If you’ve inherited a house 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 Stockton for sale…
Did you inherit a house 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 money pit. So selling it may make sense and it will allow 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 Stockton for sale…
Tip #1: Price Quick To Sell
Most people have no idea how to price their inherited property at an amount they think a buyer might pay. However, this doesn’t have be a hurdle that causes distress or procrastination. Just keep in mind that there are many factors that go into the 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, will cost a commission and you’ll have to pay the mortgage on the house and maintain the property the entire time. That can be costly and can eat into the cash at closing.
Many property owners quickly learn that they’re almost better off to price the house 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 usually turns out to be a total wash.
Tip #2: Avoid Pricing Based On Sentimental Value, as it has No Value in Real Estate
There are no crystal balls in real estate and from my experience the most difficult decision to make when selling a house revolves around the price. No one wants to be taken advantage of or hear after the sale that they could have gotten much more money if they had just done something different. Let me tell you now… no matter what you sell your inherited house for there will always be someone that will claim that they could have gotten more.
So it stands to reason that 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 inflate the price. (It happens all of the time.)
The best approach is to access the houses condition and location and look at the competition. Walk through an open house or two. See what the top of the market looks like with all of the repairs and amenities being offered, see what the bottom of the market looks like and ask a lot of questions and get the answers from the listing agents of those properties. Then find someone you trust or find a real estate company that is willing to buy the house and pay cash without commissions and closing cost. Find out what they can offer to you in cash for a fast sale, 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 inadvertently 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. 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, and labor and 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.
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 Stockton for sale.
You can 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 Westbrook REI? Just call us at (209) 481-7780 or click here and enter your information in the form.
My name is Peter Westbrook and I am a local real estate investor with Westbrook Real Estate investments. I am locally based and when you call me at (209) 481-7780 you talk to me personally. I will appraise the property and show you all of the comparable sales for houses just like yours. I will make you an all cash offer and because I pay cash you can even pick the closing date. No banks, no real estate agent commissions and NO closing cost.
For more information on me and my company go to http://www.westbrookrei.com or give me a call today.