Depending on who you ask, some say we’re currently in a recession, some say we’re heading toward a recession, and some say it’s not going to happen. The truth of the matter is, that we don’t know for certain where the economy is heading. But, despite the uncertainty, people will still need to buy and sell real estate, even if it’s not the ideal time to do so.
If you find yourself in the position where you need to sell and find a new home, here are a few ways you can prepare to sell while heading toward a recession.
Hire a real estate agent
The best way to prepare to sell is to find a real estate agent who understands the market and is familiar with navigating a shaky real estate market. Your agent will know how to market your property and stage your home so that it appeals to buyers. You want to work with an agent during the best of times, so you should definitely work with an agent during the shakiest of times.
Get your finances in order
There are a multitude of reasons why someone would have to sell property, but for those who hold risky assets or whose finances are stretched thin, now is the time to get your finances in order. If you’re an investor, rethink your investment strategy and plan accordingly.
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Also, take a look at your spending habits and see where you can cut back if needed. If discretionary spending is eating up most of your income, it might be time to cut back and try to be more frugal. It’s going to be hard to do, to be sure, especially if you’ve grown accustomed to living a certain way. However, when you tighten the purse strings now, you’ll be better off when the economy rights itself.
Pay off high-interest debt
Interest rates are rising and if you have high-interest debt like credit cards or personal loans, you should work toward paying that debt down as aggressively as your budget will allow. You don’t want to stretch yourself too thin, but with increasing interest rates you could find yourself drowning in debt due to lines of credit with variable interest rates.
Look for alternative ways to increase income
Even though the unemployment rate is still low, there are still opportunities to make money outside of your main job. You can pick up extra shifts, find gig work, or freelance. If you’re handy and enjoy making things, you could start selling your items online to make some extra cash. If you have a little extra cash, consider taking some classes to expand your skill set. The name of the game is to make yourself a competitive candidate if you want to move on to a better place of employment.
Selling your property when the economy is on shaky ground isn’t ideal, but you have to prepare as best as you can. Even if we don’t enter a full-on recession a la 2008, you can never be too prepared. We always say it’s better to be safe than sorry!