Despite the doom and gloom of the housing market, it is possible for your home to sell during a recession. There are factors about your home that you may not realize are assets or hinderances. If you are evaluating the pros and cons of selling your home now, take a look at the articles in this series. I’ll cover some of the items that make it more likely for your home to sell in a down-turned economy. If you missed the first article in this series: Will Your Home Sell in a Recession? Location Matters, you can review it through this link.
Is your home located in a city or on the fringes of a city? When prices are rising, buyers seek homes a little further out from the cities and large towns. When home prices begin to drop, buyers then look for areas that are more developed. Even if your home isn’t in a city or large suburb, you’ll find your home will be easier to sell if it shares some characteristics of popular development. The sidewalk is one of those items. Buyers like sidewalks because they bring a sense of community to the neighborhood when people stroll for walks, run for exercise and take babies for outings. With the increase in gas prices, many people prefer to walk around their neighborhood or to local shopping instead of driving.
City sewer and water systems tend to hold prices up during a recession. Wells and septic systems, which require maintenance, are seen as less modern and less desirable. If your home has city sewer and water or the ability to hook into the system, then it will be more likely to sell.
If your neighbor is lacking in these items you can always bring them up to town government. Many communities are upgrading these types of features to keep home prices competitive.
Next I’ll talk about durability and trends.
Mary Ann Romans writes about everything related to saving money in the Frugal Blog, technology in the Computing Blog, and creating a home in the Home Blog. You can read more of her articles by clicking here.
Related Articles:
Will Your Home Sell in a Recession? Location Matters
Do It Yourself: Staging Your Home to Sell
The Neighbors Are Moving: What Would You Do?