5 Tips to Buying or Selling a Home during a Recession

Are you thinking of buying or selling right now but unsure due to headlines of recession and an impending housing bubble? Here are five simple steps a seller or buyer can take to remain recession-proof and get the most out of this market:

SELLERS

1. 1. Ask for enhanced photography. An experienced agent will have the resources to provide hi-res images, twilight photography, and 3D video walkthroughs of your home.
   2. Do a pre-sale inspection and complete repairs ahead of time. Stay ahead of the game and know what you are bringing to the table before you hit the market.
   3. Move out and stage. This is not easy for everyone, but if you have the ability to take yourself, and your belongings, out of the house and hire a professional stager to create a neutral, blank canvas, your home will sell quicker and for a higher price.
   4. Do a full, professional deep clean of your home. Don’t forget about the windows. Hiring a window service to spot-shine all of your windows will improve the light and visibility throughout your home.
   5. Offer a home warranty and/or roof certification. Most home warranty companies offer transferrable warranties for appliances and general construction issues for up to five years. A licensed roofing company can inspect your roof and offer a five-year roof certification that is also transferrable to the buyer at closing.

BUYERS

1. 1. Don’t wait. Higher rates and more inventory mean less competition. Even if you have a slightly higher payment to get into the house, rates will inevitably come back down, giving you the opportunity to refinance and lower your monthly mortgage payment.
   2. Shop around. Not all mortgage brokers, banks, and lenders are created equal. Interest rates can vary by up to a full percentage point between different lenders.
   3. Know what you want. Having a detailed list of 5 must-haves for your next home and knowing specific neighborhoods you prefer will help filter out the noise of available homes. This will save you energy in your search and time on the weekends.
   4. Get pre-approved. Despite how much you love to window-shop on Zillow, your home search starts by knowing exactly what you can afford. Getting pre-approved by a reputable lender enables you to make a quick, strong offer on the home of your dreams.
   5. Find a strong buyers’ agent. Not all real estate agents prefer to work with buyers. It requires a quick response time, often late-night conversations, and relentless perseverance to help buyers win in this market. Finding an agent who knows the neighborhoods, current market trends, and how to make your offer stand out from the rest is crucial right now. Your agent should work for you.

If you need help buying or selling, please reach out. I have the tools and knowledge to make your home transaction smooth and enjoyable. It can be fun, too! For a full look at the August housing market, click here.