How To Price Your Inherited House For Sale In Salt Lake City
Have you recently inherited a home that you are looking to sell? Then, continue reading this article for 3 important tips about how to price your inherited house for sale in Salt Lake City…
Have you inherited a home and are now considering selling it? As great a gift from a family member an inherited house can be, it may also become an expensive burden. So, selling the property makes good sense by letting you instead use the equity in another way of your choosing. But, actually selling the house may be difficult for you, especially if you haven’t sold a home before or if it’s been a long time. So, keep reading to learn how to price your inherited house for sale in Salt Lake City…
Tip #1: Price To Sell Quickly
Often times, people will put their inherited house for sale at a price they hope the market may pay. But, in reality, different factors go into a home’s price and one of the first things to consider is: how quickly do you want it to sell? Going the route of using an agent to sell “on the open market” often takes months or longer, during which time you’ll need to pay the house’s bills and for maintenance. These expenses can add up and take away from the higher price you hope to get.
Many smart owners of these properties realize that it can actually be better to price the house a little less in order to get it sold sooner… they’ll get a bit less but will also be spending less on carrying costs, repairs, time, and effort – in the end, saving the extra time and hassle may be the better deal for you.
Tip #2: Avoid Emotion-Based Pricing
A major difficulty many recipients of inherited properties have to overcome is differentiating between their fond memories associated with the house and its true value. A property may have a certain value on the market but because of your intense emotions associated with the home or of happy times growing up there, you may unintentionally let those emotions raise the price. (This is REALLY common.)
A more effective approach, in this case, is to partner with a real estate firm and find out what amount they are able to give you, recognizing that this amount may be lower than what you were thinking… not because the property is worth less, but because your happy memories have actually artificially increased the price!
Tip #3: Factor In Discounts For Repairs
It’s likely that the home you inherited from a family member may need some repairs and updates from that person living in the home for a long time. It may be possible for you to do the work on your own and then try and get a higher sale price, but would it be worth the hassle and time spent (plus the cost of supplies, equipment, or a contractor)? Instead, you can avoid all that extra work and still achieve the same result financially by giving a “repair discount”.
Inheriting a property is often a ton of work, so if you’re looking to sell it, you’re not alone. But, how should you price it? This guide will help you on how to price your inherited house for sale in Salt Lake City.
Why not skip all the costs and hassle of selling through an agent and instead reach out to learn about selling to us at Property Seller Solutions? You can give us a call at (801) 876-1036 or go here and enter your info in this form.