If you’ve inherited a property in the beautiful areas of Bradenton, Sarasota, Venice, or North Port, Florida, and you’re contemplating selling it, you’re in the right place. At Florida Home Buyers, we understand that dealing with an inherited property can be both a gift and a challenge. In this blog post, we’ll provide you with three valuable tips on how to price your inherited home in Sarasota for sale. Let’s navigate this process together with wisdom and a friendly approach.
Tip #1: Price Quick To Sell
Selling an inherited property might not be as straightforward as it seems. Many people make the mistake of pricing their inherited home based on what they believe the market might pay. However, it’s crucial to consider the timeframe within which you want to sell. If you opt for the traditional route of selling through an agent “on the market,” be prepared for a process that can take months.
At Florida Home Buyers, we’ve found that pricing slightly lower can be a strategic move for a faster sale. While you might receive a bit less for the house, you’ll also save significantly on repairs, carrying costs, and time. It’s a trade-off that often proves to be worth it in the end, providing you with a hassle-free and efficient selling experience.
One of our clients in Bradenton decided to price their inherited home slightly lower, and they were pleasantly surprised at how quickly the property sold. They shared with us that the peace of mind and reduced stress were well worth the slightly lower selling price.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
The emotional attachment to an inherited property can cloud your judgment when it comes to pricing. Fond memories of growing up or spending happy times in the house might lead you to overestimate its value. This is entirely normal but can impact your ability to make a realistic assessment.
At Florida Home Buyers, we recommend working with a real estate company to get an objective perspective on the property’s value. Recognize that the price may be lower than your initial expectations, not because the house isn’t worth as much, but because emotions have unintentionally inflated the price.
A family in Sarasota approached us to sell their inherited home, and after a consultation, they realized that the sentimental value they attached to the property was influencing their pricing decisions. With our guidance, they were able to set a fair market price and successfully sell the house.
Tip #3: Build In Discounts For Repairs
Inherited homes often come with the need for repairs, especially if the previous owner lived in the property for an extended period. Instead of taking on the burden of repairs yourself, consider building in discounts for potential repairs in your pricing strategy.
This approach saves you the time, effort, and expenses associated with repairs, allowing you to present the property as-is to potential buyers. By offering a “repair discount,” you can strike a balance financially without the added hassle of undertaking renovation work.
A homeowner in Venice inherited a property that required significant repairs. Rather than investing time and money into renovations, they opted to build in a repair discount. The property sold swiftly, and they avoided the stress of managing repairs, coming out financially unscathed.
Summary
Selling an inherited house can be a challenging but rewarding process. If you find yourself navigating this journey, remember these tips from Florida Home Buyers on how to price your inherited home in Sarasota for sale. By pricing strategically, avoiding emotional biases, and incorporating repair discounts, you’ll be well on your way to a successful and stress-free sale. Feel free to reach out to us for personalized guidance tailored to your unique situation.