How to Sell Your House in a Recession

How to Even the Scales in a Buyer’s Market

Selling a home can be a difficult and lengthy process. In a recession, especially when there is a buyer’s market, buyers may be particularly discriminate. How can a seller give them the added value they desire? By following these guidelines, you could make the selling of your house during a recession much easier.

Check out the Competition First

Before redoing the kitchen, adding a back deck, or making any major changes, check out what features other homes in the area have to offer, and at what price they are listed. Reviewing homes in both a higher and lower price category will give you a better idea about what changes could be made, and may provide insight as to how a prospective buyer is comparing your home with other properties.

Assess the Condition of Your Property

First impressions are important for prospective buyers. Start at the driveway and look closely at your property. Is it move-in ready or is it in need of repair? A new coat of paint, mowing the lawn regularly, and fixing anything that is broken or worn are all good and usually inexpensive methods of making improvements. Don’t forget curb appeal; many real estate agents believe the sale can be lost before the buyer even enters the property based on curb appeal or lack thereof. Once inside the property, start at the front door and clean and de-clutter everything in every room. Removing personal objects, pictures and some furniture can help the buyers picture their own belongings in the space. Avoid overpowering fragrances or cooking odors; adding a drop of vanilla on a hot burner can make your home gently fragrant.

Be Ready to Sell

Here are five ways to show prospective buyers that your property is ready to sell and that you are willing to make the process as easy as possible:

  1   Hire a real estate broker or agent.

  2   Ensure that the property is priced according to the area and amenities.

  3   Hire a reputable inspector to do the necessary inspections. These inspections include: total home, heating/airconditioning, termite, septic, and any radon or carbon monoxide requirements. Repair what does not pass inspection.

  4   Make sure that your paperwork is in order; this includes tax statements and any association fees from the previous year (up to three years), a current insurance policy, former termite inspection certificates, listings of other homes in the area that have sold within the last three months, any/all warranties for equipment that will be sold with the property, and invoices for any recent repairs.

  5   Show flexibility in compromising on the price or amenities to sell with the property.

Update or Upgrade

There is a growing consensus among real estate brokers/agents that argues the finer points of remodeling or updating a property prior to the sale.

Some suggestions include:

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Painting the interior walls, moldings, and ceilings as needed
Replacing worn or old carpeting or vinyl tiles
Updating the kitchen cabinetry and appliances
Updating or remodeling the bathroom(s)

Going Green to Increase Property Value

Many sellers are considering “going green” to increase the price and value of their property. Some “going green” ideas include:

Energy efficient appliances: refrigerator, stove, heating/air-conditioning unit(s), water heater, and washer/dryer
Water-saving toilets
Instant-hot water heating units in the bathrooms and kitchen
Radiant heating systems
New energy efficient windows, doors, and garage doors
Added insulation in the ceilings and attics
LED light bulbs throughout

Although “going green” may seem a bit pricy, it could make a difference in selling the property.

Out-of-the-Box Concessions

What else can be sold with the house or done to the house to make the sale?

Is the house on a lake? Include your boat.
Do the prospective buyers have children? Leave the swing set or the playhouse.
Are prospective buyers an older couple? Consider adding a ramp if the house has front steps or adding a step-in shower/bathtub and handrails to the bathroom(s).
Do prospective buyers really like the living room furniture, the four-poster bed, or the pool table? Make those items a part of the sale.

Whatever it is, make sure the buyer thinks it is of value before making the offer.

Additional Resources

For more ways to help sell a house during a recession, visit these Web sites: