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 Milwaukee 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 Milwaukee for sale…
Tip #1: Price Quick To Sell
Many people set a price based on what they “feel” the house is worth or what similar homes list for online. But one of the most important pricing decisions comes down to how quickly you want or need to sell.
In Milwaukee, especially in areas like Sherman Park or West Allis, inherited homes can sit for 90+ days if priced at full market value and need repairs. I’ve worked with several families who originally priced too high, only to lower it later after weeks of showings with no offers. On the other hand, one client priced their Bay View duplex 8% below market and closed within 14 days — saving nearly $5,000 in holding and maintenance costs.
So while pricing slightly lower might seem like a loss up front, it can actually save you money in the long run, especially if the property needs updates or you’re dealing with probate-related delays. 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.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
A common mistake I see — especially when the home has been in the family for decades — is letting emotional attachment influence pricing. You might remember birthday parties in the backyard or holidays in the living room, but unfortunately, buyers don’t pay for memories. They look at square footage, condition, and comparables.
I once met a seller who priced their mother’s home 15% above local comps in Riverwest because “it’s a special house” — and it was, to them. But the property lingered with no offers until they adjusted it to reflect true market value.
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!
Tip #3: Build In Discounts For Repairs
If the home was lived in for years without recent upgrades, chances are it will need repairs — and buyers will notice. You could fix everything yourself, but that means coordinating contractors, pulling permits, and fronting the money.
Instead, many sellers I’ve worked with choose to price the property lower and offer what I call a “repair discount.” For example, if a roof needs replacement and you expect buyers to notice, reduce your price accordingly and call it out upfront. It shows transparency and saves you the hassle.
In Milwaukee’s current market, older inherited homes often appraise lower if they haven’t had recent electrical, HVAC, or foundation work — so it’s smarter to price for that than be surprised later during inspection.
A Quick Word on Legal and Financial Considerations
Inheriting property can come with unexpected financial obligations — from capital gains taxes to unresolved liens or probate complications. I always recommend speaking with a probate attorney or tax advisor before listing the home, just to make sure you’re in the clear legally and financially.
This article is meant to help you understand your options, but it’s not legal or financial advice. Always consult licensed professionals when needed — and if you don’t know where to start, I’m happy to refer you to trusted contacts I work with locally here in Milwaukee.
Note: If you’re unsure about condition issues, consider hiring a local inspector or licensed contractor before listing. It’s a small investment that can help you price accurately and avoid surprises.
Summary
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 Milwaukee for sale.