With a glut of houses on the real estate market pushing prices downward, buyers have more power in any negotiation. They know the seller needs to sell their house more than they need to buy it. After all, there are plenty of homes to choose from!
On Wednesday, in Part 1 of this two-part blog series, I outlined the basic economic law of supply and demand and how it affects the real estate market.
Home staging right now is more important than ever because of this shift in the balance of power from sellers to buyers.
The key to boosting demand for a particular house is to generate excitement and a perception that the property may not be available for long. In other words, home staging helps shift the power balance back to the seller by making the property appear “hot” even in a slower market.
Here’s a perfect example of this dynamic at work. For her very first staging project, Staging Diva Graduate Kathy Vernon of Texas-based Staged by Dream Weavers transformed a house that had been on and off the market for two years and was attracting no interest from buyers.
The owners were spending three hours a day commuting for work and were desperate to sell. After Kathy finished rearranging the furniture, decluttering and accessorizing the home, it sold to the first couple that saw it. The agent even got a backup offer in case the first deal fell through.
By creating an environment for buyers to fall in love with a home, stagers can hasten the sale as prospective buyers worry their “dream home” may be bought up by someone else.
Do you have a story similar to Kathy’s? Please share by commenting below.
If you’re enjoying these blog posts about home staging in a slow real estate market, you’d love “Ask Staging Diva: Can I grow a home staging business in a depressed economy?” You can download your own copy for free.
Debra Gould, The Staging Diva®
President, Six Elements Inc. Home Staging
Debra Gould developed the Staging Diva Training Program to create opportunities for others to grow their own profitable home staging businesses. There are currently over 1000 Staging Diva Graduates around the world. Debra encourages anyone concerned about starting or growing a home staging business in today’s economy to download her free special report: “Ask Staging Diva: Can I grow a home staging business in a depressed economy?”[tags] Debra Gould, Staging Diva, home stagers, home staging, home staging in a depressed economy, starting a home staging business[/tags]