Recession: Selling a House In a Slow Market

The times are hard, and consequently, selling a house in a slow market or when an economy is in recession can be an arduous task; it is definitely not a walk in the park. We are in an era when it’s not enough to simply list your home and wait; you actually have to sell your home. No one really wants to sell anything when the market is bad, however, it’s not impossible to sell your house in a recessed economy. This article dishes out useful tip to help you weather the Nigerian storm.

It’s no longer news that our economy is in recession. We don’t know how long this will take, albeit measures must be put in place to cushion the effect of the economy recession.

Business Adversity

Even though the market’s not favourable to sellers and widespread economic recovery may be months, even years off, there are a number of tactics available to increase the likelihood of a sale. It just takes a positive attitude and a different kind of game plan.

Here are some tips to get you started

1. Know Your Market

One of the most important things you can do to get your house sold is to learn your market, the value of your property and your competition. Most sellers operate in the dark, simply offering the property for the price they want, without regard to what other homes have sold for and are currently selling for. Undervaluing or overpricing your home can cost you a lot of money.

2. Price Your Home Right

With homes sales slowing and prices of land plunging, there’s little doubt that selling for a good price in today’s market is going to be tricky. So if you try to ask as much for your property as your neighbour got a year ago, you’re going to turn off potential buyers. Instead, price your home conservatively by looking at similar houses currently on the market. Also look at the homes that aren’t selling. Chances are those owners priced their homes too high.

3. Make Your Home Presentable

Keep your house looking good at all times, repair things that are broken, and replace things that are rundown. Freshen up landscaping, trim trees, clean up clutter and remove personal items, so that prospective buyers can picture themselves in the home rather than seeing you there.

Your property must make a strong, positive impression.

4. Be Patient

Selling your home may take longer than in recent years, so it’s important to be patient and keep a positive attitude.

5. The First Offer Rule

If you get an offer within the first few weeks, the tendency is for sellers to try and hold out for a better offer. This is generally a mistake. In times like this, the biggest fish bite first, so keep in mind that your first offer will often be your best.

Bottom line, your real estate business can thrive in a recessed economy. Just keep an open mind and have a positive attitude to your business and life generally. Look deep, you will find out that every cloud has a silver lining.