How to Price Your Inherited Home in Towson MD for Sale

March 8, 2023
If you have recently inherited a property in Towson, MD, and are looking to sell it, this blog post is for you. As professional homebuyers in Towson Maryland, we have 3 tips to help you price your home correctly and get the most money possible.
 

Are you thinking about selling the house you inherited? While an inherited property can be a great gift from a loved one, it can also be expensive to keep up. So selling it makes sense and allows you to use the gifted equity for something else. But selling an inherited property may not be easy for you, especially if you are not ready to prepare an inherited house for sale. 

Here’s how to price your inherited home in Towson MD for sale…

Tip #1: Price to Sell Quickly in Towson MD

You may want to price your home a little lower if you’re in a hurry to sell. Some people estimate the value of their inherited property based on what 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 home and maintain the property the entire time. That can be costly and can eat into any potential profits. You may want to price your home a little lower if you’re in a hurry to sell.

 
Many property owners quickly realize that they may fare better by pricing their home slightly lower for a quicker sale. Though they may get less money for the house, they will also spend less on repairs, carrying costs, effort, and time. In the end, it may be a wash.

Tip #2: Avoid Pricing Based on Emotion In Maryland

One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the sentimental value from the true value of the house. The property might be worth a certain amount on the market but you may have such fond memories of growing up in the home or of happy times in the property that you accidentally use that emotion to increase the price.

 
It might be a good idea to consult with a real estate company and see what kind of options are available to you, rather than assume that the price will be lower than you initially thought. This is because the sentimental value of the property might have caused you to overestimate its worth.

Tip #3: Build in Discounts for Repairs for Your Towson Property

If someone you loved owned the property for many years before you inherited it, you might find that it needs some repairs.
 
You could choose to do the work yourself and then ask for a higher price, but why would you want to do that when you can save yourself time and effort? (Not to mention what you’d have to pay for equipment, supplies, or a contractor.) 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.

Sell My House in Towson MD

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 property? These tips will guide you on how to price your Towson MD home for sale.
 
We buy houses in Maryland and offer cash for properties in Towson. If you are looking to sell your house in Maryland without having to go through an agent and incurring all of the associated costs, then please contact us today! We would be happy to discuss selling your property with you.

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