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How To Price Your Inherited Home In COLUMBIA 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 COLUMBIA 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 also (quite frankly) 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 COLUMBIA for sale…

Tip #1: Price Quick To Sell

Some people price their inherited property at an amount they think the market might pay for the house. However, many factors 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.

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.

When it comes to pricing inherited property for sale, one crucial consideration often overlooked is the desired speed of the sale. While some property owners may aim to maximize the selling price by listing the property at a higher amount reflective of market expectations, others recognize the inherent costs and challenges associated with a prolonged selling process.

Selling a property through a traditional real estate agent and listing it “on the market” can often translate into a lengthy timeline, spanning several months or even longer. During this period, property owners are responsible for covering ongoing expenses such as mortgage payments, property taxes, insurance, maintenance, and repairs. These costs can quickly accumulate, significantly impacting the overall profitability of the sale.

As property owners navigate the complexities of selling inherited property, many come to realize that prioritizing a faster sale, even at a slightly lower price point, can prove to be a more advantageous strategy. By pricing the property slightly below market value, sellers can attract a larger pool of prospective buyers and expedite the sales process, thereby minimizing the duration of carrying costs and reducing the effort and time invested in property maintenance.

While opting for a lower asking price may result in receiving less for the property, it also mitigates the financial burden associated with extended holding periods and ongoing upkeep expenses. In essence, it becomes a trade-off between maximizing the sale price and minimizing the overall costs and efforts incurred throughout the selling journey.

Ultimately, the decision to prioritize speed over price or vice versa depends on individual circumstances, including financial objectives, time constraints, and personal preferences. By carefully evaluating these factors and consulting with real estate professionals, property owners can make informed choices that align with their goals and optimize the overall outcome of selling the inherited property.

Tip #2: Avoid Pricing Based On Fond Memories Or Emotions

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! When it comes to pricing inherited property for sale, one of the most significant challenges property owners face is separating sentimental attachment from objective valuation. Often, the emotional connection to a home can lead individuals to overestimate its worth based on fond memories and nostalgic experiences associated with the property. It’s a common pitfall that can inadvertently inflate the perceived value of the house.To mitigate this challenge, a more prudent approach involves engaging with a reputable real estate company. Working alongside professionals who possess market expertise can provide valuable insights into the true value of the property. Real estate agents have the tools and knowledge to conduct comparative market analyses, assess current market conditions, and accurately determine the fair market value of the inherited home.

While it’s natural to hold cherished memories and sentimental value for a family home, it’s essential to recognize that these emotions may not align with the property’s actual market value. Accepting that the price offered by real estate professionals may be lower than anticipated isn’t indicative of the property’s true worth but rather a reflection of impartial market factors. Embracing this perspective allows property owners to make informed decisions based on realistic expectations, ultimately facilitating a smoother sales process and ensuring a fair transaction for all parties involved.

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. You could choose to do this work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and instead just ask for less and give a “repair discount”. That way you avoid the hassle of the work, and you still come out the same financially. When inheriting a property from a loved one who resided there for many years, it’s not uncommon to discover that the home requires repairs or updates to enhance its market appeal. In such cases, property owners often face the dilemma of whether to invest time, effort, and resources into completing these repairs themselves or opt for a more streamlined approach.

One option is to undertake the necessary repairs or renovations independently, which involves coordinating contractors, purchasing materials, and dedicating personal time to oversee the project. While this route allows for greater control over the quality and timing of the work, it also entails significant time, effort, and expenses associated with labor, equipment, and supplies. Alternatively, property owners may choose to forego the hassle of handling repairs themselves and instead factor the cost of needed repairs into the listing price by offering a “repair discount” to prospective buyers. By adjusting the asking price to reflect the condition of the property, sellers can streamline the sales process, attract a wider pool of potential buyers, and alleviate the burden of undertaking repairs themselves.

Opting for a repair discount offers several advantages. Firstly, it saves property owners the time and effort required to coordinate repairs, allowing them to focus on other priorities. Additionally, it eliminates the need to invest additional funds in labor, materials, or equipment, ultimately preserving financial resources. Moreover, by transparently acknowledging the property’s condition and offering a discount accordingly, sellers can foster goodwill and trust with prospective buyers, potentially expediting the sale process. Ultimately, whether to undertake repairs independently or offer a repair discount depends on individual circumstances, including the extent of necessary repairs, time constraints, and financial considerations. By carefully weighing these factors and consulting with real estate professionals, property owners can make informed decisions that align with their goals and priorities while maximizing the value of the inherited property.


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 COLUMBIA 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 Intrepid Property Solutions? Just call us at 803-670-8355 or click here and enter your information in the form.

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