Tips for Selling Your Home in a Recession
Regardless of the economy, selling your house is a big undertaking and requires a certain level of preparation and thoughtful planning. Yes, we are living in unprecedented times right now, and the result of that has been a lot of uncertainty about the future. The coronavirus pandemic caused many of us to rethink or change important plans. Those scheduling vacations or in the midst of making major life decisions about getting married, beginning families, or buying or selling homes were left to wonder if the timing was right, and when life would return to normal.
It’s no wonder, then, that sales-hopeful home owners like yourself are seeking answers and searching for home selling tips all over the internet. Today, concerns over an economic recession have infiltrated just about every aspect of our lives. However, with a few important tips for selling your home, you can proceed with your sale with confidence that the outcome will be favorable.
Experts on the economy report that the housing market will stay strong. At first, many worried that we would be in for a repeat of the Great Recession of 2008. Yet, there is reason to remain optimistic that the housing market will not take a similar dive. Home selling tips for the future include adopting new strategies that take into consideration the enormous amount of change and upheaval we have all experienced in recent months.
It is absolutely possible to succeed in selling your house during a recession. It requires a unique approach and careful consideration for these important home selling tips and questions to reflect on.
5 Home Selling Tips During a Recession
Determine if the personal timing is right for you
You may well be worried about the timing when it comes to financial outcome, but have you considered if the timing of your home sale aligns with the needs of yourself and your family? Is now the time, and you are simply waiting because you are uncertain about selling during a recession? If the timing is right for you on a personal level, read on!
Take into account whether you also are buying
If you are buying a new home at the same time as you are selling, you may well find the recession doesn’t cause too much trouble for you. Finances could even out altogether. If prices are lower that will bring down your total asking price, but conversely, it will also impact the price on your purchase. It is not recommended that you sell your home and move money to the stock market during a recession, but purchasing a new home is a good investment anytime.
Understand home pricing during a recession
Inflated prices on homes during a recession are among the top reasons for a home not selling. If you are selling your house during this recession, you need to adjust your price accordingly. Homes that are priced as close to the projected price will sell, despite the impact of the coronavirus shutdown on the economy. A good real estate agent will set you up for success by analyzing home prices in your area and helping you come up with the best possible price to sell your home during a recession.
Realize what buyers are looking for
Buyers during a recession are typically not looking for a project home. Buyers want a move-in-ready home as they are not looking to take on a great deal of renovations at this time. Making your home move-in-ready to the extent that you are able to do so is one of the best tips for selling your home right now.
Making any small updates you can will go a long way. Paint your home in neutral colors and avoid leaving any bold walls that might not suit everyone’s tastes. Prepare your house by making it clean, removing any sign of pets living in the home, odors from cooking, etc. Making your home look warm, bright and clean is the best way to attract buyers and to get the asking price you need. Buyers do not want to come into a home that is cluttered with personal belongings because it makes it harder for them to envision themselves living there. If you can stage your home with classic and stylish furniture and minimal decorations you will do well in your home sale.
Find a great real estate agent
Having the best possible real estate agent to help you through the process of selling your home is one of the best things you can do to ensure success. Working with a reputable real estate agent profiled on Homes & Land is highly recommended.