If you’ve inherited a property and you’re considering selling it, make sure you read this blog post for 3 essential tips about how to price your inherited home in Massachusetts for sale…
Did you inherit a property that you’re now considering selling? While an inherited property can be a meaningful gift from a loved one who has passed on, it can often become a financial burden. So selling it makes sense and allows you to use the gifted equity for other purposes. But selling an inherited property may feel overwhelming, especially if you haven’t sold a property recently. So here’s how to price your inherited home in Massachusetts for sale:
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 influence this price and one of the biggest considerations is: how quickly do you need to sell? Selling through an agent “on the market” can take months, and you’ll have to pay carrying costs and maintain the property the entire time. That can be expensive and can significantly reduce your net proceeds.
Many property owners quickly discover that they’re often better off pricing slightly lower for a faster sale… they might receive 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 financially equivalent.
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 cherished memories from the actual market value of the house. The house might be worth a certain amount on the market but you may have such wonderful memories of growing up in the house or of special times there that you unconsciously use that emotion to inflate the price. (This is VERY common.)
A better approach would be to work with a trusted 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 valuable but because your precious memories have accidentally influenced your pricing expectations!
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 discover that the property needs some updates. 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 materials, supplies, or a contractor) and instead just ask for less and provide a “repair allowance”. That way you avoid the hassle of the work, and you still come out the same financially.
Summary
An inherited house can involve significant work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? These strategies will guide you on how to price your inherited home in Massachusetts for sale.
Why not skip all the work and expense of selling through an agent and instead connect with us today about selling your inherited property directly to us here at MINQ Homes? Just call us at 781-858-9408 or click here and enter your information in the form.