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You are here: Home / Exclude / Selling a Home During a Recession: What You Need to Know
Selling a Home During a Recession: What You Need to Know

Selling a Home During a Recession: What You Need to Know

July 20, 2022 By Cade's Team Leave a Comment

Are you going through a job loss or a decrease in income? Are you moving for work or personal reasons? Do you need a different living arrangement? Or, are you going through a divorce or separation? For many different reasons, selling a home during a recession could be a logical choice for you.

However, making this decision can be stressful. Once you change your housing status, you cannot go back. Thankfully, there can also be some upsides of selling a home during a recession.

If you are unsure about making this decision for you and your family, you’re come to the right place. This article takes a look at what is involved with selling a home during a recession.

Benefits

There can be some benefits to selling during a recession. For one thing, there may be less competition from other sellers, since many people are waiting for the market to improve before putting their homes up for sale. This means that your home may be more likely to stand out to potential buyers.

Additionally, interest rates are usually low during a recession, which can make it a good time to buy a new home. So, if you’re thinking of selling your home during a recession, there are some things to keep in mind.

But it can be a good time to sell, as long as you’re prepared to deal with a few challenges.

Risks

It’s important to remember that a recession is generally defined as two consecutive quarters of negative economic growth. This means that during a recession, home prices are likely to fall. If you’re selling your home during a recession, you may not be able to get as much for it as you would during a time of positive economic growth.

Another thing to keep in mind is that during a recession, buyers are likely to be more cautious. Finally, remember that a recession can last for several months or even years. If you’re selling your home during a recession, you may have to wait a while for the market to rebound.

Know Your Local Market

As you know, local markets can vary greatly, even within the same state or region. This is especially true when it comes to housing. Some areas may be going through a housing crisis, while others may be flourishing.

Obviously, you’ll want to sell your home during a time when the housing market is good in your area. The first step is to stay up-to-date on what’s happening in your local housing market.

You can do this by reading the local news, talking to a real estate agent, or paying attention to the houses that are being sold in your neighborhood.

Another way to keep track of your local market is to use sites like Zillow, Redfin, or Realtor.com to track the number of homes being sold around you and how long they stay on market.

The shorter the listing period, the hotter the market. And visa versa, the longer that properties tend to stay listed, the cooler the market.

Put simply, it is helpful to pay attention to the the length of time that it takes homes around you to sell. It can also be valuable to note if they are selling for over or under their asking price.

Make Your Home Stand Out

When selling your home during an economic recession, it is important to make your home stand out. Since buyers are few and far between, you’ll want to do everything you can to make your home irresistible. This can be done by ensuring that your home is in good repair and is clean and organized.

You may also want to consider staging your home, to make it more appealing to buyers. This involves arranging furniture and decor in a way that is both appealing and functional. Read these tips on staging your house to learn more.

Of course, curb appeal matters too, so keep your yard moved and the shrubs and trees trimmed. You may also want to consider a bit of interior and exterior panting to make the place look fresh, clean, and well maintained.

Be Realistic About Your Home’s Value

When considering whether to sell your home during a recession, it’s important to be realistic about your home’s value. This doesn’t mean your home is worth any less, but buyers may be more conservative with their offers.

Don’t try to price your home too high just because you think the market will rebound soon. Doing so will only result in your home sitting on the market longer than it needs to.

It’s important to work with a realtor know is familiar with your particular neighborhood, because they will need to know how to price it competitively. Small variables like yard size, yard shape, and even your position on the street can all impact your home’s value, so you may want to contribute your unique insights too.

Don’t Be Afraid to Negotiate

Buyers are looking for a deal, and if you are not prepared to negotiate, you may end up with less offers than you would like. Buys may try to lowball you, but that doesn’t mean their offer should be ignored. Instead, be prepared to counteroffer.

You can also make smaller concessions on smaller details than price, such as the down payment or earnest money that you require.

