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The difficulty of selling a home during a recession

On Behalf of | Sep 3, 2022 | Real estate transactions |

Homebuyers have many important factors to consider no matter when they are selling a home in Tennessee, but there are times when that process may seem especially challenging. With signs pointing to the possibility of a recession, homeowners may wonder how this could affect their efforts to sell their homes in the near future. Sellers will benefit from learning about the specific steps they can take that will allow them to protect their interests during this process. 

Steps to success 

Selling a home can be a daunting process no matter when it happens, but a recession can complicate matters. Economic factors can affect a buyer’s confidence, perhaps causing him or her to wait to buy a home until things are more certain. Rising interest rates and higher home prices could also have an impact. Tips for selling a home during uncertain economic times include: 

  • List the home as soon as possible. 
  • Keep the price of the home fair and within average range. 
  • Do cost-effective updates to set the house apart from other listings. 
  • Consider listing it as a rental property. 

These are only a few things a seller can do that will increase his or her chance of successfully listing and selling a home during a recession. 

Legal help is still important 

It is still beneficial and important to have legal help when selling a home. An attorney can ensure that a Tennessee seller is not unnecessarily exposed to the risk of financial loss or other complications during the transaction. An assessment of the individual circumstances can help one understand what steps are necessary to protect his or her interests.