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 Western New York 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 oftentime 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 Western New York for saleSelling an inherited home in Buffalo, NY, can be an emotional and financial challenge. Pricing it correctly is crucial to attracting buyers while ensuring you get the best return on your property. Here’s a step-by-step guide to help you determine the right price for your inherited home:
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. If the inherited home has not been updated or needs repairs, it may not be able to compete with move-in-ready properties. Assess the condition of the house and determine if any repairs or upgrades are necessary. Homes in better condition typically sell for higher prices, while fixer-uppers may require a lower listing price to attract buyers.
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 need to sell quickly, pricing slightly below market value may generate more interest and lead to multiple offers. However, if you have time, listing at market value and waiting for the right buyer can maximize your return. Working with a real estate professional can help you navigate the best approach for your situation.
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!
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.
Summary
Pricing an inherited home in Buffalo requires careful analysis of market trends, the property’s condition, and selling expenses. By taking a strategic approach, you can set a fair and competitive price that attracts buyers while ensuring you get the best possible outcome from the sale. 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 Western New York 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 Buffalo Brick & Mortar LLC? Just call us at 716-403-2016 or click here and enter your information in the form.