How To Price Your Inherited Home In Alabama For Sale

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 Alabama 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 oftentime 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 Alabama 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 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. Additionally, you’ll need to invest time and money in repairs, inspections, and staging to make the property as appealing as possible to potential buyers, which can further delay the sale.

Many property owners quickly learn that they’re almost better off pricing slightly lower for a faster sale. While they might get less for the house, 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. In fact, a quicker sale can offer peace of mind, avoid additional expenses, and prevent the property from sitting vacant for long periods, which can sometimes cause deterioration. Sometimes, a small price reduction can attract more buyers, leading to a faster closing and reducing the overall financial burden. So, while the initial asking price may seem crucial, the long-term savings from a faster sale might be more beneficial than holding out for a higher price.

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

If you inherited the property from a loved one who had lived in the property for many years, then you might find out that the property needs some repairs. These issues could range from cosmetic updates like painting and flooring to more serious problems like plumbing or roofing that require professional attention. While it’s tempting to roll up your sleeves and tackle these repairs yourself to increase the value of the home, you might want to consider whether it’s worth the time, effort, and expense. Repairing a home can be time-consuming and costly, especially when you factor in the price of materials, equipment rentals, and potentially hiring a contractor for specialized work. Plus, the stress of managing the repairs can add to the emotional toll of selling the property.

Instead of investing all that time and money into repairs, you could opt for a “repair discount” approach. This means pricing the home slightly lower to account for the repairs a buyer will need to make themselves. By doing so, you avoid the hassle of doing the work yourself and pass the responsibility on to the buyer. This strategy can often be just as effective as making repairs, as many buyers are willing to take on projects if they feel they’re getting a good deal. Ultimately, it saves you from the burden of overseeing a lengthy repair process while still allowing you to secure a fair price for the property. Plus, this approach can speed up the sale, which might be beneficial if you’re looking to close quickly and avoid additional carrying costs.

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 Alabama 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 Hapa Homebuyers? Just call us at 251-312-5100 or click here and enter your information in the form.