There is nothing unusual about having unrealistic expectations about the value of your parents' home, sentimentality clouding everyone's judgment, and grief putting everyone on an emotional roller coaster.
You will need to let the market dictate the list price of your parents' home, rather than your personal opinion, we are Local Houston real estate agents.
Use a CMA to remove emotion from pricing If you're ready to sell your house, your agent will prepare a Comparative Market Analysis (CMA) that estimates the fair market value of the home based on the prices of recently sold homes (comps). When selling an inherited property multiple owners, the comps aren't the only numbers that matter.
Remember time is money As long as you own the home, you will have to pay the bills every month. If you sell it sooner, your operating costs will be lower. Property taxes status can change as well.
Are you eligible for the $250,000/$500,000 home sale tax exclusion if you inherit a home?
Unfortunately, no. Nevertheless, inherited property benefits from stepped-up basis rules. Thus, you might not need the exclusion when you sell the house.
If you keep the house and live in the home, you can then Calculate Gain tax.