Selling your home in a recession

Dear readers,

I hope this email finds you well.

Today, concerns over an economic recession have infiltrated our lives again leaving many of us.

Many financial experts are certain that a recession is inevitable in the new year. Others aren’t as convinced, though. 

Either way, people still move for many reasons whether it be upsizing, downsizing, sellers looking to release equity to help their children get on the ladder, sellers looking to consolidate debt, families relocating with work and of course school moves just to name a few.

Below are a few important tips for selling your home in a tougher market or even a “recession in 2023”.

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 estate agent will set you up for success by analysing home prices in your area and helping you come up with the best possible price to sell your home during a recession.

Realise 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 colours 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, odours 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 estate agent
Having the best possible estate agent to help you through the process of selling your home is one of the best things you can do to ensure success. Have a look at how the estate agent markets their homes as well as their history of client testimonials/reviews.

Any questions, please ask.

Kind regards,

Daniel James & team.

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