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 Surprise, Phoenix, and Flagstaff or Phoenix Metro 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 also (quite frankly) 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 house or mobile home in Surprise, Phoenix, and Flagstaff or Phoenix metro for sale…
Tip #1: Price Quick To Sell
Some people price their inherited property at an amount they think the market might pay for the house or mobile home. 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 if there is a mortgage or with a mobile home, the park rent. Plus you will need to 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 or mobile home, 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 Emotion
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 or mobile home 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 like RescueHouseBuyer.com and find out what they can offer you. Then, 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 have inherited a property from a loved one who has lived there for many, many years, you may discover that the property requires extensive repairs, renovations or upgrades. Instead of undertaking the repairs, renovations and upgrades yourself to increase the selling price, consider offering a “repair discount” to potential buyers. By doing so, you can save time, effort, and expenses associated with equipment, supplies, or contractors. This approach allows you to avoid the inconvenience of repairs while achieving a similar financial outcome.
Summary
An inherited house or mobile home 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 Surprise, Phoenix, and Flagstaff or Phoenix metro for sale.