You can also be flexible on your closing timeline to help keep the largest number of buyers interested. This approach  works when buyers have to sell a property or finish out a rental lease in order to be able to move into your home that’s for sale. If you can be flexible about your closing timeline, then you may help them to avoid duplicate expenses.

Be Patient

Another thing to keep in mind is that selling your home during a recession can take longer than usual. This is because there are fewer buyers in the market and those who are looking to buy are being more cautious with their money.

If you are patient though, you should eventually be able to find a buyer who is willing to pay a fair price for your home.

Usually, it’s easier to stay patient if you’re still living in the home. This is because you have to live somewhere and living in your home while you list it prevents you from incurring duplicate expenses.

And finally, spring and summer are the seasons that tend to attract the most buyers. For many different reasons, this is the time of year that people get out and buy new homes. So, you may want to consider listing your property at this time to help with demand.

Selling Your Home Through Economic Downturn

To sell a home during a recession, it can also be valuable to get help from a real estate professional. A good realtor can help you to price your home competitively, while giving you the advice and support you need throughout the process. They can also help you determine the best time to sell and advise you on how to stage it.

Of course, it’s also smart to choose a real estate professional who has experience in successfully selling homes during a recession. Typically, these will be realtors who have sold homes through multiple market cycles. With their help, you can make the most of a difficult situation and sell your house for a good price.

Put simply, selling a home during a recession can be tricky. But, it’s a process you can navigate if you are realistic about pricing, prepared to negotiate, and patient. Good luck!

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About Cade's Team

Cade Hildreth is an LGBTQ+ entrepreneur, real estate investor, and former USA Rugby Player. Cade has founded 7-figure businesses, scaled websites to millions of views, acquired a portfolio of income-producing residential and commercial real estate assets, and played rugby worldwide.

As a world-class athlete, Cade has represented the USA Rugby Team, trained extensively at the Olympic Training Center, and played with elite squads from across New Zealand and Australia.

Often compared to Tim Ferriss and Ramit Sethi, Cade teaches millions to expand financially, while living an authentic and adventurous life.

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“As an LGBTQ+ entrepreneur, real estate investor, former USA Rugby Player, and fitness fanatic, I’ll teach you what your parents and teachers should’ve taught you, but didn’t know themselves.” -Cade Hildreth

Want to know what I learned making my first few million? Subscribe here.

Or, listen to Cade’s articles on the go as a Podcast.

Because it’s the New Year, let’s talk about ch Because it’s the New Year, let’s talk about change...

For a long time, I’ve thought about top surgery. I remember when I was 6 or 7 years old when I wanted to run around outside on a hot, sunny day with my shirt off…and I first saw my parents… hesitate. Ughh. 

It wasn’t their fault but I still remember that heart wrenching feeling. To their credit, they ultimately said, “Ok, go do it!” While I did “do it”, I remember the feeling of shame that crept in.

Over the years, being in affirming sporting/rugby circles helped suppress the urge to get top surgery, but it never quite “stayed down.”

So last summer I got keyhole #topsurgery. I’ll talk about recovery in another post because it was definitely weird to not strength train for months.

But in THIS post, I want to share two things:

1. I am SO grateful to my wife Erin for being the supportive and growth oriented partner that she is. 🥰🙏❤️ 

She is now following her call to get a divinity degree and she’s already working in ministry as a Pastor in Training at an incredible, inclusive Presbyterian church here in Virginia. I am grateful to her for supporting me as I become more and more of who I am—and I’m enjoying watching her do the same! Love you, babe!

2. Second, I’m grateful to get to share who I am with my family. This summer we took a trip to Madden’s resort in MN to celebrate my parent’s 50th wedding anniversary. (It was actually their 52nd, because we had to postpone it twice due to Covid.)

I was nervous to be in the pools and lakes around them, but I could feel it was my only choice because I knew I wanted them to “know me”. And, how could that happen if I “hid me”?

Ultimately, I have to tell you…it was freeing to be me, as I am, who I am. 

