Selling a home is a difficult task in any sort of environment. If you’re being met with the threat of a recession, the whole process will feel just that much more overwhelming. Not all recessions are the same, and it’s important to keep your wits about you and make smart and informed decisions if you’re selling during a recession. Use your resources to your advantage and understand that although there will be obstacles, they can be overcome if you have a plan, work with an experienced real estate agent, and avoid some of these common mistakes.
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Looking Over What is Important to Buyers
Historically, when the country has been in a recession, we’ve transitioned from a seller’s market into a buyer’s market. What this means is that the demand for homes is lower than the supply, putting buyers at an advantage. This could mean a trend of homes being priced lower. As a homeowner, you’ll want to pay attention to what buyers find important and use this to your advantage. Market features of your home like a private backyard, home office, or a newly renovated kitchen. When it comes to shopping for homes during a recession, the price of your home isn’t going to be the only factor.
Pricing Your Home Incorrectly
Speaking of pricing your home: you want to be careful with what you list the price of your home as. Just because the market might shift in favor of the buyer doesn’t mean you need to panic and list your home too low. While you might need to adjust your expectations a little so as to not expect too much from the sale, you don’t need to be too drastic about it. Pay attention to what other homes in the area are priced as and try to keep your listing within that realm. Pricing too high could lead you to have a stale listing while pricing too low could be a waste of money you could have earned in the sale.
Neglect to Work With an Experienced Realtor
When selling your home during a recession, you’re probably on the lookout for every way to save money. One of the ways you should not cut back is by neglecting to hire a real estate agent. Selling a house on your own might seem like a good idea, and it might not be a bad one during a normal economic period, but selling during a recession comes with a whole array of challenges. We suggest you do some digging and find an agent who has had experience selling during tough economic times. That way, you’ll have the assurance of a professional who can answer challenging questions during the process.
Not Allowing Yourself to Be Flexible
One of the most important things to do when selling during a recession is to stay flexible. You’ll need to make changes and adjustments during the process, and that’s okay. Be open to adjusting deadlines, changing the listing, and being patient.
Selling during a recession isn’t easy, but it doesn’t need to be a major burden. By staying flexible and on top of your plan, hiring a skilled real estate agent, and appealing to buyers, you shouldn’t have too much trouble selling your home.
