Why waiting for a better real estate market may cost families more than they realize.
By Lisa Taylor | Founder, Rainier Estates
There’s a phrase I’ve heard countless times over my nearly 40 years of working with families navigating estate transitions:
“We’re just not ready.”
Sometimes it’s the emotional attachment to a family home filled with decades of memories. Sometimes the heirs can’t agree on what to do. Sometimes it’s simply overwhelming to contemplate sorting through a lifetime of belongings.
And increasingly, I’m hearing another reason: “We’re going to wait until the real estate market gets better.”
I understand all of these reasons. Selling a family home, particularly after losing a loved one, is rarely just a financial decision.
But in the past year, I’ve witnessed firsthand how the decision to wait can create consequences far beyond a changing real estate market.
Sometimes doing nothing becomes the most expensive decision of all.
What Happens to a House When Nobody Is Watching?
Over the past year alone, I’ve encountered situations that would surprise many homeowners.
A toilet leaked in a vacant home, damaging the flooring and ultimately requiring portions of the family room ceiling below to be torn out and repaired. The damage went unnoticed because nobody had checked on the property for months.
I’ve seen trees come down during storms, damaging gutters and roofs while no one was there to discover the problem.
I’ve encountered homes that had been broken into and occupied by squatters because the properties appeared abandoned.
And I’ve seen broken waterlines create enormous water bills for owners who were no longer paying close attention to the property.
These aren’t stories I’ve read about. They’re situations I’ve personally encountered while helping families deal with estate properties.
And the list goes on.
The common denominator isn’t necessarily neglect. Often, it’s simply that everyone assumes someone else is keeping an eye on the house—or that nothing much can happen while they take a little more time to decide.
But a vacant house doesn’t take care of itself.
A small leak can become a major restoration project. An unnoticed roof problem can lead to interior damage. A home that appears unoccupied can attract unwanted attention.
Meanwhile, property taxes, insurance, utilities, landscaping, and maintenance expenses continue.
The house is costing money every month, whether anyone is living there or not.
The Real Estate Market Doesn’t Wait for Us to Be Ready
Many heirs and trustees have understandably been reluctant to sell in today’s challenging real estate market.
They remember what homes were selling for two or three years ago, when buyers competed aggressively and sellers often received multiple offers.
It’s difficult to accept that a property may not command the same price today.
But here’s something I frequently remind clients:
The value of a home isn’t what it could have sold for two years ago. It’s what a qualified buyer is willing to pay for it in today’s market.
And waiting doesn’t guarantee that yesterday’s prices will return.
I’ve worked with families who postponed dealing with an inherited home for years, hoping circumstances would improve.
In one situation, a home remained unresolved for approximately three years. During that time, its condition deteriorated, necessary repairs became more extensive, and the market changed considerably.
What might have been a relatively straightforward estate transition became a much more complicated and expensive undertaking.
Of course, none of us has a crystal ball. Prices may improve. Interest rates may decline. Buyer demand may strengthen.
But those are possibilities, not guarantees.
What we can calculate are the expenses of holding the property and the risks of allowing it to sit unattended.
The Storage Unit That Was Supposed to Be Temporary
Another situation I’ve seen repeatedly starts with what seems like a sensible compromise.
The family isn’t ready to sell the house, so they empty it, put the belongings in storage, and rent out the property.
Problem solved. Or so they think.
Fast-forward a few years.
The family discovers they don’t particularly enjoy being landlords. Tenants have moved in and out. Repairs have accumulated. The house needs attention.
And somewhere across town, there’s a storage unit filled with furniture, china, artwork, collectibles, and boxes nobody has opened since they were moved.
The monthly storage fees continue. The belongings may have little sentimental significance to the heirs, yet nobody wants to make the decisions necessary to dispose of them.
I’ve seen families spend years paying to store items they ultimately decide to sell or donate.
Renting an inherited property can certainly be a good investment strategy when the numbers make sense and the owners genuinely want to manage a rental.
But there’s an important distinction between choosing to become a landlord and becoming one simply because nobody was ready to make another decision.
Temporary solutions have a way of becoming expensive long-term arrangements when there’s no plan.
What Is Waiting Actually Costing You?
Let’s consider a hypothetical inherited home with monthly carrying expenses.
Property taxes, insurance, utilities, landscaping, and routine maintenance could easily add up to $1,500 to $2,000 per month for some properties.
At $1,700 per month, that’s $20,400 a year.
Over three years? More than $61,000.
