After all, homeowners are interested in getting the highest possible price for their property, and selling during a recession may not be the best idea as far as this is concerned. All of the reasons above effect existing homes sales during a recession. But just as they can negatively affect existing property sales, this works out in the opposite was when it comes to new construction. Since construction companies have already built the homes, they cannot afford to sit back while nobody lives in them. This results in new homes being sold at a fraction of their usual cost. Overall, a recession will greatly change the way that you buy an existing home. Do yourself a favor, and consider the pros and cons of buying during a recession. You should be able to make a decision on what to do after you weigh all your options.
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First off, you may find your home on the market for months on end. This is what a real estate agent recession does to the market, and it can be very disheartening when trying to make a sale. Additionally, selling in a recession also means that you may have to lower your price; which is never a fun thing to do. Even when you are selling, you may be sitting on the other side of the fence at the same time. This means that you can pretty much reverse the scenario that you are going through as a seller.