Are you planning to sell an inherited property in Fresno ? Makes sure to read this blog post for 4 tips on how to properly price your inherited home in Fresno for sale
While inheriting a property from a loved one who has passed away can be a wonderful gift, it can also become a financial burden if not managed properly. If you’re thinking of selling an inherited property, you may face some challenges, especially if you haven’t sold a property before. Let’s explore those tips further below:
Tip #1: Price to Sell Quickly
There are individuals who tend to set the price of their inherited property based on what they assume the market will pay for the house. However, determining the appropriate price involves numerous factors, with one of the most crucial ones being the urgency to sell. Opting to sell through a real estate agent could take several months, and you will have to cover the costs of owning and maintaining the property during that time, which can be quite expensive and decrease your profits. As a result, many property owners realize that pricing their inherited home a little lower can lead to a quicker sale. While they may receive less money, they will also save on expenses such as repairs, carrying costs, effort, and time, resulting in a trade-off that might balance out in the end.
Tip #2: Avoid Pricing Based on Fond Memories or Emotion
It can be a challenge for property owners who inherit a house and want to sell it to separate their emotional attachment to the property from its true market value. Many people have fond memories of growing up in the house or spending happy times there, which can lead them to overestimate its worth. Working with a real estate company can be a helpful approach to pricing the property accurately. It’s important to keep in mind that the price may be lower than anticipated, not because the house is worth less, but because emotional attachment has inflated the price.
Tip #3: Offer Repair Credits (Discounts)
If you have inherited a property that was previously lived in by a loved one for a long time, you may discover that the property requires some repairs. While you could undertake the repairs yourself and then list the property at a higher price, it might be more beneficial to offer a “repair discount” and ask for less. This approach allows you to avoid the time, effort, and cost of repairs, while still receiving the same financial benefit.
Tip #4: Consider the Current Real Estate Market Conditions
When pricing your inherited property for sale, it’s important to consider the current real estate market conditions in your area. If the market is hot and there’s a high demand for properties, you may be able to price your property slightly higher and still sell it quickly. On the other hand, if the market is slow or there’s an oversupply of properties, you may need to price your property more competitively to attract buyers. Do your research and work with a reputable real estate agent to help you understand the current market conditions and how they may affect your pricing strategy. This can help you avoid overpricing or underpricing your property and ensure you get the best possible sale price.
If you’re considering selling an inherited house, you’re not alone. However, pricing an inherited property can be challenging. To get the best value for your property, it’s essential to price it competitively, avoid emotional pricing, and account for any necessary repairs. By following these three tips, you can sell your inherited home in Fresno and maximize the gifted equity. If you want to skip the hassle and expense of selling through an agent, contact us at Mutari Group to discuss selling your inherited property. You can call us at (559) 379-5416 or fill out our form by clicking here