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 North Carolina for sale…
Have you recently inherited a property in North Carolina that you’re considering selling? While inheriting property can be a meaningful gift from a deceased loved one, it can also become a financial burden. Opting to sell allows you to leverage the equity for other purposes. However, selling an inherited property may pose challenges, particularly if you lack recent experience in real estate transactions. Here are some tips on how to price your inherited home in North Carolina.
Tip #1: Price Competitively To Sell Quickly
When selling an inherited property, some owners tend to set the price based on their perception of the market value. However, numerous factors influence the pricing strategy, with one key aspect being the urgency to sell. Opting for a traditional agent listing can prolong the selling process, leading to ongoing expenses for maintenance and holding costs. This approach may result in a significant financial burden, potentially offsetting any perceived higher sale price.
Experience often reveals that pricing slightly below market value can expedite the sale. While the final sale price may be lower, this strategy reduces expenses related to repairs, maintenance, time, and effort. Ultimately, it becomes a strategic trade-off that could prove to be a balanced decision in the end.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
When pricing an inherited property for sale, one of the significant challenges property owners face is distinguishing sentimental value from the actual market value. It’s easy to let fond memories influence the pricing, leading to an inflated perception of the property’s worth. This scenario is quite common among sellers.
A more effective approach is to collaborate with a reputable real estate company to gain insights into the true market value. It’s essential to acknowledge that the price offered may be lower than anticipated, not because the property lacks worth, but because emotional attachment has inadvertently inflated the perceived value.
Tip #3: Build In Discounts For Repairs
If you’ve recently inherited a property from a long-time resident, you may discover that it requires some maintenance. Instead of taking on the repairs yourself to potentially increase the selling price, consider offering a “repair discount” to buyers. By doing so, you can save time, effort, and expenses associated with equipment, supplies, or hiring a contractor. This approach allows you to avoid the burdens of renovation while achieving a similar financial outcome.
Summary
Dealing with an inherited property can be overwhelming, especially when it comes to selling it. If you’re considering selling your inherited house in North Carolina , you’re not alone in this process. However, determining the right price for your inherited home is crucial. Here are some valuable tips to help you price your inherited property effectively for sale in North Carolina .
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 AIP House Buyers? Just call us at (336) 707-5223 or click here and enter your information in the form.