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 Dallas 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 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 Dallas for sale…
Tip #1: Price Quick To Sell
When it comes to pricing an inherited property, some individuals may set the price based on their estimation of what the market would be willing to pay for the house. Nevertheless, determining the appropriate price involves taking into account various factors, and one of the primary factors to consider is the desired speed of the sale. If you choose to sell the property through an agent in the traditional manner, the process can take several months, and you will be responsible for paying for the house and maintaining the property throughout that time. This can result in significant expenses and ultimately reduce the profit gained from the sale.
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.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
It’s quite common for property owners who have inherited a house to face the challenge of emotionally detaching from the memories tied to the property while determining its appropriate market value. The strong emotional connection can inadvertently lead to overpricing the house, as fond memories of growing up or spending joyful times there can skew one’s perception of the property’s true worth.
To help overcome this emotional bias, consider taking the following steps:
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Acknowledge your emotions: Understand that it’s normal to have an emotional attachment to the property and that it’s natural for these feelings to influence your perception of its value.
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Seek professional help: Engage a real estate professional who can provide an objective, data-driven valuation of your property. They will base their assessment on current market trends, comparable sales in the area, and the property’s condition, among other factors.
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Focus on the facts: Keep the assessment process as objective as possible by focusing on factual information, such as square footage, location, and property condition, rather than personal memories or experiences.
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Detach from the property: It can be helpful to start viewing the inherited property as an asset to be sold rather than a cherished family home. This perspective shift can make it easier to accept an objective valuation and price the property accordingly.
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Share your feelings: If you’re struggling with emotional attachment, talk to friends or family members who can empathize with your situation and provide support. They might offer valuable insights or a different perspective that can help you come to terms with the property’s true value.
By recognizing and addressing the emotional impact of selling an inherited property, you can work towards pricing it fairly and finding a new owner who will cherish it just as much as you have.
Tip #3: Build In Discounts For Repairs
In the event that you inherit a property from a loved one who lived in the property for an extended period of time, you may discover that the property requires some repairs. While you could opt to undertake the repairs yourself and subsequently request a higher price for the property, this approach may require significant time and effort, as well as expenses for equipment, supplies, or a contractor. Instead, you may choose to offer the property at a lower price and provide a “repair discount,” which would enable you to avoid the hassles of the repairs while still attaining the same financial outcome.
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 Dallas 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 Higher Home Buyer? Just call us at (214) 989-4949 or click here and enter your information in the form.
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