The real estate market, like the economy as a whole, is on the cusp of a downward turn that will make selling property more difficult (and less rewarding) than it was only a short time ago. Nobody can completely forecast the difficulties that may arise when attempting to sell a house during a recession. However, there are a few things you can do to ensure that everything goes as smoothly as possible, the most important of which is to deal with a real estate agent.
Here are five pitfalls to avoid if you want to sell your home quickly in light of the impending recession.
1. Don’t List the Property Too High
You might have been able to offer your property at a higher price a few months ago and have no trouble selling it, but that is no longer the case in today’s economic situation. Overpricing your house may turn off potential buyers, and when price reductions occur (which they almost definitely will), people will ask why. If there are too many reductions, buyers may believe there is something really wrong with the home, and you may receive proposals with many stipulations or, worse, a low-ball offer.
2. Misunderstanding the Local Market
While it is not your obligation to advertise your home (that is the job of a real estate agent), you should have some knowledge of the local market. You’ll want to know how long it takes on average for a property to sell, how much it sells for, and what the interest rates are.
3. Ignoring Repairs and General Maintenance
Property was selling rapidly and for more money than it was worth not long ago, but that is no longer the case. People are now being hit with rising mortgage rates on top of high house costs, and they want to be sure they’re getting their money’s worth. In other words, if they’re spending hundreds of thousands of dollars on a property, it better be in good shape.
It’s in your best advantage to have a pre-listing house inspection performed so that you can handle any necessary repairs. If you don’t want to do such repairs, you can at least lower your asking price.
4. Taking Listing Photos on Your Smartphone
Because many consumers start their home search online, your home’s images should be taken by a professional real estate photographer. They’ll know how to highlight your home’s greatest features while downplaying its flaws.
5. Bland or Unkempt Landscaping
You only have one chance to leave a good first impression, and that begins with the outside of your home. Even if the interior of your home is completely remodeled and could be on someone’s Pinterest board, if the front is a shambles, chances are they won’t want to visit the inside.
Professional landscaping does not have to cost thousands of dollars. You’re OK as long as the yard is nice, the outside isn’t dirty, and it appears well-kept. Of course, if you want to improve the appearance of your property even more, your real estate agent will be able to make some ideas.
Have faith in your agency. Trust their advise since they are looking out for your best interests.
