If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited home in the Bay Area for sale…
If you have inherited a property that you are considering selling, it can be both a gift and a burden. While the equity you receive from an inherited property can be a valuable asset, owning a property can also come with significant expenses. If you’re not experienced in selling properties, determining the right price for an inherited property can be challenging. However, it’s essential to get it right to ensure that you receive a fair price for the property while still making it an attractive investment for potential buyers. In this blog post, we will explore the steps you can take to price your inherited home accurately for a successful sale in the Bay Area.
Tip #1: Price Quick To Sell
When it comes to pricing an inherited property, some individuals make the mistake of setting a price based solely on their perception of the current market value. However, there are several other crucial factors to consider, with one of the most significant being the urgency with which you want to sell. Opting for the traditional method of selling through an agent can be time-consuming, taking months to secure a buyer, and during this period, you will have to maintain the property and cover the expenses. This can be financially burdensome and may result in reduced profits, despite a higher sale price.
When it comes to selling a property, property owners often realize that setting a slightly lower price can result in a faster sale. Although they may receive less money for the property, they will also save money on repairs, carrying costs, and the time and effort involved in maintaining and marketing the property. This could be a trade-off that results in a similar outcome, making it a wise decision for the seller.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest obstacles that people who inherit property face when trying to sell it is separating their sentimental attachment to the property from its actual market value. It is common for people to overvalue their property because of the emotional attachment they have to it, especially if they have fond memories of growing up or spending happy times in the house. This can lead to unrealistic expectations of what the property is worth, which can make it difficult to sell. To avoid this common pitfall, it is recommended that property owners work with a real estate company to determine the actual market value of their property. Although it may be difficult to accept that the property is worth less than what they had hoped for, it is important to recognize that the sentimental value they place on the property does not translate to its market value.
By working with a real estate company, property owners can gain a better understanding of what their property is worth and what they can realistically expect to receive for it. This can help them set a fair and reasonable price for their property, which can increase their chances of selling it quickly and efficiently. It is important for property owners to remember that sentimental value is not the same as market value, and that working with a professional can help them avoid common mistakes and achieve their goals.
Tip #3: Build In Discounts For Repairs
If you have had the benefit of inheriting a property from a deceased loved one who had resided in the property for an extended period of time, then it is likely that the condition of the property would require some repairs. You could choose to do this work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and instead just ask for less and give a “repair discount”. That way you avoid the hassle of the work, and you still come out the same financially.
Summary
Inheriting a house can be overwhelming, and deciding to sell it is a common choice. However, pricing the property can be challenging. To help you set a fair and reasonable price for your inherited home in the Bay Area, these tips will guide you through the process.