Tips for Selling Your Home During a Recession

For the past 2 years, the market has been in the favor of the sellers. Prices shot through the roof and buyers are making offers more than the listing price. 

However, there's been recent talk about the possibility of a recession and things are already changing in the market. The prices of homes are being reduced, more listings are becoming available and yet, less buyers are taking the leap in buying a home. 

As someone who's been thinking about selling your home soon, what are the important things you should note? Here are 3 of the most important ones.

1. Know the perfect timing. 

The recession is looming but it;s not yet here. While that is still the case, take advantage of the current pool of buyers who are grabbing the current interest rates before they even go up. The earlier you sell, the better. 

However, there would be "glitches" in the market along the way, so make sure that your realtor is someone who is on your side who will tell you the perfect time to make a move. 

2. DO NOT overprice your property

Gone are the days when homes are selling way above their asking prices. Although that indeed happened the past year (some listings even selling above 20%), the times are changing. Currently, buyers are becoming more cautious in choosing, and with the increasing number of listings available, an overpriced home with only result in having it sit in the market for a longer period of time. 

To know the best pricing for your home, talk to your agent and discuss your options and be realistic. Set aside the emotional value to you of your home and allow your agent to assess its current value in the market using their latest tech to give you a satisfying and justified price. 

3. Choose upgrades that will definitely appeal to your buyer. 

If your budget is tight and could not afford to upgrade everything in your home before having it listed, choose the most important features that would capture the hearts of your potential buyers. 

Look at what made you buy your home in the first place and improve on that. Consult your agent on the best upgrades to make in your home. Better yet, allow your agent, who is most likely in a great relationship with the best builders in the area, to make the expert decision in making the necessary upgrades to your home. 

It's necessary to be flexible in the ever-changing real estate market. It's even more necessary to have an expert and experienced realtor on your side who knows how to navigate the market. If you want to work with our team, call us at 925.415.0835 today!

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