Recession Information Center | Recession tips

Recession Info Center

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Recession tips: Selling your house:

Here are some recession tips for sellers to consider before selling their house in the current
recession:

Understanding the pricing trends: Considering the ongoing recession, in the
current housing market, buyers are generally in no hurry to close the deal and buy a
house. They understand that the housing prices may further fall given the current
recession. Understanding the pricing trends in your locality since the start of the
recession and developing a good sense of the direction it is likely to take in the
coming months and years can save you a lot of money.

Presentation: Given the high number of houses available for sale in most localities
given the ongoing recession as well as numerous attractive foreclosure deals, would
be sellers need to take additional steps to ensure that their house look as attractive
and pristine as possible. Recession makes buyers more hesitant than before to close
the deal, and that means would be home sellers need to make the houses even more
attractive. This includes new paint, doing some needed repairs, as well as potentially
considering other amenities such as new appliances, etc.

Inducements: Offering inducements may help if you are in a hurry to sell your
house during the recession. This may include full or partial seller financing to entice
home buyers during the ongoing recession.

Pricing: Understanding which pricing strategy you want to follow is always critical,
and it's even more critical now given the ongoing recession. Indeed, depending on
the conditions of your house, the locality you are in, and the timeline you want to sell
the house, it may be advisable for you to price your house above the market, market
price, or below the market. Consulting with objective professionals or individuals
who are familiar with the housing situation in your neighborhood and the housing
situation during the current recession may prove invaluable.

Advertisement: Given the ongoing recession, it would be very helpful if you
develop a better understanding of the potential buyers and advertise your place
accordingly, by trying to target your potential buyers. Younger couples, for instance,
are more likely to look for housing online, while more senior couples may prefer
more traditional methods.

Finally, as always, talk to objective professional advisors.