Selling Your Property During the Recession Doesn’t Have to Be Hard

Selling a property during a recession seems like a bad idea. Will anyone have the money to buy? Will you need to settle for a lower price? How long will your property sit on the market before it sells? 

The uncertainty makes it hard to list a property during a recession, but it’s not hard to sell during a recession. In fact, home sales have been skyrocketing during the current recession caused by the coronavirus pandemic. For example, since the pandemic began sometime in February 2020, Houston has seen a 25.6% year-over-year increase in completed transactions. That’s not all. The price of single-family homes has increased by 15% to a historic high, according to Houston Agent Magazine.

As you can see, selling your property during a recession doesn’t have to be hard. If you have property to sell, these tips will help.

1. Get connected with a property management company

You’re probably familiar with property management companies. They take over landlord duties like rent collection, tenant screening, repairs and maintenance, and evictions. What you may not know is these companies also facilitate tasks necessary for buying and selling, like home inspections.

If you don’t already have a plan for getting your property inspected, the best solution is to get your property analyzed by a property management company. Find a company that will help you prepare your property for sale, and you’ll have an easier time selling.

2. Set the right price

Set your price right from the start. During a recession, some potential home buyers won’t even bother contacting you if your listing price is too high. You might be willing to negotiate, but you’ll never get the chance because those people will ignore your listing and move down the list.

If other homes in your area have been selling at a slightly lower price, consider lowering your listing price. You don’t have to offer a deal that will shortchange your profits, but don’t set your price so high that you deter would-be buyers.

3. Make necessary repairs before listing your property

Home buyers during a recession will likely be short on cash. They’ll want to buy a home they can move into immediately rather than having to spend time fixing it up and making it livable.

Before listing your home, make as many repairs and renovations as required to make the home livable from day one. Small things count the most. For instance, paint the interior and exterior, replace worn siding, take care of the landscaping, replace broken shower heads, re-caulk the tub, and replace drafty windows and doors.

Do everything you possibly can to make your home a great place to live the moment you hand over the keys. This can be a great selling point as well. You’ll attract more potential buyers by advertising your property as “move-in ready.” The small repairs and improvements made will be considered on the same level as amenities. 

4. Hire an experienced real estate agent

An experienced real estate agent will be your biggest asset and ally to sell your home during a recession. Today’s real estate agents may not have experience selling homes in a recession, but they certainly have experience selling homes in down markets. Although a down market isn’t a recession, there is wisdom that can be carried over into other tough markets.

5. Maintain a positive attitude

The most important aspect of selling a home in a recession is maintaining a positive attitude. Your attitude makes a bigger difference in your outcomes than you may realize. Your emotions inform your actions, and your actions determine your results. If you’re feeling depressed or cynical about selling your home, you’ll be more likely to take the wrong actions, and less likely to recognize the positive opportunities that come your way. 

Know that people buy homes in all economies

Remember that people buy homes regardless of the state of the economy. The 2020 pandemic didn’t stop people from buying homes since many cities experienced a surge of home sales and rising sale prices. 

You can sell property in any economy as long as you price it right and target the right market.