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 Chicago 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 Chicago for sale…
Tip #1: Price To Sell
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 the house and maintain the property the entire time. That can be costly and can eat into the higher price.
It can be tempting to price the property you inherited at a premium to see if you get lucky but what you’ll find in most cases is that buyers want the best overall value when they purchase a house. Just think of the mindset you had when purchasing your house and expect that the buyer you find for the inherited house you sell will be viewing the property from a similar perspective.
Most home sellers quickly learn that over pricing the property initially will likely end up in an overall lower sale price in the end and cause an incredible amount of unnecessary stress waiting for the sale to be completed. Respect the amount of time it may take as well as stress created by overpricing your property and recognize the trade off involved in selling for top dollar.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest challenges that property 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 in the house that you accidentally use that emotion to increase the price. (This is VERY common.)
A better approach would be to work with a 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 worth as much but because your wonderful memories have accidentally inflated the price!
Tip #3: Build In Discounts For Repairs
It is very common for properties that have been inherited to require a lot of repairs. If you have the time and knowledge to tackle all of the repairs required, then focus on getting these completed before you begin to market the property. However, if you find the repairs required are beyond your skillset or you just don’t have the time to complete them then consider the time and money needed to repair the property.
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 Chicago for sale.