When everyone seems to be talking about the “r” word — recession — it can make homeowners nervous, especially if they’re not sure whether they want to move in the next couple of years or not. But because recessions are cyclical, we know a few things about the best options to take for both buyers or sellers when one is looming.
If selling your house might be an option for you and you have some flexibility over when, exactly, you want to move, here is some guidance about what to expect about selling a home during a recession.
Recessions are a buyer’s market
The truth for sellers is that recessions are much better for buyers. Home prices tend to stagnate or even fall, and depending on what the economy is doing, fewer people may have the financial wherewithal to buy a home at all during a recession. Most people are tightening their belts, not looking to spend a lot of money on a house, and so that means the buyers who are qualified and ready to take immediate action on a sale are few and far between.
There’s still a lot you can do to maximize your home’s appeal during a recession, but the first and most primary truth of the matter is that a recession is not a great time to sell if you have any choice in the matter.
Timing is everything