{"id":15704,"date":"2020-04-03T09:41:23","date_gmt":"2020-04-03T16:41:23","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=15704"},"modified":"2021-07-16T08:00:03","modified_gmt":"2021-07-16T15:00:03","slug":"selling-a-house-during-a-recession","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/selling-a-house-during-a-recession\/","title":{"rendered":"Selling a House During a Recession: How to Navigate a Market Downturn"},"content":{"rendered":"<p>As unemployment claims reach <a href=\"https:\/\/www.vox.com\/future-perfect\/2020\/3\/30\/21184401\/coronavirus-covid-19-economy-charts\">record-breaking numbers<\/a>, stock markets experience <a href=\"https:\/\/www.bbc.com\/news\/business-52113841\">historic losses<\/a>, and consumer confidence <a href=\"https:\/\/www.cnbc.com\/2020\/03\/31\/us-consumer-confidence-march-2020.html\">continues to drop<\/a> in the wake of the coronavirus pandemic, the United States \u2014 and the rest of the globe \u2014 is in for a long road to economic recovery. \u201cThe world is almost certainly ensnared in a devastating recession,\u201d reported <a href=\"https:\/\/www.nytimes.com\/2020\/04\/01\/business\/economy\/coronavirus-recession.html\">The New York Times<\/a> on the first day of April.<\/p>\n<p>While analysts are optimistic that the <a href=\"https:\/\/wtop.com\/business-finance\/2020\/03\/would-a-recession-put-the-brakes-on-the-housing-market\/\">housing market will remain resilient<\/a> and that a repeat of 2008 is unlikely, the <a href=\"https:\/\/www.forbes.com\/sites\/carolinefeeney\/2019\/12\/19\/what-national-forecasts-wont-tell-you-about-next-years-housing-market\/#141267577778\">robust seller\u2019s market that dominated much of the country<\/a> in recent years will probably soften. And those considering a property sale in the near future will need to adapt their strategy in response to this new environment \u2014 the likes of which we really haven\u2019t seen in quite some time.<\/p>\n<p>Selling a house during a recession is certainly possible, and with the right approach, you can still be satisfied with the outcome in the end. It\u2019s been awhile since the economy was anything but roses, though, so we asked two top real estate agents \u2014 who each have transacted real estate for over a decade and navigated different market conditions \u2014 for their advice on:<\/p>\n<ul>\n<li>How to decide whether to sell during a recession or wait it out<\/li>\n<li>Tips on how you can maximize your resources and home value<\/li>\n<li>Best practices for marketing and negotiating when you have less leverage as a seller<\/li>\n<\/ul>\n<figure id=\"attachment_15707\" aria-describedby=\"caption-attachment-15707\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-post-it.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-post-it-666x381.png\" class=\"attachment-content size-content\" alt=\"A post it used to sell during a recession.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-post-it-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-post-it-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-post-it-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-post-it-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-post-it-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-post-it-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-post-it.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-15707\" class=\"wp-caption-text\"><\/a> Source: (Kelly Sikkema \/ Unsplash)<\/figcaption><\/figure>\n<h2>Should you sell during a recession? Ask yourself these questions<\/h2>\n<p>If you\u2019re thinking about putting your home on the market soon, or anticipate that you may end up having to sell during these less-than-ideal times, these questions can bring you clarity on your next steps:<\/p>\n<h3>1. Am I planning to buy a house at the same time?<\/h3>\n<p>While a recession may not offer the most favorable conditions for sellers, <a href=\"https:\/\/www.homelight.com\/blog\/buyer-is-it-good-to-buy-a-house-during-recession\/\"><i>buying<\/i> during a recession<\/a> can be an attractive prospect. If you\u2019re looking to purchase a new home following the sale of your current property, a bargain price on your next investment may help to sweeten the bitterness of a not-so-perfect deal on the one you\u2019re leaving behind.<\/p>\n<h3>2. Can I afford to sell?<\/h3>\n<p>It costs money to sell your home. A willingness to accept a lower profit margin is one thing, but the ability to cover your expenses is another. A real estate agent will help you determine a fair listing price for your house if you decide to move forward with the sales process, but it\u2019s important to have a concept of how your <a href=\"https:\/\/www.homelight.com\/blog\/sell-house-for-cash-net-proceeds\/\">net proceeds<\/a> may shake out in relation to the costs of selling. Consider common selling fees, including:<\/p>\n<ul>\n<li>Agent commission (average <a href=\"https:\/\/www.homelight.com\/real-estate-agent-commissions\">5.8% nationally<\/a>)<\/li>\n<li>Closing costs (plan on at least 1%-3%)<\/li>\n<li>Market preparation (start with a 1% estimate)<\/li>\n<li>Home inspection repairs (varies)<\/li>\n<li>Seller concessions (varies)<\/li>\n<li>The remaining balance on your mortgage loan<\/li>\n<\/ul>\n<p>You use HomeLight&#8217;s <a href=\"https:\/\/www.homelight.com\/net-proceeds-calculator\">Simple Net Proceeds<\/a> calculator if math isn&#8217;t your favorite. If a quick look at initial numbers reveals that you may be in for a loss to sell your home during a recession, you should hold off it if you can wait. However, this isn\u2019t always feasible and if you\u2019re in a situation where you absolutely must sell regardless of loss, your agent can help you navigate your options.