If you have inherited a piece of property and you plan on selling it, be sure to continue reading this article for 3 tips about how to price your inherited home in Wichita for sale…
Did you inherit property you now want to sell? While property that has been inherited can be a marvelous gift from a loved one who has passed away, though it can also be a costly burden. So, selling it would make a lot of sense. It would allow you to use the gifted equity for another purpose. Though, selling property that has been inherited may not come so easily to you, especially if you haven’t sold any property in a while. So, to see how you should price the inherited house in Wichita for sale continue reading…
Tip #1: Price Quick To Sell
In some cases, people will price the inherited house at an amount they believe the market would be willing to pay for the property. However, there are plenty of factors that go into setting a price and one of the bigger ones to consider is: the amount of days you want to sell the property within. Selling through a real estate agent “on the market” can take months of your time, and you will have to pay for the house and maintain the property all at the same time. This can be costly and can eat into the higher price.
A lot of property owners learn quickly that they would be better off pricing slightly lower in order to obtain a faster sale… though they might get less for the house than hoped for, they would also have to pay less on repairs, carrying costs, effort, and time. So, ultimately it is a trade-off that may turn out to be a total wash in the end.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
The biggest challenge that many property owners have to face when inheriting property ad trying to price it for sale is separating the happy memories from the true value of the home. The property may be worth a specific amount on the market, but as the seller, you may have fond memories growing up at the house or of happy times spent there that you accidentally use that emotion to up the price (this is VERY common).
An even better approach to take would be to work with a company of real estate to find out what they can offer you, and help you recognize that the price may be lower than you had been expecting… not because the house isn’t worth as much as you think but because your memories have accidentally inflated the price!
Tip #3: Build In Discounts For Repairs
If you’ve inherited property from a loved one who lived in the home for many years, then chances are you may find that it will be in need of a few repairs. You have the option of doing this work yourself and ask for a higher price but why spend the extra time when you save yourself the effort (and what you would have had to pay for equipment, supplies, or a contractor) and instead ask for less and a “repair discount”. That way you avoid all the hassle, and you still come out financially stable.
Inheriting a house can be a lot of work so if you are thinking of selling it, you’re certainly not alone in that choice. But how exactly do you price an inherited house? These tips will help guide you in the right direction on how to price the inherited property in Wichita for sale.