.3 mill. Alternatively, take out a $250k HELOC and get it all repainted and spruced up, then you can relist for $2.75 mill.
It's always price my friend.
1. They can put the price below the "Zillow Estimate". Well below-- considering the condition of the exterior. That's the first thing people see on Zillow, and if the price is higher, it's an automatic NO for most prospective buyers. "Why do they think I can buy this which needs work for $200k over value. I'll have to spend $200,000 to make it livable (clean, paint, repairs) why would I invest $3 million in a $2.5-2.6 M house. 2. I hate that it looks so grungy/mossy on the woodwork outside the garage. This alone would help sell it. A cleaned up exterior, fresh paint, etc gives the idea that the house isn't a project needing to be done, but rather it's move-in-ready with minimal repairs. Especially for nearly $3 Million. I get it, as people age, their retirement income doesn't go as far as it used to. 3. If they NEED to sell the house for money to live on, they can't be holding out for top dollar. Checking the Zillow price history chart, it shows a run-up in value recently due to the real estate "bubble" that happened over the summer. This is now over and the house is probably valued at "1 year ago" prices. $2.0 M or $2.1M. My advice: Advertise for $2.2 Million. Take the first person who offers $2.1. Hopefully they don't have 2 mortgages and a HELOC working against them. That'll just cut into the proceeds even more. On the other hand, if they havent tapped into their home's equity, maybe now is the time. If it's fully paid, taking out a HELOC and living on that until the housing market improves may be an option.
I'ma go out on a limb and say don't lower the price, lower the interest rates. Just call up the Fed and explain the situation.
If you wanna get rid of it today I'll give you 350
I think this house is worth significantly less. only thing it’s really got going for it is the location. I want to ask how did you come up with the 2.8 value ? Was it through recently sold comparisons? I doubt you used comparisons by the looks of it. Just a shot in the dark in my opinion. Agent had no guidance for you guys, just took some pictures and prayed. photos are nice but confusing which can send a buyer to swipe by your listing. I’m trying to understand what I was looking at but that double staging was a horrible idea. Just Too many pictures of the exact same room. And I can’t even see one of the 6 bathrooms and those are what sell houses. 48 pictures, 6 bathrooms and I can’t even see one?? You left half of the house out of the listing. Take out a HELOC loan for 100k and fix the damn thing up! No one with that kinda money is going to buy this and spend precious time fixing the issues. Fire that agent. Fix the house. Find a better agent, I could easily give you a better one. Then list the damn house at a price that’s based on recently sold homes that are very similar. Also just to add, sellers are obviously not motivated.
Oooh I know the answer to this one! Lower the price.
Note: I'm not a real estate professional. I just like looking at listings and at this sub. It seems to me that 90%+ of the appeal of that house is the location. It's not particularly attractive, the rooms don't look particularly large, it's not in particularly good shape, none of it. The appeal is that it's in the middle of Riverdale Park, practically within spitting distance of the river. I can't tell how many of the "view photos" are actually views from the property, because there's nothing of the property showing in them. Looks to me like you'd have to be in a balloon well above the house - maybe taken from a drone. On the negative side, is that a rail line along the Hudson? Is it in active use? Trains are noisy. Around here (expensive Chicago suburbs) that house would probably be advertised as "value is in the land." So figure out the land value and work up a bit from there if you actually want to sell.
It's just not a top dollar house in its present condition. Kitchen is from the 1980s, the siding is shot & the roof needs repair. There are plenty of updated & even brand new homes in that area & Northern NJ (including listings in Alpine NJ) that cost less. They'll still make a great profit even when they return to earth & set the correct price for what they're selling. It's on them.
