Tips for Selling Your Home During a Recession

Real Estate Agent with Re/Max Classic 314578

We’ve been in an unprecedented seller’s market for the better part of two years. But with talk of a looming recession, conversations around the real estate market are changing—and if you’re thinking about selling, it’s important to understand what that process will look like if a recession hits.

So, as a homeowner, what, exactly, do you need to know about selling during a recession?

recent article from outlined key tips sellers need to know to navigate the current market—and successfully sell their home in the case of an upcoming recession—including:

  • List sooner rather than later. While a recession may be looming in the near future, we’re not there yet—and there could still be time to take advantage of the current market conditions. Many buyers are rushing to purchase property before a recession hits and/or before interest rates go any higher, which can help you sell your home for a hefty profit—so if you’re thinking about selling, now is a great time to make a move.
  • Don’t overprice your property. Homes have been selling for record-high prices—often 20% (or more!) over listing price. But as we move into new economic conditions, that’s changing—and if you want to sell, you need to price your home accordingly. Pricing your home too high during a recession can hurt your chances of selling—so talk to your real estate agent to ensure that you’re listing your home at a price that you’re not only happy with, but that will also sell if we happen to move into a recession.
  • Make upgrades that will appeal to buyers in this market. In a recession, people tend to be more frugal with their spending—which means many people will be spending more time at home. As such, investing in upgrades that make your home feel more inviting and cozy (whether that’s a small upgrade, like swapping out your light fixtures, or something larger, like a kitchen upgrade) can increase your home’s appeal—and make it more likely to sell.

If your thinking of selling your home, please feel free to contact me to see how I can help-248-790-5594

Posted by

Comments (4)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em:

Great points made here, thank you for sharing.  We made it to Frida-eve. almost to the long Labor Day Weekend.  Bill

Sep 01, 2022 06:30 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

HelloTom  and great points to share with us here in the Rain.  Make it a great day!

Sep 01, 2022 10:38 AM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

These are great reminders that we now need to have properties in good condition to sell them, rather than just take photos and post the listing.  Agents need to get back to the basics of selling real estate! 

Sep 02, 2022 01:04 PM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Yup, the days of overpricing properties are gone for now. That ship has sailed but may come back next time conditions are right for an irrational market.

Sep 03, 2022 06:10 AM