If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for three tips about how to price your inherited house for sale in the metro Washington DC area.
Did you inherit a property that you’re now thinking about selling? While an inherited property can be a wonderful gift from a loved one who has passed on, quite frankly it can also be a costly burden. So selling it makes sense and allows you to use the gifted equity for some other purpose. But selling an inherited property may not come easy to you, especially if you haven’t sold a property in a while. Here’s how to price your inherited home for sale.
Tip #1: Price To Sell Quick
Some people price their inherited property at an amount they think the market might pay for the house. However, there are many factors that go into this price and one of the biggest considerations is how fast do you want to sell? Selling through an agent “on the market” can take months. Plus you’ll have to pay for the house expenses and maintain the property the entire time. That can be costly and can eat into your profits.
Many property owners quickly learn that they might be better off pricing their house slightly lower to get a faster sale. They might get less for the house from the sale price, but they also pay less for repairs and carrying costs, as well as in effort and time. Ultimately it’s a trade-off that might turn out to be equal in the end.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest challenges property owners of inherited houses face when trying to price their house for sale is separating the happy memories from the true value of the house. The house might be worth a certain amount on the market but you may have such fond memories of growing up in the house or of happy times in the house that you unconsciously use that emotion to increase the price. (This is VERY common.)
A better approach would be to work with a real estate company and find out what they can offer you. Recognize the price might be lower than you were expecting – not because the house isn’t worth as much – but because your wonderful memories have unintentionally inflated the price!
Tip #3: Build In Discounts For Repairs
If you inherited the house from a loved one who had lived in the property for many years, you might find the property needs some updating. Often inherited houses need massive repairs. You could choose to do this work yourself and then ask for a higher price, but why spend that much money, time and effort (including what you’d have to pay for equipment, supplies, or a contractor)? Instead you can just ask for less and give a “repair discount.” That way you avoid the hassle and headaches of the doing or managing the work, and you still come out the same financially.
An inherited house can be a lot of work, so if you’re thinking of selling it, you’re certainly not alone. By knowing how to price your inherited house properly, you’ll be able to save yourself an enormous amount of time and money.
Why not bypass all the work and cost of repairing, upgrading and then selling through an agent? Instead, call Express Homebuyers today at (877) 804-5252 about selling your inherited house.