As professional stagers, we work closely with real estate professionals almost every day. Realtors (and homeowners!) talk a lot about “buyer’s markets” and “seller’s markets,” but what do those terms really mean? Where are the real differences between buyer’s and seller’s markets, and how does everyone involved in the buying and selling process need to adjust accordingly?
Here are three big differences between buyer’s and seller’s real estate markets.
Difference #1: Who Has the Power
The biggest difference between a buyer’s market and a seller’s market lies in the power position. Buyer’s markets are more favorable to buyers – more inventory, lower prices – so they have more “power” than sellers. Conversely, seller’s markets give the power to the sellers, allowing them to ask more for their homes and even encourage bidding wars.
Difference #2: How Home Marketing Works
Unsurprisingly, marketing a home in a seller’s market is a little different than marketing that same home in a buyer’s market. In markets that favor buyers, homeowners and their Realtors have to be aggressive about making a house stand out through social media marketing, traditional ad placement, and holding open houses. Seller’s markets give sellers a little more leeway when it comes to marketing; too many homeowners, though, make the mistake of neglecting to market in a hot environment! Even in a seller’s market, sellers need to present their home in the best light to buyers using professional staging, proper pricing, and professional photos. Why? Read on…
Difference #3: Expectations
In any market, buyers have expectations. In a buyer’s market, home seekers expect to find plenty of inventory and even a great deal or two. In a seller’s market, they expect to pay top-dollar and to compete with other buyers, but they also expect to get a turn-key property for their money. Buyers know they’re paying a premium in a seller’s market and they want their end-purchase to reflect that. Sellers, in turn, have to offer a home that’s worthy of a seller’s market asking price. Sure, an “as-is” property will sell in a hot market but ROI can be exponentially greater when a home is presented with care. In a seller’s market, homes that are beautifully-staged, expertly represented, and priced ever so slightly below market rate are the ones that get dozens of offers after only a couple of days.
Charlotte is currently experiencing a seller’s market. If you’re a seller, you’re leaving money on the table if you decide not to invest in marketing your home the right way.
Want to encourage a multiple offer situation?
First step: Contact the best stagers in Charlotte at Creative Home Stagers!
We’re experts in creating the wow-factor your home needs to attract multiple bids.