Should you sell your home in a recession?

The UK has tipped into a recession, according the Office of Budget Responsibility.

A recession means there is a downturn in economic activity. It tends to affect the property market in a number of ways; this includes a slowdown in the number of potential buyers as they are more likely to hang onto their funds.

At the moment, there are no signs slowdown in people wanting to buy houses in Washington and the surrounding areas.

But who knows what may happen? We’re staying positive as we have decades of experience in selling homes in Washington and the surrounding area in Tyne and Wear, and we know the economy is never predictable.

If you are looking to sell your home and you’re worried because of the talk of a recession, there are a few things to consider.

Here are our 4 tips if you’re thinking of selling your home in a recession.

4 tips when selling your home in a recession

1. Is it the right time?

The first question to ask is: ‘Why do you want to sell your house?’ It’s simple but it tells you everything. Is it because you need a bigger home because you’re fed up of sharing your study with two growing children and a hamster that escapes and eats your paperwork? If that’s the reason, it’s a good one.
Downsizing is also a good time to sell in a recession if it means your mortgage payments will also reduce in size! If the timing is just right, then it’s time to put your property on the market.

2. Are you buying as well as selling?

If you’re planning to buy a new property, then any slowdown shouldn’t affect you too much in theory. That’s because your finances tend to even out. If the value of your property is less than before the recession, don’t worry. The property you buy will is also likely to have reduced in value. Remember, it’s a home before it’s an investment!

3. Understand recession house prices

Your house was possibly worth more before the recession, so don’t offer it at a pre-recession price. Be realistic and speak to an estate agent. An experienced team, such as ours, know current values and will give you the best advice. The more realistic your price, the better chance of you selling.

4. What are buyers looking for?

During recessions, most buyers are not looking for a project. Increasing costs mean they want a ready-to-move-into home. Simply freshening up the paintwork to neutral colours, getting the carpets deep cleaned and decluttering will help. The warmer and brighter your home looks, the better the chance of a quicker sale. You may not want to spend a fortune, but we share other tips that add value to your home here.

5. Speak to a reputable estate agent

Working with a reputable estate agent is always advisable. They know the local market, prices and understand how best to sell your property. To speak to our team, contact us today.