How to Price Your Inherited Home for Sale in Sacramento

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 be a costly burden; selling it often makes the most sense and allows you to use the gifted equity for some other purpose.

But how much do you really know about selling an inherited property? There are some unique challenges. Selling an inherited property may not come easily to you, especially if you haven’t sold a property in a while.

Here are three tips for pricing your inherited home in Sacramento.

Tip #1: Price to Sell Quick

Some people price their inherited property high to try and maximize their inheritance. However, there are many factors that go into finding the appropriate price. What will the market accept right now? Are there a lot of homes for sale in the neighborhood? How quickly do you want to sell the home?

Selling through an agent on the market can take months. You’ll have to pay for the house (property taxes, HOA, etc.) even if the mortgage is paid off, and you’ll have to maintain the property the entire time. That can be costly and can eat into the final sale price.

Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale. Even if you get less money in the sale, you’ll benefit from paying less on repairs, carrying costs, effort, and time.

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. You have so many fond memories of being in the house (or of the person who left it to you) that it’s nearly impossible to be objective. Many homeowners allow their emotion guide them in their pricing decisions, and they wind up asking for more money than they should.

A better approach is working with a real estate company to find out what the home could really fetch, understanding that the price might be lower than you expected.  It could be that your wonderful memories have accidentally inflated the price, and a real estate agent or investor can bring you down to Earth.

Tip #3: Build In Discounts For Repairs

If you inherited the property from a loved one who lived in the property for many years, you might find out that the property needs some repairs. You could choose to do this work yourself and then shoot for a higher asking price. Or, you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and just ask for less.  Giving a “repair discount” can help interest buyers. You’ll avoid the hassle of doing the work, and you still come out the same financially.

An inherited house can be a lot of work! If you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? Use these tips for guidance. If you still have questions, know that there are professionals who can help you learn how to price your inherited home in Sacramento 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 California Family Homebuyers? Just call us at (916) 907-6116 or click here and enter your information in the form.

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