PHILADELPHIA (CBS) – The “sandwich generation”– folks taking care of both dependent children and aging parents– are facing a new squeeze. The tight housing market is making it difficult to dispose of the family homestead when their parents pass away.
One word, “Price,” said Bonnie Joffe, a South Jersey seniors’ real estate agent who says her advice is echoed by every real estate agent you talk to.
Even in this very slow market, houses moved if they are priced right. But Joffe, also, acknowledges that simple-sounding advice becomes complicated when it’s your parents house you’re selling.
“They’re in a home they grew up in and this emotional connection makes it all that much more difficult to say, okay, I’ll take that much less money.”
Joffe adds many heirs may find their parents let the home go, a bit, so it doesn’t have the kind of curb appeal buyers in this market expect– depreciating the value even more. But when you add carrying costs to the cost of upgrades, it may not pay off to make them.
Once again, there is one way to overcome those obstacles.
“Price,” she said.
Reported by Pat Loeb, KYW Newsradio