Staging in a Buyer's Market
In stark contrast to the market of 2020 and 2021, the Dallas Real Estate Market came to a seemingly screeching halt near the end of 2022, with home prices slashed left and right as interest rates rose. According to an article in D Magazine this month, "Closed transactions statewide are down by about 29 percent statewide, and Texas has 2.9 months of inventory, compared to 1.4 months last year."
It's been a long time since the DFW area has been in a buyer's market. So what is a "buyer's market"? Rocket Mortgage defines it: "A buyer’s market occurs when supply exceeds demand. To put it another way, real estate inventory is high, and there are plenty of homes for sale, but there’s a shortage of interested home buyers. These conditions give buyers leverage over sellers because when supply is higher and demand lower, the market is forced to respond."
This makes it an ideal time to buy a home, but a little more difficult to sell, at least compared to previous months (and years). What does this mean for home sellers? Well, It's more important than ever to make your home stand out, so it doesn't end up listed for months.
Tips for Sellers in a Buyer's Market
De-personalize Your Home
This is something we say over and over, but it's important to drive home. Buyers must envision themselves living in your home, which is difficult if the home is filled with personal items, photographs, and knick-knacks.
Photo by Spot on Images DFW
List at a Competitive Price
Now is not the time to test the market by listing your home for more than it may be worth. Hire an experienced realtor and have them survey the current market and similar homes to find out what your home should be listed; that way you don't have to go continue to go down on price throughout its time on the market.
Make Needed Repairs Ahead of Time
With more homes available, home buyers can be pickier in choosing their homes. Go ahead and do the diligence of repairing obvious items before you list the home; that way it won't slow down the negotiation process and will make your listing more attractive.
Before and After Home Staging by Staging Dallas
Professionally Stage and Photograph
Lastly, and perhaps most importantly, is to hire professional stagers and photographers for your listing. The online photos are the first thing buyers will see; if you don't capture their attention at this touch point, they're likely gone for good. Staging Dallas offers consultations, vacant home staging, and occupied home staging so no matter what stage you're in the home selling process, we can help you!