<\/p>\n<h3>3. What\u2019s my opportunity cost?<\/h3>\n<p>Is there a new job on the line? If you\u2019re living in Tulsa with a job offer in Chicago, a market downturn may be more of an inconvenience than a deterrent.<\/p>\n<p>Are you running out of room? Motivation to sell is often quite high when a family grows beyond the comforts of a two-bedroom home.<\/p>\n<p>Are you downsizing? Hoping to move closer to your parents? Looking to trade your city center condo for a suburban home to pursue your gardening passions?<\/p>\n<p>Sometimes, the ability to seize a good opportunity outweighs the downsides of selling your home for potentially less than it could fetch in healthy market conditions. Ultimately, only you can determine the answer to the question of opportunity cost.<\/p>\n<figure id=\"attachment_15708\" aria-describedby=\"caption-attachment-15708\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-house.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-house-666x381.png\" class=\"attachment-content size-content\" alt=\"A house sold during a recession.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-house-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-house-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-house-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-house-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-house-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-house-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/selling-a-house-during-a-recession-house.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-15708\" class=\"wp-caption-text\"><\/a> Source: (Stephen Leonardi \/ Unsplash)<\/figcaption><\/figure>\n<h2>You\u2019ve decided to sell. Now what?<\/h2>\n<p>Your next steps are to make sure that your house is as ready for the market as possible.<\/p>\n<p>Though this may feel like a daunting task if you\u2019re already on a tight budget, there are several ways to make the most of your time and finances to help your house stand out when selling in a recession.<\/p>\n<h3>Give your house a quick cosmetic facelift, and avoid expensive projects<\/h3>\n<p>\u201cYou want to walk through [your house] and find some cheap things where you\u2019re going to get a return on investment,\u201d says <a href=\"https:\/\/www.homelight.com\/agents\/daniel-logan-pa-60008259\">Dan Logan<\/a>, a top-selling agent who\u2019s licensed in Delaware, Pennsylvania, and Maryland. \u201cPeople say, \u2018well, how about I put in new windows?\u2019 and I look at them and I go, \u2018no, you\u2019re not going to get your money back on this.\u2019\u201d<\/p>\n<p>So, what\u2019s something more worthwhile you can do to prepare your home for sale during a recession? Sometimes it\u2019s as simple as giving your house a deep clean \u2014 which, according to agent insights from the first quarter of 2019, can yield a <a href=\"https:\/\/www.homelight.com\/blog\/top-agent-insights-q1-2019\/\">935% ROI<\/a>.<\/p>\n<h3>Don\u2019t forget about curb appeal<\/h3>\n<p>\u201cWash the front door,\u201d recommends Logan, leaning into the importance of a good first impression. \u201cPeople are already making up their mind as they walk up to a house, and if they\u2019re walking in and the storm door is covered with fingerprints and dirt\u2026 I mean, it\u2019s the small things you can do that don\u2019t cost a lot of money.\u201d<\/p>\n<p>Nearly 95% of agents report that <a href=\"https:\/\/www.homelight.com\/blog\/real-estate-top-agent-insights-survey-q2-2019\/\">curb appeal adds value<\/a> to a seller\u2019s bottom line, but this doesn\u2019t mean there\u2019s a need to spend thousands on lavish landscaping.<\/p>\n<p><a href=\"https:\/\/www.homelight.com\/blog\/curb-appeal-guide\/\">Boosting your home\u2019s curb appeal<\/a> can be as simple as minding the front door, as Logan suggested; as well as sweeping away cobwebs from exterior lighting fixtures, making sure house numbers are clean and visible, and giving your driveway or walkway a once-over to clear away weeds, debris, and stains.<\/p>\n<p>Try to look at your house from the perspective of someone seeing it for the first time. If your eye is drawn to flaking paint, overgrown hedges, or disused lawn furniture, spend some time <a href=\"https:\/\/www.homelight.com\/blog\/add-value\/curb-appeal\/\">improving curb appeal<\/a> to give your property an edge in the market.<\/p>\n<h3>You can\u2019t fix everything\u2014and that\u2019s OK!<\/h3>\n<p><a href=\"https:\/\/www.homelight.com\/agents\/ben-ganje-mn-20513492\">Zach Kirchoff<\/a>, a Minneapolis-based agent with over 16 years experience, agrees that focus should be on the visuals when it comes to selling in a recession.