Use These Tips to Sell Your Home During an Economic Slowdown
At this point, it seems fairly certain that the US will be heading into an economic slowdown.
So, the question is, how do you successfully sell your home in this kind of economic climate?
A recent article from realtor.com outlined tips homeowners can use to sell their homes in the case of an economic downturn, including:
- Offer an interest rate buy down. As mortgage rates rise, monthly payments become more expensive, and it’s making some buyers hesitant to purchase real estate. With a mortgage rate buy down, you pay a certain amount of money to the buyer’s lender to lower (or “buy down”) their interest rate. This can make their monthly payments more affordable, and help you close the deal and sell your home.
- Repair big-ticket items. In an economic turndown, many buyers are wary of buying homes that need expensive repairs—for example, a new roof or HVAC systems. If you want your home to sell, consider tackling those repairs yourself, either before you list or as part of your real estate deal.
- Offer something unexpected. In an economic downturn, sellers may need to think outside of the box in order to sell their property. And one way to think outside of the box and grab buyer attention is to offer something unexpected with the real estate deal. For example, you might offer solar panels, a new TV, or brand new appliances to buyers.