Every day, it seems that concerns about the coronavirus mount higher—as do fears of an impending recession. Homeowners who have been planning a sale during the typically bustling spring market might be wondering what to do.
Realtor.com asked the experts what to expect if a recession hits, and what that means for the real estate market. Whether you’re currently trying to sell your home or considering putting your property on the market soon, here are a few factors to keep in mind if a recession actually takes place.
1. What happens to home prices during a recession? They tend to sell for lower prices.
2. Is the timing right for you? Since recessions bring fewer buyers and a drop in home prices, if a recession hits and you don’t need to sell, it might be a good idea to wait until the economy improves .
3. Are you buying and selling at the same time? If you’re buying a new home at the same time you’re selling, the financial gains and losses of a recession may even out.
4. How to price a house during a recession? During a recession the reason a house might not sell usually has to do with an inflated price.
5. Make the home move-in ready.