When it comes to the economy, there are ups and there are inevitably going to be downs. If you’re a homeowner who is considering selling your home and you’re coming to terms with a potential recession, you’re likely feeling a bit stressed out. While selling your home during a recession isn’t ideal, it isn’t an impossible feat. Thankfully, a recession isn’t something we’re unfamiliar with. If you’re working towards selling your home in the next year or so and are worried about the economy, we recommend doing some homework. Here are a few tried and true tips to go by.
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Hire a Realtor
First comes first: it’s important to have someone on your side who knows the ins and outs of selling a home. Not only should you hire a real estate agent, but you should also make sure to hire someone who has sold during previous recessions. While not all recessions are the same, having an expert go through the selling process will give you peace of mind and will help you ultimately find success. Do some research, conduct some interviews, and find a real estate agent that you feel comfortable working with.
Be Mindful Of Marketing
It’s important to note that during a recession, the market usually shifts into a buyer’s market. This means that as a homeowner looking to sell, you’ll need to have a strong selling strategy to stand out against competitors. Appeal to buyer’s interests by using marketing tactics to your advantage. Be present on as many platforms as possible, hire a staging company, and take strong photographs. Most people are on the internet, so make sure to use home-selling sites and social media platforms to your advantage!
Choose a Good Selling Price
When selling in a recession, you might have the instinct to price your home way under value. While this might make it easier to sell your home quickly, you’re likely selling yourself short. Before you list your home, do some research on what similar homes in the area are being priced at. In addition to that, have your home appraised to find what its true value is. From there, be mindful of the price that you choose to sell your home at and more importantly, feel confident in your decision.
Don’t Make Rash Decisions
It’s easy to feel panicked when reading the news or listening to others talk about the state of the economy. In moments where you feel unsure or anxious, be mindful to not make rash decisions. Stay confident with the decisions you made regarding your real estate agent when you list your home, and how you go about selling it. When the situation regarding the economy begins to feel extra unstable, stay true to your decisions!
The Bottom Line
Not only is selling a home hard enough but doing so during tough economic times is even harder. Start by finding a real estate agent who you feel comfortable with and move forward with a plan. Further, don’t feel discouraged when things begin to feel rocky. Selling a house during a recession might feel daunting, but the more confidence you can have, the better.
