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 Daytona Beach for sale…
Have you recently come into possession of a property in Daytona Beach that you’re considering selling? While inheriting property can be a generous gesture from a deceased family member, it can also become a financial burden. Selling the property can free you from this burden and provide you with equity to pursue other opportunities. However, determining the right price for your inherited home in Daytona Beach may pose a challenge, especially if you lack experience in real estate transactions. To assist you in this process, here are some guidelines on how to accurately price your inherited property for sale:
Tip #1: Price Competitively To Sell Quickly
When pricing an inherited property, many individuals tend to set the price based on their perceived market value. Nevertheless, numerous factors contribute to determining the property’s value, with one key aspect being the desired speed of the sale. Opting for a traditional agent and listing the property on the market could entail a lengthy process spanning several months, during which time you are responsible for property expenses and upkeep. This prolonged timeframe can incur substantial costs, potentially offsetting any gains from a higher sale price.
Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale… they might get 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 a total wash.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
When property owners inherit a property, pricing it for sale can be a significant challenge. It’s common to struggle with valuing the property objectively, as sentimental attachments may inflate perceived value. Despite the emotional attachment due to fond memories, it’s crucial to assess the property’s true market value accurately. This balance between emotional ties and market value is a common dilemma faced by many property owners.
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
If you have recently inherited a property in Daytona Beach and find that it requires some repairs due to long-term occupancy, consider offering a “repair discount” to potential buyers. Rather than investing your time, effort, and resources in fixing the property, you can adjust the asking price to account for the needed repairs. By doing so, you can attract buyers who are willing to take on the repairs themselves while ensuring a smoother selling process for yourself. Contact Cash Home Buyer Florida at (386) 383-2085 to learn more about positioning your inherited property for a successful sale.
Summary
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 Daytona Beach for sale.
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 Cash Home Buyer Florida? Just call us at (386) 383-2085 or click here and enter your information in the form.