5 Helpful Tips for Selling Your House in a Weak Economy
Need to sell your house during tough economic times? Take a look at this helpful guide for 5 helpful tips to sell your house in a weak economy.
U.S. economic growth is predicted to drop by more than 26 percent in the second quarter of 2020. The resulting recession is expected to last six months to a year.
If you're planning to sell your home during that time frame, these statistics may seem alarming. With the right strategies, however, selling your home in a weak economy doesn't have to be a nightmare. Check out our top five tips for a smooth sale in a rough economy now!
Real Estate in a Weak Economy
Perhaps the most important thing to keep in mind as the economy slides into recession is that the real estate market may slow down but it won't stop. People will still need, and want, to buy homes, just like you need, or want, to sell yours.
In fact, governmental intervention and other factors are currently keeping housing prices stable. At the same time, mortgage rates are dropping. This is making it easier than ever for many buyers to get the financing they need to act on their homebuying dreams.
All you have to do is make sure your house is ready to sell.
1. Pick up and Polish
One of the best tips on selling your home, no matter what the economy, is to pick up and polish your space. What does that entail? Usually, it includes a combination of:
Decluttering
Depersonalizing
Cleaning
Fresh paint
Touching up small maintenance issues
Decluttering makes your space look bigger, airier, and more welcoming. It shows off your living and storage spaces to their best advantage.
Depersonalizing means removing things unique to your family. This makes it easier for potential buyers to picture themselves in your home. Failure to depersonalize is one of the most common stumbling blocks homeowners run into when selling their homes, in fact.
Finally, when it comes to "how to sell a house fast," almost nothing is as powerful as a little strategic cleaning, painting, and minor maintenance. These touchups give your home a fresh, well-cared-for feeling. They suggest attention to detail, which gives buyers confidence and creates a powerful first impression that sets you apart from the crowd.
2. Price It Right
The second secret of "how to sell a house fast" in a slow market is to price it correctly. Set the sticker price too high and you'll miss out on prospective buyers taking advantage of lower interest rates during the recession.
You'll also set yourself up for a disadvantage later on. Dropping your home's sale price can send the wrong messages to buyers. That can drag out and complicate the selling process, so pricing right the first time is critical.
Determining the right price for your home isn't a simple thing, however. It involves knowing about and assessing, among other things:
Your local real estate market
Local factors such as school districts and tax rates
Your home's condition
Code compliance and other legal requirements
Don't guess when it comes to pricing your home. Let an experienced agent help you determine and set the right price from the start.
3. Find a Great Real Estate Agent
Finding a great real estate agent is important for far more than just figuring out how to price your home. Experienced agents can also:
Guide you through the legal process of selling
Protect you and your interests during the sale
Connect you with other qualified professionals to assist with the sale
Help you determine where your home needs touching up
Handle much of the bureaucratic burden
Guidance
The legal requirements for selling your home can be complicated. Your agent will help you understand each step of the process and protect you from unscrupulous buyers or buyer agents.
They can also connect you to other reliable and trustworthy professionals as needed, such as insurers, attorneys, inspectors. All of this saves you enormous amounts of time, money, and stress.
Insight
In addition to helping you set the right price, your agent serves as a vital second set of eyes on your property. They'll be able to see the things you might overlook and help you see your home as prospective buyers will see it.
They can help you determine what's worth fixing or freshening up, and what updates aren't worth the investment.
Tools
Your agent will also have the tools and know-how to make your sale go smoothly. This includes things like virtual listings and tours, which are becoming increasingly important in our post-COVID-19 world.
4. Get a Head Start
Buyers may wait for the recession to buy houses but, as a homeowner, the best way to sell a house is to start now. Many sellers underestimate the amount of time it will actually take to declutter, freshen up their homes' interiors and curb appeal, and get the necessary inspections and paperwork done.
If you need to make important structural repairs or bring something up to code, the process of prepping for sale can take even longer. Getting these tasks crossed off your list now will make you ready for a quick, easy sale when the right buyer comes along.
Start looking for an agent and preparing your home for sale right away.
5. Put Your Best Foot Forward
One of the final, but most powerful tips to sell your house fast is to put your best foot forward.
Appearances matter. The days of selling a home without proper staging are over.
All sellers should expect that they will need to:
Stage their home
Have professional photos and video taken for the online listing
Your agent can advise you on how to get the biggest bang for your buck on all of these things. They can't make the process go faster, however, so it is important to start now.
Prepping Your Home for Sale
Selling your home in a weak economy is entirely possible. Check out the rest of our blog for other great tips and tricks to help make your home sale easy. Then contact our experienced agents and let us help you get started selling your home today!