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 Fort Worth 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 sometimes 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 Fort Worth 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. 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.
If you do decide to price quick to sell, make sure to do your homework to find a reputable direct sale home buying company. You want an investor with a very high level of integrity and a record for outstanding customer service. Definitely don’t work with any company that uses high pressure tactics.
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 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!
Most real estate agents will be happy to do a CMA Comparative Market Analysis for you free of charge. This will let you know approximately what your house will sell for on the open market.
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, 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.
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 Fort Worth for sale.
Texas Best Homebuyers would be happy to discuss your situation with you. Check out our very positive reviews and testimonials on this site. We strive to he helpful in every real estate transaction. We love solving real estate problems and helping families get out of tough situations. Local to the Fort Worth area, we have more than 25 years experience helping people meet their real estate goals and to find solutions to difficult situations.
If you have any questions about how we work, what the process of selling your house during or after the process of probate, or if you just want to learn more about us, don’t hesitate to contact us anytime. We will get back to you promptly, usually within 24 hours.