Selling Your Home During a Recession
Table of Contents
Determine If The Personal Timing Is Right For You
Understand Home Pricing During A Recession
Home sellers need to be especially mindful of two pricing risks during a recession:
- Overpricing your home and having it sit on the market for months, if not years
- Underpricing your home and leaving money on the table
The best way to find that pricing sweet spot is by working with an experienced local real estate agent who has their finger on the pulse of the market. They will be able to help you price your home appropriately from the start, which will save you a lot of time, energy, and money in the long run.
Make Smart, Cost-effective Updates To Get Buyer's Attention
Exterior Curb Appeal
Your home only gets one first impression with a potential buyer; usually, it is the view from the curb. Buyers during a recession are typically not looking for a project home. Focus on:
- Landscaping: Tidy up garden beds, plant colorful flowers, mow the lawn, and remove any leaves or debris.
- Painting: Take a critical look at your home’s exterior and see if it needs repainting. Perhaps just a new coat of paint on the shutters, doors, or window frames could freshen things up.
- Decorative flourishes: Budget-friendly updates like new house numbers, upgraded light fixtures, or a new mailbox can show that your home has been well maintained.
Interior home updates
Make sure your home’s interior looks its best for every showing.
Clean and declutter: Do a deep cleaning of your house while also decluttering every room. Remove excess furniture that might make a room look small, pare down trinkets, and remove personal belongings like photos and keepsakes. And don’t forget about closets and pantries. The more unnecessary items you have in your home, the harder it will be for buyers to see the potential.
Put health and safety first: An easy way to decide which repairs are a priority or if it really needs to be done is to ask yourself, “Is this a health and safety issue?”.
Hit The Market Sooner Rather Than Later
In recessionary times, home prices have a history of dipping. Yet experts say homeowners may still have time to pull off a highly profitable sale if they get their listing up pronto. Any homebuyer is rushing to buy a home before interest rates rise even higher, and this panic can work to a seller’s advantage. Plus, if a recession does hit, it may help curb spiraling mortgage rates, thereby increasing homebuyers’ borrowing power.
According to data from Redfin, homes that go on the market in late spring and early summer have a higher chance of selling fast and for more money. That’s likely because demand is highest during those warm-weather months.
Hire An Experienced Real Estate Agent
Choosing the right real estate agent to represent you is a serious decision that can cost or save you thousands of dollars or the home of your dreams. Stay ahead of the curve and avoid the headache of “what ifs” and “should haves” by partnering with Josh V Realty, an expert probate realtor in Los Angeles, to sell your home. Call me at (213) 465-0936 or visit my website at www.joshvrealty.com today! You’ll be glad you did.