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Waiting Out A Recession

Nov 14, 2007
Deciding whether to sell your home during a real estate recession is difficult to decide. While there are some pros of waiting out a recession, there are some cons that prevent this too. A potential seller has to asses the entire situation that is in front of you. There is no easy way of making the right decision until you consider what you are up against. If you are not in a rush to sell your home, waiting out a real estate recession is a good idea. This will allow the market to get back on track. Even though some people must move right away, there are many others who have the ability to stick it out in their current home for the time being. What group do you fit into? Another reason to wait out a real estate recession is that you may be able to sell your home for more once the market gets back to normal. This is not a guarantee, but in most cases when a recession clears up it is going to work to the seller's advantage.

The main drawback of waiting for real estate recession to clear is that you do not know how long recession could last. In other words, you may think that a recession will last for a few months, but even after a year the market in your area may struggle. If you are willing to wait and wait and wait, there is no reason to get worried about a real estate recession. But if you are only willing to hold off for a month or so, you would probably be better off going ahead with the selling process immediately. Before you decide one way or the next, you may want to see what the industry professionals are saying. They may be able to give you a better idea of how long the real estate recession is going to last.

There are several ways that a recession can affect seller. If you find yourself in this situation, you will want to know what you are up against. The challenges that stand in your way are sure to change the way that you look at selling your home. And of course, when you know what these challenges are you will be in a better position to succeed.

Here are three ways that a real estate recession can affect you when selling your home.

1. During a recession buyers are more so inclined to get a big discount. This means that you may need to lower your asking price by a few thousand dollars in order to attract buyers. Is this something that you are willing to do? If so, go ahead and drop your price. But if you are unsure, you can wait around and hope that you buck the trend.

2. A recession will slow down the real estate market altogether. This leads to fewer people looking to buy homes. For this reason, you should not expect nearly as much traffic coming through your home. While there are exceptions to this rule, almost every recession will slow things down to a crawl; at least when compared to normal market conditions.

3. Due to the two reasons above, a seller may find that a real estate recession brings a lot of stress. In other words, you may feel bogged down when buyers are throwing low ball offers at you, or you cannot get any action at all. You must be prepared to deal with this type of stress if you plan to move forward with selling your home during a real estate recession.

Believe it or not, some people never have to deal with the three issues above. They simply put their home on the market, and even if there is a recession, they make a sale right away. This is not normal, but you never know what is going to happen. If you feel that now is the time to sell your home, do not worry about where the market stands. Instead, worry about the details that will give you the best chance to make a sale. Overall, you need to decide if waiting for the market to improve is in your best interest. Once you weigh your options, you will know whether or not you should sell now or wait until the real estate recession passes by.
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