3 Tips for Pricing an Inherited Home for Sale
If you’ve inherited a property and are considering selling it, it’s important to approach pricing carefully. While an inherited home can represent a meaningful gift from a loved one, it can also come with ongoing expenses, maintenance responsibilities, and emotional challenges. Selling the property often allows heirs to convert equity into cash for other priorities, but determining the right price is not always straightforward—especially if you haven’t sold a home recently.
Here are three key tips to help you price an inherited home effectively.
Tip #1: Price Competitively to Sell in a Reasonable Timeframe
Some owners price an inherited property based on what they hope the market will pay, without considering how long they are willing to carry the home. Listing a property at the top of the market can result in extended time on the market, during which you may continue paying taxes, insurance, utilities, and maintenance costs.
In many cases, pricing slightly more competitively can lead to a faster sale. While the final sale price may be lower, the reduced carrying costs, fewer repairs, and saved time and effort can offset the difference. For many sellers, this trade-off results in a similar—or even better—financial outcome overall.
Tip #2: Separate Emotional Value from Market Value
One of the most common challenges when selling an inherited home is emotional attachment. Fond memories and sentimental value can unintentionally influence pricing decisions, leading owners to overestimate the home’s market value.
A more effective approach is to rely on objective market data. Working with a real estate professional or receiving an independent valuation can help you understand what buyers are actually willing to pay. Recognizing the difference between personal memories and market value can make the pricing process more realistic and ultimately lead to a smoother sale.
Tip #3: Account for Needed Repairs with Price Adjustments
Inherited properties often require updates or repairs, especially if the previous owner lived in the home for many years. While you can choose to complete renovations before selling, doing so takes time, money, and coordination with contractors.
An alternative is to factor repair costs into the price and offer the home at a discount that reflects its current condition. This approach allows you to avoid the stress of renovations while still achieving a fair sale price. Many buyers prefer the flexibility to handle repairs themselves, making this a practical option for both parties.
Summary
Selling an inherited home can feel overwhelming, but thoughtful pricing can make the process much more manageable. By pricing competitively, separating emotions from market realities, and accounting for repair needs, you can position the property for a successful sale.
For those who prefer to avoid the time, effort, and uncertainty of a traditional listing, selling directly to a professional home buyer or real estate investment company may be an option worth exploring. This approach can offer a faster, more streamlined sale with fewer responsibilities for the seller.