One time a friend was asking me a whole lot of questions in order to see what I know about how to sell my home in an economic recession. I guess he was looking for some advice. Finally he admitted that he really needed to sell his home soon due to threatened foreclosure. I just told him to relax. Since he knows I have bought and sold homes for many years I guess he thought maybe I'd know different ways to sell in a poor economy. I told him some things that surprised him, and I'm thinking they it might surprise you as well.
Back when I was new at investing and just learning how to sell my home, I had to see any home I bought to re-sell the same way I'd see it in a healthy economy. I mean, I couldn't just fall for the natural tendency to buy because the price is so low. That's a mistake, and it's a common mistake I've made a few times myself.
When it comes time to sell, I need to locate one buyer who is interested and qualified to purchase my home. My house does not need to appeal to huge crowds of buyers, that is not the goal at all. But my home has to be the most desirable property to just one buyer with the desire and the financial ability to buy it. That last sentence is just as true in a recession as it is true in a bustling economy.
Everybody has to realize that finding their buyer is not so different in a slow economy than it is any other time. Of course fewer people may be looking to buy or qualified to buy my home during a recession, but I only need one buyer. Just because there are fewer buyers in the market to buy my house doesn't mean I won't find the perfect buyer who I need. But it does mean I should get creative in my thinking about how to sell my home, meaning how I can locate the perfect buyer now.
Surprisingly, finding that one perfect buyer can be as simple as looking in the mirror. I'm serious, and it makes sense when you consider that I was once the buyer and now I'm the seller. And when I think back to the time period when I bought the home, carefully remembering why I wanted to buy it, that's the key to finding my new buyer. Just asking myself question like, what did I like best - kitchen cabinets, living room fireplace, or garage storage shelves? I write out a list of my favorite features and use my list to find my perfect buyer.
So, I told my friend all this and suggested he get out and try it for himself. He went home and took a good look around, remembering why he fell in love with his house in the first place. Then I told him to use that information to advertise his home for sale in order to find a new buyer.