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Today, many home sellers might fear that they’ve missed the boat on making substantial profits. But that doesn’t need to be the case, if they make these recession-friendly adjustments to their tactics:
Hit the Market Sooner Rather Than Later
For now, the number of listings is creeping up but still at historic lows, so demand for that limited inventory will remain strong, particularly in a hot market like NYC.
Don’t Overprice Your Home
The market is correcting itself and gone are the days where buyer competition could get you 20% over asking. Buyers are more cautious and are going back to standard practices of negotiating price, doing inspections, and having an appraisal contingency. We are seeing a lot of price reductions from homeowners who did not adjust to this new reality in time: price it right, and your unit will sell.
Make Smart, Cost-Effective Updates to Get Buyers’ Attention
People are always going to want to feel happy, cozy, and comfortable in their homes, so consider some selective updates. Since cost of labor is the highest expense during a renovation, think of what you can do yourself, like painting the unit. Add wallpaper, change the lighting fixtures and swap out kitchen and bathroom fixtures for a more updated look. Focus on a couple of important rooms rather than the whole home, and keep in mind: The best return on investment are kitchens and bathroom remodels.
Consider Renting Out Your Home
If you’re hesitant about selling right now, consider renting your home out. Rents have been at an all-time high and renting out a home could help you earn some passive income while you wait for the market to change again. Just make sure you use a real estate professional who can help you find a reliable renter.
Be More Negotiable
Consider paying some of the closing costs or buying down the rate through mortgage points to help your buyer over the finish line. By being more negotiable you increase your odds of getting a deal done. Still, that doesn’t mean you should be accepting lowball offers – you want to sell, not give it away.