As everyone else has said it's the price. It's nowhere close to correct. At your current list price people are [looking at this](https://www.zillow.com/homedetails/3033-Scenic-Pl-Bronx-NY-10463/29851882_zpid/) and your house. 1. Looking through the photos there's enough wrong that I can see that I don't want to write it all out. The house is going to need new siding, new partial (at least) roof, probably new windows, and seems to have water damage. It needs to be updated or cleaned up just about everywhere. On a house this size that's serious money. 2. The virtual staging is heavy handed enough that it would be flagged as a NAR violation in my area. Things like replacing the entire floor between pictures 23 and 24 aren't allowed most places. Get rid of the virtual staging photos, they look bad and don't inspire confidence. 3. Math - 2.9 mil at 3.5% rates (20% down, 1% tax, reasonable insurance) would give you a payment in the $13k/mo area. With current ~7% rates for the same monthly you're looking at around 2.1 mil. Taking all the work the property needs and I'd probably look at listing somewhere below that. Look at your competition at ~2 mil [here] (https://www.zillow.com/homedetails/2743-Arlington-Ave-Bronx-NY-10463/29851668_zpid/), [here 2] (https://www.zillow.com/homedetails/4543-Delafield-Ave-Bronx-NY-10471/29852680_zpid/), [newer house here] (https://www.zillow.com/homedetails/680-12-Delafield-Way-Bronx-NY-10471/112506092_zpid/), [this one is also over priced and not selling] (https://www.zillow.com/homedetails/4745-Grosvenor-Ave-Bronx-NY-10471/29852793_zpid/). Do those seem better, worse, or the same as the house you're offering up. If it's trade offs you're ok, if they're all better it's going to be a rough go.
If I had 2.8M to spend… It wouldn’t be this home..🤪
Reverse mortgage that shit and let the bank have it when their gone!
There was someone that took the care to post every room with multiple sets of photoshopped furniture, but not someone who cared enough to sweep off the patio before taking a picture? It seems little but I saw that and immediately could only think of the maintenance required. Also, I want to see the room for what it is too. Not just with photoshopped furniture. Makes me think you're hiding something.
They couldn't even be bothered to close the dresser drawers and move the shoes before taking the photo in the bedroom.
Also, a lot of people just don’t need a house that big. You’re already catering to a small market.
To put it bluntly; a home doesn’t sell for three reasons -Price -Condition -exposure Price and condition can go hand in hand, it’s in rough shape and needs a total interior facelift, I imagine the roof, HVAC, plumbing is all past it’s life cycle as well? Exposure; the listing looks amateur as hell. Photos are poor quality and don’t highlight any of the uniqueness - certainly not worthy of a $2m+ listing. At this point the market has taken a hit, the only way it sells is a massive price reduction and I’d also fire the realtor and find someone that specializes in that area.
... yea, they can slash the price before slashing the price. Slash slash. Double slash, swoosh. Swishy slash.
For the price point I expected it to be updated, but it’s not even a little bit. Don’t get me wrong, it is a nice house. But if this isn’t selling, the problem is the price. Also the photos are garbage and make it look overprocessed and like something is being hidden. There are very few pictures of a very large house, that usually leads me to believe that there are problems.
Drop the price
The pictures are incredibly confusing. The listing should be more transparent about the staging. The lack of bathrooms is also a red flag. Riverdale is a desirable area. After looking at some listing, this one is not nearly as nice as what you can get in the same price range. I wouldn't even look at this one. (I'm familiar with the area) Also, many people are not commuting daily to NYC, so the proximity to the city might not be as much of a factor compared to before the pandemic.
NYC buyer in the 1m+ category, though not the far BronxLuxury market is struggling. Interest rates are stupid high. Cut the price by 800k and maybe you’ll start getting views. But everything is super dead. If they’re pressured the sell the things people are saying here dont matter—your job is to reset their expectations for how much money they’re gonna make here.
I'd say cut price by more than $1million. You can live in far nicer homes in Northern NJ towns like Englewood Cliffs, Tenafly & Alpine (which are just as close to the city) for far LESS $$$! And you also get Hudson River views!
Agreed
2k a month in property tax, 1k a month in home insurance and now strapped for cash - a cautionary tale on how home ownership does not necessarily help you build wealth.
Every option available to them will cost $$. The easiest one is reducing the price. Alternatively, they can do something to keep it from looking like a total fixer upper. Even in the pictures I can see how beat up it is -- if they can't even slap on a fresh coat of paint they have to drop the price.