<\/p>\n<p>\u201cI would not pick up a hammer, I would pick up a paintbrush,\u201d says Kirchoff. \u201cWhether it\u2019s painting the cabinets white, touching up paint in other areas, taking care of that little section of flooring \u2014 I would focus on three or four really dollar-sensitive fixes that will give you a strong return and help sell your house faster.\u201d<\/p>\n<p>Finally, take the time to <a href=\"https:\/\/www.homelight.com\/blog\/how-to-declutter-checklist\/\">declutter<\/a>. While most folks can overlook a few toys in the corner or scattered shirts in the laundry room, the less intrusive your belongings, the easier it is for a potential buyer to envision their own furniture and decor in the home.<\/p>\n<h3>Set your listing price and amp up your marketing<\/h3>\n<p>Here\u2019s where it\u2019s key to manage your expectations, work with an agent you trust, and use timing to your advantage as much as possible once you\u2019ve committed to selling.<\/p>\n<p>\u201cI would put your home on the market as soon as <a href=\"https:\/\/www.homelight.com\/blog\/agent-coronavirus-real-estate-impact\/\">this virus<\/a> is over, even if prices do drop,\u201d advises Kirchoff.<\/p>\n<blockquote><p>\u201cHistorically, it takes 6 to 12 months for the real estate market to follow the other financial markets, so I think we\u2019ll see a narrow window where sellers can still get top dollar and there will still be a lot of buyers out there.\u201d<\/p><\/blockquote>\n<p>Technology can be an effective way to draw those curious buyers to your property. While <a href=\"https:\/\/www.homelight.com\/blog\/how-to-take-real-estate-photos\/\">great photos<\/a> are expected, they\u2019re just one aspect of a stand-out listing.<\/p>\n<p>\u201cDo you have your 3-D tour? Are you having drone photography and videos done? Maybe do a video of the interior,\u201d suggests Kirchoff. \u201cIt\u2019s something we do a lot that gets a ton of traction.\u201d<\/p>\n<p>Kirchoff doesn\u2019t believe we\u2019re heading into round two of the 2008 market crash. Reassuringly, he also doesn\u2019t think a recession calls for drastic marketing and sales measures.<\/p>\n<p>\u201cIt\u2019s nothing creative, it\u2019s just about checking all the boxes. We didn\u2019t have some crazy marketing plan [in 2008] and I don\u2019t think we\u2019re going to have one coming up here, where we have to bring in a wild tiger to sell a condo or a house,\u201d says Kirchoff.<\/p>\n<p>\u201cI think we\u2019re good to go back to the fundamentals again \u2014 delivering a product that is really, really solid.\u201d<\/p>\n<h3>Negotiate shrewdly without making any rash concessions<\/h3>\n<p>With effective home preparation, a reasonable listing price, and smart marketing, you\u2019ll \u2014 hopefully \u2014 find yourself in <a href=\"https:\/\/www.homelight.com\/blog\/how-long-does-negotiation-take\/\">negotiations<\/a> with a buyer sooner than later. But you\u2019ll need to be realistic about how much leverage you have.<\/p>\n<p>\u201cIf you\u2019re in a recession, you\u2019ve got to come to the conclusion that you\u2019re not going to walk out with the kind of money that you think you may walk out with,\u201d says Logan.<\/p>\n<p>That being said, there\u2019s no need to give away the cart with the horse.<\/p>\n<p>Logan advises against going straight to buyer discounts when it comes to would-be home improvements. For example, if you know the downstairs carpet could stand to be replaced, avoid the temptation to offer a specified credit toward the purchase of new carpet.<\/p>\n<p>\u201cIf we\u2019re selling at $200,000 and we offer a $3,000 discount towards new carpet; if I\u2019m the other agent, guess what? I\u2019ve just started negotiating at $197,000. Offer nothing until they ask for it,\u201d cautions Logan.<\/p>\n<p>Remember that tensions are running high during a negotiation even in the best of times, so it\u2019s especially important to keep a level head when considering the terms of a deal in a shaky market. Follow your agent\u2019s lead and stay strong, but be willing to compromise.<\/p>\n<h2>With the right agent, you can sell your house in any type of market<\/h2>\n<p>Selling a house during a recession doesn\u2019t have to involve complex marketing tricks or a willingness to sacrifice all semblance of your home\u2019s value, but it does take tenacity and understanding.<\/p>\n<p>An <a href=\"https:\/\/www.homelight.com\/find-real-estate-agents\">experienced real estate agent<\/a> will be your best resource for moving your property in a market downturn. With the right price, the right motivation, and a little patience, your path to a \u201csold\u201d sign in your yard may be shorter than you think.<\/p>\n<p><em>Header Image Source: (fran hogan \/ Unsplash)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Selling a house during a recession is certainly possible \u2014 and with the right approach, you can still be satisfied with the outcome in the end. <\/p>\n","protected":false},"author":152,"featured_media":15706,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[697],"tags":[712],"class_list":["post-15704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news","tag-seller-covid"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - 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