If you’ve inherited a property and are planning to sell it, it’s important to approach the process strategically, especially when it comes to pricing. Many people who inherit homes aren’t familiar with the complexities of selling a property, and there are several key considerations that can impact your success. At iBuyLehigh, we specialize in helping people in Allentown, Bethlehem, Easton, and the surrounding Lehigh Valley sell homes quickly, including those that have been inherited. In this post, we’ll share 3 important tips for how to price your inherited home in Lehigh Valley, PA for sale.
Did You Inherit a Property?
Inheriting a property from a loved one can be both a blessing and a challenge. On one hand, it’s a valuable gift that represents the legacy of the person who passed away. On the other hand, owning a home can come with significant costs and responsibilities, from maintenance to taxes. For many, selling the inherited property makes the most sense, allowing them to access the equity and put the funds to better use. However, the process of selling can be overwhelming, especially if you haven’t sold a home in a while, or ever. That’s why it’s critical to know how to properly price the home to sell effectively.
Here are three essential tips to help you price your inherited home in Lehigh Valley, PA for sale:
Tip #1: Price Competitively for a Faster Sale
One of the most important things to consider when pricing an inherited property is how quickly you want to sell. Many homeowners make the mistake of pricing their property too high, thinking that the market will determine the value. While this is true to some extent, other factors—like how quickly you need to sell—play a big role in determining the right price.
If you choose to list your inherited home with a real estate agent, the process could take several months, during which you’ll need to cover the costs of maintaining the property. This includes mortgage payments, utilities, insurance, and property taxes, all of which can add up quickly. The longer the property sits on the market, the more these costs can eat into your profits.
By pricing the home slightly lower than market value, you can often attract more buyers and sell the property faster. In the end, while you might receive a bit less for the house, you’ll save on the expenses of holding onto the property, making it a smart financial decision that could leave you with just as much—or even more—in the long run.
Tip #2: Don’t Let Emotions Influence the Price
One of the hardest parts of selling an inherited property is separating your emotions from the business of selling a home. You likely have fond memories of the house, especially if it belonged to a close family member like a parent or grandparent. These emotional ties can make it difficult to see the home objectively, and many people overestimate the property’s value because they’re attaching sentimental worth to it.
It’s important to recognize that the market value of a home is based on what buyers are willing to pay—not the memories tied to it. The reality is that sentimental value doesn’t translate into higher dollars when selling. That’s why it’s crucial to work with a real estate professional or a home buying company like iBuyLehigh. We can give you a fair, objective assessment of your home’s value, helping you to avoid overpricing the property based on emotion.
Tip #3: Account for Repairs with a Discount
If your loved one lived in the home for many years, there’s a good chance the property may need some repairs or updates before it can sell at top market value. This could include anything from minor cosmetic fixes to more significant repairs like a new roof, plumbing updates, or electrical work. While you might consider making these repairs yourself to boost the asking price, this often involves a considerable amount of time, money, and effort.
A simpler approach is to price the home with a “repair discount,” meaning you account for the cost of the needed repairs in your asking price. This way, you can avoid the hassle of hiring contractors and managing renovations, while still making the sale more attractive to potential buyers. By being upfront about the property’s condition and pricing it accordingly, you can save yourself time and avoid costly improvements.
Summary
Selling an inherited home can be a big task, but with the right pricing strategy, it doesn’t have to be overwhelming. By pricing your home competitively, avoiding emotional attachment, and accounting for repairs, you can ensure a smoother, quicker sale. If you’re considering selling an inherited property in Lehigh Valley, PA, these tips will help you make informed decisions and maximize your return.
At iBuyLehigh, we understand the unique challenges that come with selling an inherited home. We buy houses in Allentown, Bethlehem, Easton, and throughout the Lehigh Valley, offering a fast and easy solution for homeowners who want to avoid the stress of traditional listings. If you’re ready to sell your inherited property, reach out to us today for a no-obligation consultation. We’re here to help!
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 iBuyLehigh? Just call us at (484) 549-0019 or click here and enter your information in the form.