Selling your house or flat can be an incredibly stressful experience at any time of year, but even more so during the coronavirus pandemic. The virus has created several complications for homeowners selling, ranging from hearing house sales have fallen through, to restrictions on having in-person viewings for potential buyers.
Why recessions can create extra problems for homeowners looking to sell
The coronavirus pandemic has caused massive economic problems across the UK and the globe. This has had a knock-on effect on many aspects of life, including the property market. Some people are wary of making huge financial decisions such as buying a home, whilst others are trying to take advantage of the fact that a recession might result in possibly lower prices for buying houses or flats.
If you’re a homeowner who is interested in selling in the near future it’s vital that you know about these impacts on the property market. A recession, for example the economic downturn caused by the coronavirus, can therefore complicate your decision on whether to sell.
When recessions happen, people are less willing to spend money. This has happened with prior recessions, it’s happening with the coronavirus recession, and it’ll happen in the future. Why this matters for homeowners is because people might be more reluctant to make a huge financial commitment such as buying a house and then having to meet monthly mortgage payments.
Tips for how to successfully sell your house or flat during a recession
But the problems that recessions can cause with trying to sell your house or flat are no reason why you should shy away from trying to find a potential buyer.
Indeed, some news articles are offering advice to people interested in buying a home during the recession caused by the coronavirus. Tips for buyers include saving enough money and shopping around for the best value home.
Yet it’s just as important that homeowners are armed with top tips that could increase their prospects of finding a buyer for their home during a recession. Below you’ll find several such examples of how you might be able to sell your property despite an economic decline.
Ask a reasonable price for your home
Before listing your house or flat for sale during a recession, take a moment to consider that most people will have less money to spend on buying a property compared to during an economic boom when they might be more flush with cash and eager to pay for a home. Ask a fair price and moderate your expectations for how much you can actually get for your house.
Do some research online and in your neighbourhood, and find out how much houses similar to yours are selling for. Also look at the price of similar properties that haven’t found a buyer in months or even years, because that’ll tell you the price that’s more than people will pay.
And if you’re not seeing any interest once your house is listed on the market, try lowering the price slightly to see if that attracts more interest from prospective buyers.
Fix any problems at your home
This is a good tip for any house sale, but especially in a recession: if there are any minor or major problems with the property that are turning off buyers you should consider fixing them. Doing so might make the difference between finding a buyer or not.
For example, if there is some signs of subsidence at your property then a potential buyer will have to be made aware of that problem, and if the burden will be on them to pay for fixing the issue once they own the house it might make them reluctant to buy because it will mean spending more money during a recession. If your finances and time allow, consider investing to fix problems like this because it will make your home more valuable and also more attractive to buyers.
Make sure your house or flat looks its best
Another perennial tip, but one that still has relevance during a recession, is to make sure your house looks as good as possible for buyers who come to visit or do a virtual viewing online. Keep rooms free of clutter, tidy your garden, and make sure that easily resolved problems like chipped paint or broken glass are taken care of before showing your home off to buyers.
A recession makes people wary of spending money, particularly when it comes to buying a house. Some buyers are in effect looking for excuses not to make an offer on your home, and if it looks in poor condition that might be the reason they need to decide against buying the house.
Sell your house or flat to a quick property buyer
One good option for selling a home that persists even during a recession is to contact a quick home buying company. These businesses, like LDN Properties, specialise in making speedy cash offers to purchase all types of houses and flats, and the reputable companies never charge any fees. That means you get to keep all of the profit from selling, which is even more important when you’re trying to find a buyer during a recession.
And you can typically expect a sale done this way to be complete within just a few weeks, meaning you get to avoid months of uncertainty trying to find a buyer through an estate agent.