I get this question all the time. When will be the next recession? What to expect and how to prepare? We are buying houses all the time, even when fear of the recession is rising and knowing that it’s a good idea to sell your house fast before it will happen. Trust me, you don’t want to by surprise. You may ask yourself why it is a good idea to sell your house fast before the next recession? Let’s take a quick look at what to expect from the market downturn and what opportunities it may bring.
IF you are a regular home owner who only buys houses to live in or if you are a savvy investor who likes to make a couple of bucks by knowing what to expect? This article is for you. If you know what to expect, then you know how to prepare and from my experience you don’t have to do much to prepare yourself for a market downturn. It’s more about what decisions you will make by moving forward. One of the main ingredients is Good Credit. If your credit is low, find out why. Try to get your score above 700. By maintaining your score high you are eligible for any lending options like: car loan, new mortgage or renting an apartment. When times are difficult lenders raise their minimum lending requirements.
Make smart decisions when you plan on spending money. With inflation so high, prices of everyday items are more expensive than before. I know it’s hard to save on food or clothes but you can make those decisions smarter. If you like going out to grab something to eat you still can, but don’t go so often. Limit going out to one time a week. Don’t buy unnecessary things like flashy watches or expensive clothes for example. Try to save the most money possible so when the investment opportunity presents itself you can go and take advantage of it. Trust me, there will be a lot of opportunities. How do I know that? I got through the 2008 crash and there were endless opportunities.
Try to build relationships with people you may need down the road like lenders, bankers or other people that share the same interest as you. When the s..t hits the fan you can help each other to get back on your feet or get through the tough times. Any type of business is a relationship game. The more people you know the easier it will be to take advantage of the opportunities in any market. IF you are looking for example to invest in real estate, a market downturn is a great time to build your crew that will be working on your projects. They might be looking for work and you can score really good people.
I just share a couple of things that you can do to prepare yourself no matter what your goal is. If you take care of you, your friends and your family you will have a better chances to take advantage
If you are looking to sell your house fast for cash call our office at: 847 242 2212 or send us an email at: info@moderntimeshomes.com