I had the BEST time splashing around and biking and goofing around with my wife, niece, nephew, & sister. 🌊🏖🐟

So, I suppose, this is a gratitude post to thank those who have supported me over the years as I become more and more of who I am. 

Top of that list is my wife, Erin, but there are countless others. ❤️

If you’re reading this, thank YOU for being one of those people in my life too. I am deeply grateful. 🥹
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#lgbtqfamily #nonbinary
How to set a boundary? 🤔 . . . . #lgbtqia #lgb How to set a boundary? 🤔 
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#lgbtqia #lgbtqcommunity #emotionalhealth
What do you do if you’re telling a past story ab What do you do if you’re telling a past story about someone who has transitioned? 🤔 Share a 💯 if you agree ➡️🏳️‍⚧️🏳️‍🌈
7 things I got clarity on in 2022: 1. Good and b 7 things I got clarity on in 2022: 

1. Good and bad are labels. All things are experiences. 

2. Maturity is taking full responsibility for oneself. 

3. Having a loving, conscious relationship with myself is a core value. 

4. Emotions do not mean that anything has to be done. 

5. When I am in congruence with what I want, I have it. 

6. I have permission from myself to stop doing anything that doesn’t lead to my peace and empowerment. 

7. Stepping toward emotions and being able to feel them is a superpower. It determines the quality of my life. 

(Are there any above that you’d like me to further explain?)
 
Most importantly, which # above resonates with you? ⬆️

Happy New Year, y’all! 🎊🥳
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#lgbtqcommunity #lgbtqiaplus #lgbtsupport #nonbinary #trans #selfgrowth
Interview with Jenny Nguyen, Founder of the Sports Interview with Jenny Nguyen, Founder of the Sports Bra—The World's 1st Bar to Only Play Women's Sports - shorturl.at/doGHZ

I'm excited to introduce you to today's #podcast guest, Jenny Nguyen, who is a professional chef, elite athlete, and entrepreneur.

I invited Jenny onto the podcast because she has done something extraordinary that is long overdue: She has opened up a sports bar that exclusively plays women's sports!

Despite extensive research, Jenny hasn't found another sports bar worldwide that ONLY plays women’s sports.

Given that it's nearly 2023, this is mind-blowing. As a lifelong athlete, I find her vision compelling and inspiring.

Aptly called the "The Sports Bra", the venue is putting Jenny's culinary skills on display alongside women's sports worldwide.

The Sports Bar has taken its mission a even further by partnering with and elevating other local, women-owned businesses.

Specifically, it:

1. Sources its grass-fed beef from @CarmanRanch, an ranch run by Cory Carman, a third gen rancher out of Wallowa, Oregon).

2. Sources its alcohol from Freeland Spirits, an all-women owned and operated distillery out of NW Portland.

3. Has furniture built by @girlsbuild_org, a non-profit organization headed by @ktmhughes in Portland, OR, that teaches carpentry and construction skills to young girls as a path to empowerment.

Since opening the Sports Bra this April, people have come from ALL over the U.S. and the world to experience it—including many professional female athletes.

To learn more about Jenny as she makes history, features women's sports, and elevates women-run businesses, listen to the episode here:

shorturl.at/doGHZ

Or, you can check out the Sports Bra at:

@thesportsbrapdx
TheSportsBraPDX.com/

Have you heard of the Sports Bra or been out to experience it in person?

#lgbtqiaplus #womenownedbusiness #lgbgtqia #lgbtqcommunity #womenssports #womeninsport
Over this recent holiday stretch, we… - enjoye Over this recent holiday stretch, we… 

- enjoyed some quiet time at home
- got a sauna delivered (but not yet installed)
- decorated for the holidays
- baked a bunch
- visited our favorite farm
- did some sight seeing
- and perhaps, most importantly, survived the cold snap along with our feather friends (who lived in the garage for a few days so we could heat them with a space heater) 🥶🐔

How have the holidays treated you…and did you get hit by the winter storms? ❤️🎁☃️❄️
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