There’s a shift taking place in the real estate market and for those who are worried about selling during a recession, it can be downright nerve-wracking. You don’t know how long it’ll take for your property to sell and there’s no guarantee that you’ll get as much for your house as you’d like.
There’s a lot to be concerned about. Thankfully when you work with a real estate agent, they can give you the reassurance you may need to make it through the ordeal unscathed.
In preparation for listing your property, here are 5 mistakes to avoid when you’re going to sell your home during a recession.
1. Overpricing leads to price reductions
During a recession, you need to be mindful of how you price your property. Overpricing will lead to a price reduction. And, unfortunately, if your property is severely overpriced, it could lead to multiple price reductions. Why is that a problem? Well, it casts a proverbial cloud over your property and people will wonder what’s wrong with your property for there to be so many reductions.
2. Misunderstanding the market
Misunderstanding the market can be detrimental to your sale because chances are, your marketing strategy could be all wrong. Fortunately, the agent you work with knows the market inside and out. They can look at the trajectory of how the market is going and can create a marketing strategy that works for your property.
3. Foregoing a pre-listing inspection
For the past two years, houses were selling like hotcakes. Multiple buyers were placing bids on a single property. They were offering more than the asking price and foregoing the home inspection process. However, now… Contingencies are back in full force and if the home inspection reveals that there’s a lot wrong with the home, they can back out.
To avoid this, you’ll want to have a pre-listing inspection done so you can address the biggest repairs. Just be aware that if you do get a pre-listing inspection and choose not to make the repairs, you must disclose it, otherwise you may find yourself in some hot water later down the road.
4. Unprofessional real estate photos
Photos are everything and when it comes to selling a house, you don’t want to settle for shoddy pictures taken with your smartphone. If you want to show your property in all its glory, hire a professional real estate photographer. They can work their magic and take pictures that are crisp, well-lit, and at the best angles.
5. Lackluster curb appeal
You only have one chance to wow a potential buyer, so you have to make sure your curb appeal is on point. This means cutting the grass, trimming the hedges, and weeding the flower beds. It also means pressure washing the exterior of your home, the driveway, and staging your front entryway.
Your real estate agent can offer suggestions for fixing up your home, both inside and out. Trust your agent because they are working in your best interest.