Housing Market 2023: 9 Tips for Selling Your Home in a Recession, According to Experts
Written by
Cynthia Measom
Edited by
Molly Sullivan
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Selling your home during an economic downturn comes with a unique set of challenges. Lower home values, fewer buyers and stricter financing guidelines are just a few obstacles you might face. Additionally, homes may stay on the market longer, and potential buyers may negotiate harder on price and terms.
With the right strategies and understanding of the market, however, you can navigate these challenges and find the best path to a successful sale. Here are nine tips for selling your home in a recession, according to experts.
Enlist the Help of a Professional
“Partnering with experienced real estate professionals is invaluable during a recession, ” said Mike Qiu, owner of Good as Sold Home Buyers. “Seasoned agents who understand the local market dynamics can guide you through pricing, marketing strategies, negotiations and the legal aspects of the sale. Their expertise can help you navigate the challenges more effectively.”
Go In-Depth With Your Listing
“Utilize the power of online marketing to showcase your home effectively,” Qiu said. “High-quality photographs, virtual tours, and detailed property descriptions can provide remote buyers with an in-depth view of your home. This can significantly reduce unnecessary in-person visits and attract a wider audience.”
Price Your Home Competitively
“It’s important to remember that buyers are looking for a good deal in a recession,” said Mark Buskuhl, founder and CEO of Ninebird Properties. “That means you need to make sure your pricing is competitive. Research other homes in the area that have recently sold, and consider a price slightly below what similar houses are selling for. This will make your property more attractive than similarly priced properties and increase the likelihood of a sale.”
Step Up Your Home’s Curb Appeal
“Enhancing the curb appeal of your home can make a substantial difference in attracting potential buyers,” Qiu said. “Take the time to tidy up the exterior, attend to landscaping needs, and address any visible repairs. Making a strong first impression can pique buyers’ interest and encourage them to explore further.”
Don’t Skip Out on Staging
It’s tempting to save money in difficult economic times,” Buskuhl said, “but don’t skimp on staging when selling your home! A good real estate agent will be able to tell you where it makes sense to invest in staging and how to make the most of your budget. This can include small updates like painting, decluttering and rearranging furniture. Remember that staging helps potential buyers envision living in your home and can help you get a better price for it.”
Showcase Cost-Saving Features of Your Home
“Highlighting cost-saving features can resonate with recession-era buyers who are keen on minimizing ongoing expenses,” Qiu said. “Energy-efficient appliances, well-insulated windows and other economical aspects of your home should be showcased. Emphasize how these features can contribute to long-term savings, which can be particularly appealing in a financially uncertain time.”
Try To Accommodate Buyers’ Schedules
“Be prepared to be more flexible with buyer requests for showings at potentially odd hours or inconvenient times for yourself,” said Sean Mayers, a licensed realtor with Century 21. “In a recession, it’s best not to limit the number of prospective buyers who can view your home with strict rules on days and times that your home can be shown. Consider accommodating a buyer’s schedule to make it more convenient for them, not you.”
Remain Flexible During Negotiations
“In a recession, buyers may offer a much lower price on a home to test a seller’s resolve,” Mayers said. “It’s important for sellers to not react negatively and to remain flexible in negotiations, which can eventually lead to mutual success at a fair market price.”
Provide a Home Inspection Report
“Providing prospective buyers with a home inspection report from a reputable company can help eliminate a major obstacle upfront,” Mayers said. “The report has benefits for both buyers and sellers. A seller can use it to identify any issues that need to be fixed before listing the home, making the home more attractive to buyers overall. A buyer can obtain info about the home in advance without having to pay for the report themselves, saving hundreds of dollars. This can help eliminate a significant obstacle for buyers who might be considering making an offer on your home.”
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