How to sell your house in a recession | Welcome to Linda Ikeji's Blog

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Monday, 22 May 2017

How to sell your house in a recession

During a recession, it is generally harder to sell a property but there are proven strategies that will help you sell your house even in the middle of an economic slump. You should understand that it is not enough to simply list your property on a random real estate website and keep your fingers crossed; waiting for a miracle.
Rather, you should explore some of the tips we will discuss below to ensure you get the very best deals for your property. Anticipate any problem and fix it
 
If you realize that your property has remained unsold for an unusually long period of time during a recession, then you should slow down and find out what the problem is. Remember that without spotting or fixing this problem, the effect of the recession on your moves to sell your house will only worsen. If you are yet to list the property on a credible real estate website, now would be a good time to do so. Also, unlike the location of the property, which you cannot change, there are several other things you can things that might require being fixed.

To find out what the problems are, consider carrying out a home inspection. Well, yes, most home inspections are done by the potential buyer but why not do one with a view of spotting possible problems and fixing them before you sell the house.

Get Help
One of the biggest things you can do to successfully sell your property in the middle of a recession is to enlist the help of a credible real estate property with an experienced pool of realtors. This single move will provide you with more help that you could have ever anticipated. For example, these professionals will give you an updated insight into the true impact of the recession on your property. Another edge of working with experts in selling your property is their ability to make crucial calls on your behalf. The real estate professionals will be able to connect you with clients who are on the lookout for houses like yours.

Remember that these are professionals who have acquired a wealth of experience over the years.  Request for professional help today.

Your asking price should be fair
Recessions have a massively negative impact on the value of a home. It is, therefore, important to ask for a fair price when selling your home in a recession in Nigeria. The price you are asking for should be realistic in light of the recession. You can't have a property valued at N7.2 before a recession (Put this in November 2017) and still peg your asking price at N10m 6 months into a recession (September 2018). This is neither realistic nor a fair asking price.
If you are bent on keeping your asking price at its value before the recession, then you would have to wait for a better time in the future to sell. As you should know, your asking price should be based on elements like features, location, size, architectural design and a few others.
ut that’s not a reason to try to squeeze more out of it now. If you absolutely want a higher price, maybe it’s better to just wait a few more years.

Understand how the recession affects your property
When unemployment rises and real income hits a downward spiral, a growing number of homeowners will experience financial difficulty. As a result of this, they are forced to sell their homes. Does this describe your situation? Depending on how severe the recession is, it could lead to a rise in the number of homes that are listed for sale. What this does is that it shows a rise in supply as opposed to dwindling demands. Therefore supply rises relative to demand, the value of assets will suffer a decline. To make matters worse, the existing unemployment that permeates a recession, demand for homes available for sale drops. The reason? People who do not have good jobs do not buy houses. Once again, this simply adds more pressure on the dip in the value of homes.

When you understand how the recession affects property valuation and sale, then it puts you in a position to make more informed decisions.

Get ready for improvements and upgrades
When you want to sell a house, please remember that the first impression is probably the only one you'll have a chance to make with your property. This is a major reason why you should put commit a lot of time and energy into ensuring that what the potential buyer sees during inspection is impressive enough to make them give a nod of approval.

Remember to check the paint job and the exterior of the house. Look out for parts of the house that might have been damaged from natural elements like the rain. Your goal here should be to impress a prospective buyer well enough to fall in love with the property even before setting foot in it. Therefore, pay attention to glaring parts of the house that potential buys are likely to inspect. Clean the windows, bathroom and kitchen thoroughly because these are areas that buyer pay attention to.

Final thoughts
Gone are the days when you hand your property to an agent during and expect buyers to try to outbid one another. As Nigeria continues to swim against the tide of recession, it has become imperative for you, as a homeowner to work with real estate professionals who will guide you towards cashing in on the best deal despite the crunching realities of the recession.

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