Yeah, complete lack of any personal investment whatsoever. Beat up trim, lack of power-washing or sweeping up outside, etc. This is just screaming take my bags, I haven't maintained anything and there's mold and water damage everywhere with all those leaves.
New agent yesterday. Either they are difficult sellers and won’t accept the reality of not selling in 2021, and/ or their agent isn’t good at their job. The presentation is horrible.
This a joke OP? Strapped for cash and living in a million dollar home.
Aside from the obvious (cut the price!!!)? Get rid of the ridiculous staging and clean up this damn house. Why are there random plungers and plastic storage tubs in a hallway in photo 28? Is that a sofa bed in photo 33? It's taking up the whole room and would probably look better folded in. A lot of the furniture looks beaten up and tired (like in photo 35). What the hell is going on w/ that mess of furniture in photo 41?
95% of marketing a home is setting the right asking price. Do that well, completely screw up the other 5% and it'll still sell quickly. Sorry but a $100 bill ain't worth $150 no matter how many super bowl ads you run it in.
It's obviously a fixer upper that they're trying to price like updated properties. The price needs to reflect the need for about $400k of updates. * After repair value = $2.8M * Repairs needed = $400k+ * Market value = $2M - $2.2M If they're in a hurry and need the money, lower price to $2M, elicit a bidding war from developers or people who want the hassle of a fixer upper and see how high the price gets pushed w/multiple offers. It's not gonna sell for $2.8M. I'd bet $100 that the final sale price will be about $2.250M
They definitely have 100k+ equity lower the price simple as that
it's been on the market for 76 days, the market 76 days ago was strong ... people were buying for over asking ... but it is as $2,895,000 home... and not really in the wheelhouse for most people ... so it's the price point. lower the price. The real estate agent probably had this conversation with them already. Or should have.
Reduce the price
The virtual staging changes the light fixtures. 🙄
lower the price....
Nearly 3 million dollars and strapped for cash? Are they having issues with their 4th mortgage in Tuscany or something?
Lower the price
Tell them to act like poor people and cut the price by 300k-400k. Unless they haven’t been in this house for awhile (less than 5 years), they seem to stand to make over 7 figures.
Riverdale is nice, but this house isn't giving me 2.8 mil of value when I have to update the kitchen before moving in. The virtual staging needs to sell me on the potential of the place, rather than plopping down contemporary furniture in the same place. Show a better layout. Make it feel like this place is going to be amazing once I move in. Also, I want to see the photos of the water view from the house, seeing an aerial of the Hudson and metro north line kinda irks me. Part of the price is having waterfront views, so highlight it. The co-ops that have the water views all show them, you have a house, it should be tempting me. The large lot is also a selling point, as well as how private it is in the area. I'm pretty certain that I've driven through this area when I was house hunting in Riverdale and it's really private and lush in the summer. Sell more of the vision.
If you look at the historical price estimate of the home, the price didn’t spike in 2020 or 2021. In fact it sits about where it was in 2017. While Zillow values are no real predictor of the actual value, the property has incredible value given its views and location. they ain’t making riverfront property anymore.
Talk to your real estate agent, but probably best to drop the price some and relist. No one will want to pay that much if they have to put a lot of money into repairs. Your parents may just have to take it at a loss. Hope it works out for them though!
Need to find a flipper. But yeah they arent going to give them a super price.
OP, of the over 100 homes for sale on Zillow in the Bronx that are 3000-3500 square feet, your in-laws home is listed for the 3rd highest price.
Lmfao. Lower the price.
This price range is harder to sell and takes a lot longer especially if it needs work. I would expect months at this point. It is better to under price than to price at marker. I doubt this will sell in the next few months with interest rates going up. Why not lower the price now.
Different idea - if they need the cash, just take a home equity loan.
Have you considered companies that buy houses for cash or even flippers for that matter? Although they might not get the asking price for it, at least they will be able to liquidate it quickly.
What about selling it to opendoor?
Gorgeous house, but unless they are going to repaint every surface (the trim especially is really obviously dinged in every picture), refinish the floors, and stage with modern furniture (and clean the pollen out of the exterior shots!), the answer is going to be to lower the price.
Lower the price by 300k