When you inherit a property, it can feel overwhelming. You’re often in a place of grief and unstable emotionally. This can lead to irrational decisions when it comes to selling the inherited home. We are here to help guide you through how to sell your inherited property for the best price in Orlando, Florida.
Understanding your market
Once you’ve taken some time to allow yourself to grieve and recover emotionally, it’s a great idea to try understanding your local real estate market before you list. Orlando is currently considered a seller’s market, meaning there are more buyers in the pool than there is inventory. This makes your inherited home a hot commodity. The average home price in Orlando, Florida is just over $300,000. Just about 40 percent of recent home sales sold for the above-asking price (good news for you trying to sell your inherited property!).
Price it right
The most common reason a home doesn’t sell quickly is that it is priced inappropriately. Your real estate professional should be able to help guide you to a good price to list your home. You can ask for a comparative market analysis (CMA) which compiles recent sales in your area, home features, days on the market, and final sale prices to determine a good price for your inherited property.
If you aren’t happy with what the expert is telling you the home is worth, consider doing upgrades to increase your property value. Sometimes small fixes and cosmetic changes can warrant a large return on your investment.
Other good ways to price your home to sell include:
- Review expired listings in your area to learn from other neighbors’ mistakes
- Choose a price that is appealing ($299,999 seems more approachable than $300,000 to buyers)
- Don’t hesitate to lower the price if the home is sitting for longer than expected
Understand closing costs
Trying to get the best price for your inherited property is an obvious goal of a seller. It’s important that you understand all the factors that go into your final net proceeds. There are closing costs that come with any real estate transaction. Typically, you can expect about 10 percent of the sale to go towards various expenses related to closing on the home. Some closing expenses include:
- Real estate agent commission (typically 5 to 6 percent)
- Closing costs
- Seller concessions
- Maintenance and repairs
- Moving costs
- Home overlap costs
Negotiate the best offer, not just the highest
You likely will receive multiple offers on your home sale in Orlando, Florida due to current market conditions. It is easy to pick the offer with the highest price, but sometimes that isn’t always the best offer! Reviewing the terms of all the offers is critical in getting the most out of your sale.
Most offers will include some form of contingencies, which are terms that allow the agreement to be canceled if not met. Common contingencies include a home sale contingency, an inspection contingency, or a financing contingency. Be sure to lean on your real estate professional to understand these terms to select the best offer for you.