by Jim Surkamp
A recession is not the best time to sell your home. Most real estate agents and investors will tell you that it is best to sell your home when the housing market is booming and the demand is high. However, if you need to sell your home in tough economic times, the advantage is that demand is low, hence less competition for potential buyers. Consider these tips when putting your house on the market during a recession:
1. Get the Price Right
The value of your house will inevitable drop during a recession, but you don’t need cut the price drastically to sell it. Get several valuations and make an informed choice. A real estate agent can help you reach a realistic price that will get potential buyers through the door.
2. Follow the Agents Advice
Agents keep up-to-date with current market trends and they also have knowledge of current prices and sales in your area. They can also handle all serious negotiating and can help you set up your home for a viewing.
3. Be Prepared to Move Anytime
Recessions see a lot of quick sales because of speculation of the market bottoming out. This means that your house can be sold in little time. Always be ready to move out and be prepared to answer all questions regarding your reasons for selling, the area, neighbors etc.
4. Upgrade Your Property
Making small amendments in and around the house can make a big difference. Be creative and remember to update your agent about the upgrades you made so that your listing can be modified accordingly. Also make sure that all photographs of your home are recent and taking in the current season.
5. Be Patient
Don’t drop the asking price too quickly or take your house of the market because you are getting impatient. Hang in for maybe a month or two so to see what the market will do.
South African house prices are at an all time low, which opens up an investment opportunity of a lifetime. Get your hands on Cape Town Property or invest in apartments for sale in Knysna