And that doesn’t include major repairs, storage fees, unexpected damage, or changes in the home’s market value.
These are illustrative numbers, of course. Every property is different.
But the calculation is one I wish more families would make before deciding to wait.
If you’re hoping the property will sell for $100,000 more in a few years, how much of that potential gain will be consumed by carrying costs? What happens if it needs a new roof? What if the market doesn’t improve?
And perhaps most importantly, what is the ongoing responsibility costing you in time, energy, and peace of mind?
Waiting for a better price is only a good strategy if the potential reward justifies the cost and risk of waiting.
Homes Are Still Selling in This Market
Despite today’s challenges, my own real estate listings have continued to sell.
Not because buyers are paying the prices they might have paid during the height of the market.
They’re selling because we’ve approached each property realistically.
We’ve evaluated the competition, considered the home’s condition, made thoughtful decisions about preparation, and priced according to what today’s buyers are willing to pay.
Sometimes that means investing in fresh paint, flooring, landscaping, or repairs.
Other times, particularly with older estate properties, it means doing just enough to present the home well while leaving the larger renovations to the next owner.
Buyers today are selective. They’re considering interest rates, renovation expenses, insurance, and the overall cost of ownership.
But they’re still buying homes.
Some buyers are exploring different financing structures, including adjustable-rate mortgages. Others hope to refinance if rates eventually decline, although that possibility is never guaranteed.
There are still opportunities on both sides of a transaction.
The key is understanding the market we’re actually in, rather than making decisions based on the one we remember.
And while sellers may not achieve the prices they could have received a few years ago, they also eliminate the ongoing expenses and uncertainties associated with holding a property indefinitely.
The Emotional Side of Letting Go
After nearly four decades in this business, I know that the hardest part of settling an estate often has very little to do with money.
A family home represents holidays, birthdays, childhood memories, and the people who once filled its rooms.
For some families, selling the house feels like closing the door on those memories.
And when a loved one has passed away, sorting through their belongings can feel overwhelming.
I understand why people postpone it.
But I’ve also seen the relief that comes when families finally begin moving forward.
They discover that they can preserve the belongings that matter most, find new homes for the rest, and make thoughtful decisions about the property without diminishing the memories attached to it.
Letting go of a house doesn’t mean letting go of the people or the memories that made it special.
And making a plan doesn’t mean everything has to happen tomorrow.
It simply means taking control of the process rather than allowing time and circumstances to make the decisions for you.
You Don’t Have to Be Ready to Sell Tomorrow. But You Should Have a Plan Today.
This is the advice I would give any family managing an inherited property, particularly one that has been sitting vacant.
Start by understanding what you have.
What is the home’s current market value? What repairs or improvements might be necessary? What are the monthly carrying costs? Are there valuable personal belongings that could be sold? What would it realistically take to prepare the property for market?
If the decision is to keep the home, make that an intentional decision, too.
Arrange regular property inspections. Review the insurance coverage for vacancy or rental use. Maintain the landscaping, monitor the utilities, and establish a budget for repairs and unexpected expenses.
If the decision is to rent it, understand the responsibilities and financial realities of becoming a landlord.
And if the eventual goal is to sell, develop a realistic timeline and plan for the belongings, property preparation, and sale.
You don’t need to have every answer before beginning.
In fact, that’s often why professional guidance is so valuable.
The Cost of Waiting Isn’t Always Measured in Dollars
I’ve spent much of my career helping families navigate the process of selling a lifetime of belongings and, often, the family home itself.
What I’ve learned is that the families who move forward with a thoughtful plan generally experience far less stress than those who spend years postponing difficult decisions.
The market may improve. It may soften further. Interest rates may change. Nobody can promise what comes next.
But the expenses of holding a property are real, and the risks of leaving it unattended are real.
And so is the relief that comes from finally having a complicated responsibility behind you.
You cannot go back and sell in yesterday’s market. But you can make a thoughtful decision in today’s market.
Sometimes the smartest financial decision isn’t waiting for the highest possible price.
It’s protecting the value you have, avoiding unnecessary expenses, and giving yourself permission to move forward.
Lisa Taylor is the founder of Rainier Estates, a family-owned estate liquidation company established in 1986, and a real estate broker with Realogics Sotheby’s International Realty. She specializes in helping families throughout Bellevue, Seattle, and King County navigate estate liquidation, downsizing, property preparation, and real estate transitions.
Learn more at RainierEstates.com.
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