If you’ve inherited a property and you’re thinking about selling it, make sure you read this blog post for 3 tips about how to price your inherited home in Atlanta 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 Atlanta for sale:
Selling Your Inherited Property: A Guide
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 often be a costly burden. Selling it makes sense and allows you to use the gifted equity for another purpose. However, selling an inherited property may not come easy, especially if you haven’t sold a property in a while. So here’s how to price your inherited home in Atlanta for sale:
Understanding Market Value
Before you can effectively price your inherited home, it’s crucial to understand its market value. Market value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction. To determine this, consider hiring a professional appraiser or a real estate agent who specializes in your local market. They can provide a comprehensive market analysis that considers the location, condition, and current market conditions.
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 and maintain the property the entire time. That can be costly and can eat into the higher price.
The Benefits of a Competitive Price
Pricing your home competitively can attract more buyers and generate more interest in your property. This can lead to quicker offers and potentially even a bidding war, which might increase the final sale price. Additionally, a faster sale means fewer carrying costs such as mortgage payments, insurance, and maintenance expenses.
Many property owners quickly learn that they’re almost better off pricing slightly lower for a faster sale. They might get less for the house but also pay less on repairs, carrying costs, effort, and time. Ultimately, it might turn out to be a total wash.
Tip #2: Avoid Pricing Based on Fond Memories or Emotion
One of the biggest challenges that 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 there that you accidentally use that emotion to increase the price. This is very common.
The Pitfalls of Emotional Pricing
Emotional pricing can significantly overestimate the value of your home, leading to it sitting on the market for an extended period. Buyers may be deterred by an unrealistic price, causing you to miss out on potential offers. It’s important to remember that buyers are evaluating your home based on its condition, location, and comparable properties—not the sentimental value it holds for you.
A better approach would be to work with a real estate company and find out what they can offer you. 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 it for many years, you might find that it 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 the cost of 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 still come out the same financially.
Why a Repair Discount Makes Sense
Offering a repair discount can make your property more attractive to buyers who are looking for a deal or who have the skills to make the repairs themselves. It also speeds up the sales process by eliminating the time and effort needed to fix up the property. This approach can often result in a quicker, more straightforward sale, allowing you to move on from the property with less stress.
Additional Considerations When Pricing Your Inherited Home
Consult with a Real Estate Professional
A real estate agent experienced in your local market can provide valuable insights into pricing strategies. They can help you understand current market trends, buyer behavior, and how to position your property to attract serious buyers. Their expertise can be instrumental in setting a realistic and competitive price for your home.
Factor in Holding Costs
When pricing your inherited home, consider the holding costs you will incur while the property is on the market. These costs include mortgage payments, property taxes, insurance, utilities, and maintenance. A prolonged sale process can erode your profits, making a competitive price that attracts quick offers even more appealing.
Leverage Online Tools and Resources
There are numerous online tools and resources available to help you price your inherited home. Websites like Zillow and Redfin offer free property valuations based on recent sales data and market trends. While these tools are not a substitute for a professional appraisal, they can provide a useful starting point for setting your asking price.
Summary
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 Atlanta for sale.
Ready to Sell? Contact Us Today!
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? We specialize in helping homeowners like you sell their inherited homes quickly and efficiently. Contact us at (470) 369-5727 or click here and enter your information in the form. Let us help you navigate the process and get the best price for your inherited home.
