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 Louisville for sale…
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, it can oftentimes 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. So here’s how to price your inherited home in Louisville for sale:
Tip #1: Price Competitively To Sell Quickly
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, and you’ll have to pay for the house and maintain the property the entire time. That can be costly and can eat into the higher price.
Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale… they might get less for the house but they also pay less on repairs, carrying costs, effort, and time, so it’s ultimately a trade-off that might turn out to be a total wash.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotions
One of the biggest challenges that property owners of inherited property face when trying to price their property 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 accidentally 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, and recognize that the price might be lower than you were expecting… not because the house isn’t worth as much but because your wonderful memories have accidentally inflated the price!
Tip #3: Build In Discounts For Repairs
If you inherited the property from a loved one who had lived in the property for many years then you might find out that the property needs some repairs. It’s common for inherited properties to require some degree of repair, especially if your loved one lived in the house for many years. One strategy is to build in a discount for 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”. Instead of spending time, money, and energy fixing up the home to command a higher price, why not ask for a lower price that factors in the cost of needed repairs? That way you avoid the hassle of the work, and you still come out the same financially. This approach can ultimately save you stress and hassles while keeping you financially secure.
An inherited house can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? These tips will guide you on how to price your inherited home in Louisville for sale.
Why not bypass all the work and cost of selling through an agent and instead get in touch with us today about selling your inherited property to us here at Louisville Cash Real Estate? Just call us at (502) 461-1450 or click here and enter your information in the form.
Frequently Asked Questions (FAQs)
- How quickly can I sell my inherited home in Louisville?
The time it takes to sell can vary greatly depending on the condition of your home and how competitively it’s priced. However, by working with us at Louisville Cash Real Estate, you can often complete the sale much more quickly than through traditional methods.
- Can I sell my inherited home as-is without making repairs?
Yes, you certainly can. While it’s true that homes in better condition often fetch higher prices, building in a discount for repairs can yield the same financial result without the hassle of doing the work yourself.
- I have a lot of emotional attachment to the home. How can I ensure I price it accurately?
We’d recommend working with a real estate company who can offer an objective valuation of your home. They can provide an appraisal based on solid market data, separate from personal sentiments or memories associated with the house.