Which type of property (or which characteristics / location) has the best chance at selling during a recession? (foreclosures, banks)

[ddm2k]

Title says it all. In a repeat of 2009, or any type of recession, which types of properties or homes DON'T sit on the market for years without closing a sale?

[Silverfall]

Originally Posted by ddm2k

Title says it all. In a repeat of 2009, or any type of recession, which types of properties or homes DON'T sit on the market for years without closing a sale?

In my area that is homes in good neighborhoods defined by

1) Good schools
2) A mix of ages as retirees can often weather a recession since they aren't relying on work.
3) A mix of home styles, one story and two story
4) Older and established with lush landscaping
5) Mostly homeowner-occupants rather than rentals.
6) Varied home prices and sizes.
7) Non-cookie cutter neighborhoods
8) Not on busy streets, little to no traffic noise
9) Has a neighborhood park/school within the neighborhood
10) active neighborhoods (people are out walking, riding bikes, gardening, etc)


One story homes are always better for resale since they can appeal to more buyers. Retirees generally want one story living.

[rational1]

Originally Posted by Silverfall

In my area that is homes in good neighborhoods defined by

1) Good schools
2) A mix of ages as retirees can often weather a recession since they aren't relying on work.
3) A mix of home styles, one story and two story
4) Older and established with lush landscaping
5) Mostly homeowner-occupants rather than rentals.
6) Varied home prices and sizes.
7) Non-cookie cutter neighborhoods
8) Not on busy streets, little to no traffic noise
9) Has a neighborhood park/school within the neighborhood
10) active neighborhoods (people are out walking, riding bikes, gardening, etc)


One story homes are always better for resale since they can appeal to more buyers. Retirees generally want one story living.

How about- Not in the distant suburbs??

[MrRational]

Originally Posted by ddm2k

which types of properties or homes DON'T sit on the market for years without closing a sale?

The property that has the features which the buyer in that spot needs.
In this sense feature includes price.

[dcfas]

Originally Posted by rational1

How about- Not in the distant suburbs??

Key word: distant. We live in an established suburbia of houses that range from 1960 to the present. My neighborhood has no thoroughfare, and each street ends in a cul-de-sac. We have a little path at the end of our street to an elementary school. In fact, Silverfall above described our area surprisingly accurately. During the so-called Great Recession of about ten or eleven years back there was a slow-down. Houses were on the market here for as many as three to five months, some more. Now, houses seem to go to “pending sale” before I am even aware they are for sale.

We are within a short bike ride to farms and open fields, streams, mountains. But our town is vibrant with theatre, parks, shopping areas, both indoor and out, and restaurants as well. It’s a nice place, but expensive. Oh, and I forgot to add we get snow, lots and lots of snow.

[Silverfall]

Originally Posted by rational1

How about- Not in the distant suburbs??

We don't really have that in Oregon, but that might apply to other areas with sprawl.

[Diana Holbrook]

Everything depends on the reason for the recession.

If there are jobs, and banks are still financing, then homes will sell.

If the town is closing up major employers and people are moving away.... then they won't.

I think the better question than which one will sell in a recession, is which one can I afford to stay in during a recession?

Recession is the wrong time to sell.

[Coldjensens]

Here is made no difference. Nothing sold. There were a few extreme fixer uppers people bought and some tax foreclosures that sold for a song were picked up by opportunists.

However you are not going to see a repeat of 2008-2010. not only did prices crash, the lending industry was in shock. You could not get a loan.

[JONOV]

I think its easier to look for what to avoid. Namely, if your reaction is "Wow, look at how much house I can get for my money," or "If we move HERE we can get a brand new house" or in "Drive-til-you-qualify" land, it's ripe for getting smacked in a recession.

Places that have great schools. Established neighborhoods where one can't buy a brand new house a mile down the road. In some areas, close proximity to Train/Subway stations. Close to major hospitals. Close to major employment centers. To a certain extent you will take it in the shorts during a recession, but some areas are far worse than others. Whether or not a house sits for years depends on how low the seller will go or can afford to go.

[emm74]

Originally Posted by Silverfall

In my area that is homes in good neighborhoods defined by

1) Good schools
2) A mix of ages as retirees can often weather a recession since they aren't relying on work.
3) A mix of home styles, one story and two story
4) Older and established with lush landscaping
5) Mostly homeowner-occupants rather than rentals.
6) Varied home prices and sizes.
7) Non-cookie cutter neighborhoods
8) Not on busy streets, little to no traffic noise
9) Has a neighborhood park/school within the neighborhood
10) active neighborhoods (people are out walking, riding bikes, gardening, etc)


One story homes are always better for resale since they can appeal to more buyers. Retirees generally want one story living.

that's a pretty good list, although I'd also add some walkable amenities. It doesn't have to be a major shopping area, but the ability to get a cup of coffee or something within walking distance is a priority for a lot of people I know, including me. I'm in a residential neighborhood of a city, though, as opposed to a suburban neighborhood, so that might be a difference in who selects the former over the latter.