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 Portland 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 often become a financial burden. Selling allows you to utilize the inherited equity for other purposes. However, navigating the sale of an inherited property might feel overwhelming, especially if you haven’t been in the real estate market recently. Here’s our guide on how to price your inherited home in Portland for sale:
Tip #1: Price Competitively To Sell Quickly
Many homeowners initially price their inherited property based on what they believe the market might pay. However, numerous factors influence this figure, with one critical consideration being your timeline. Selling through a traditional real estate agent can stretch over several months, during which you’ll need to maintain the property and cover ongoing expenses. These carrying costs can significantly reduce your net proceeds, even if you achieve a higher sale price.
Property owners often discover that pricing slightly lower for a faster sale can be financially advantageous. While you might receive less for the house itself, you’ll also spend less on repairs, ongoing expenses, personal effort, and time. This tradeoff frequently balances out in the end, making a quicker sale at a slightly reduced price the smarter financial decision.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the greatest challenges when pricing an inherited property is separating emotional attachment from market value. Your home might command a certain price in today’s market, but cherished memories of growing up or spending time there can unconsciously inflate your price expectations. This emotional pricing is extremely common among inheritors, but it can significantly hinder your selling process.
A more practical approach involves consulting with a reputable real estate company to determine what they can realistically offer. Be prepared that this figure might be lower than anticipated—not because your property lacks value, but because sentimental attachments may have unconsciously elevated your price expectations beyond market reality.
Tip #3: Build In Discounts For Repairs
Inherited properties often require repairs, especially if your loved one lived there for many years. While you could tackle these renovations yourself and ask for a higher price, consider whether that’s the best use of your resources. Instead, you might offer a “repair discount” on the asking price. This approach saves you the hassle, time, and expense of coordinating repairs while potentially yielding the same financial outcome when all costs are considered.
Summary
Managing an inherited house requires significant effort, so if you’re considering selling, you’re in good company. Determining the right price for an inherited home can be challenging, but these guidelines should help you establish a realistic asking price for your inherited property in Portland.
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 Real Estate Advisors? Just call us at 503-433-8550 or click here and enter your information in the form.