Fears of a recession are looming large right now—and while we aren’t technically in one yet (that would require two consecutive quarters of negative economic growth), even the possibility of a recession sends worrisome ripples throughout many areas of our lives, and the housing market is no exception.
For homebuyers, a recession could be that final factor that, combined with rising interest rates and high home prices, prompts many to shelve their house hunt until conditions improve. For home owners looking to sell a home in a recession, this could mean the raging seller’s market they’ve enjoyed for the past two years could be waning, dragging down home prices and profits.
“This year, we saw the typical seasonal pattern, but the summer cooldown is more pronounced,” says Ali Wolf, chief economist of building consultancy Zonda. “Prospective homebuyers are balking at the cost of homeownership, driven by high home prices and rising interest rates. And fears of a recession aren’t helping.”
Amid this gloomy economic outlook, many home sellers might fear that they’ve missed the boat on raking in substantial profits. But that does not need to be the case, provided they make some recession-friendly adjustments to their tactics.
Here are a few new realities and rules to keep in mind, in terms of pricing and upgrades and more, so that home sellers can still come out on top—recession or not.
In recessionary times, home prices have a history of dipping. Yet experts say homeowners may still have time to pull off a highly profitable sale if they get their listing up pronto.
Choosing a list price can be a tricky business for any homeowner. Price too high and you might not drum up much interest. Price too low and you may get offers you’re not happy with.
To stand out in the market where you sell a home, sellers should make their home attractive to buyers, which usually means some selective updates.
While a recession might not hit all sellers as hard as many fear, an unfortunate few may not have luck finding the right buyer. If you’re hesitant about selling right now, Kyle suggests considering renting it out. Rental property rates have been at an all-time high, and renting out a home could help a homeowner earn some passive income while they wait for the market to change again.
Yet the increase — no doubt a disappointment to borrowers hoping last week’s dip would continue — also reflects heightened confidence in the economy.
“Markets are seeing more certainty around the economic outlook, as incoming data continue to highlight a steady level of business activity and consumer spending,” says Geroge Ratiu, senior manager of economic research with Realtor.com.
Indeed, a recent report shows the U.S. jobs market is once again off the charts, and inflation is moderating, according to the latest government reading.
After almost a year of trying this feature on select Instagram accounts, it looks like the social media platform is looking to expand its 60-second story feature to a larger audience. This would remove those awkward breaks every 15 seconds in larger videos. Keep a look out for this update on your stories. [Check out our blog on: How to create engaging social media content]
With the extended hot weather, it seems people are so done with it all and ready for Fall!
Join the trend by making a meme about how excited you are for fall, or share a video talking about the fall activities coming up that you are most excited for!
Check out these examples:
This Stranger Things soundbite is hilariously popular right now.
“You Are Like Papa“ is a line said by the Stranger Things character Eleven as she accuses her adoptive father Jim Hopper of lying to her just like Dr. Brenner, aka Papa, did during her childhood.
How to use it: Type a “you just can’t do…” phrase, usually this is used as a reprimand shot. Then show the subject doing or attempting that exact thing when the sound says “you are like papa” Play around with cuts and be dramatic to play off the silliness of the whole thing. Watch these examples below.
Noah Kahan got the memo that Summer is over. This song is the sound of Fall, with its melancholy lyrics and acoustic guitar. It may not be “the season on the sticks” in reality but it seems to be in people’s hearts. Jump on the trend of this song with a heartfelt video, maybe about letting go or dealing with change.
Feel like your videos feel awkward and/or stiff? Try getting a friend to ask you questions and filming your response to get a more natural presence in your videos.