market value inherited property

Assessing the Market Value of Your Inherited Property

Fill out the form below for a fast sale!

  • This field is for validation purposes and should be left unchanged.

Owning a property, especially an inherited one, can be both a blessing and a challenge. You might wonder, “What’s its worth? How do I evaluate it?” You’re not alone. This piece will help you understand the process of assessing the market value of your inherited property.

inheritance market value

Understanding the Concept of Market Value

Market value refers to the price that your property would fetch if sold in the current open market. It’s influenced by several factors such as location, property size, condition, and recent sales of similar properties in the same area. Establishing the market value of inherited property can be complex and often requires professional help.

Importance of a Professional Appraisal

An appraisal provides a professional opinion on the value of your property. A certified appraiser considers factors such as the property’s condition, the value of similar homes sold in the neighborhood, and the potential income it could generate. It’s crucial to get an appraisal as it provides an unbiased estimate of the property’s value, which is useful for potential buyers, sellers, and lenders.

Local Market Conditions

The local real estate market significantly influences the value of your property. Local market conditions include supply and demand, economic factors, and even the time of year. An area experiencing a real estate boom will likely result in higher property values. On the other hand, if the market is slow, prices may be lower.

Comparing with Similar Properties

Comparative Market Analysis (CMA) is a tool used to help determine the value of a property by comparing it to similar properties that have recently sold in the same area. It looks at properties of similar size, condition, age, and style. A CMA provides a realistic estimate of what a property should sell for based on current market data.

Impact of Property Condition

The physical condition of your property also plays a vital role in determining its market value. A property in excellent condition with modern upgrades will generally fetch a higher price compared to a similar property that needs significant repairs.

finance market value house probate

Considering the Income Approach

If your inherited property is a rental, the income approach might be an effective method to determine its value. This method calculates the present value of future income streams the property could produce, assuming it’s rented out. It’s typically used for investment and commercial properties.

The Role of Property Taxes

Property taxes can provide a ballpark figure for the market value of your property. Tax authorities regularly assess properties to determine their value for tax purposes. While this may not be as accurate as an appraisal or CMA, it can give you a starting point.

Final Thoughts

Assessing the market value of your inherited property is a complex process, requiring a thorough understanding of various factors. Getting professional help can make this process smoother and ensure you get a fair price for your property. Remember, knowledge is power. Being well-informed will help you make the best decision about your inherited property.

At We Are Home Buyers, we take the hassle out of selling your house! We’ll purchase it quickly and won’t ask for any extra fees or hidden charges. Additionally, you won’t have to worry about any repairs or renovations; meaning the money you receive at closing can immediately be used to pay off all your debts!

To get a fair cash offer today, get an online quote or contact us at 888-573-3810‪ to learn more about selling your house when behind on payments.

Sell My House Fast For Cash!

  • This field is for validation purposes and should be left unchanged.

Featured Articles:

Grant Garab solo

I am the proud co-owner of As a retired Marine, I devoted over sixteen years of my life to serving our great country.

At, we take pride in working closely with our clients and forging lasting friendships along the way. We are not just a company; we are a trusted partner dedicated to finding innovative solutions for your real estate needs.