With buyers increasingly turning to the web to begin their home search, sellers are relying more on virtual tours and open houses to make quality first impressions. This shift has sparked new strategies for home staging aimed at attracting potential buyers.
According to Virginia “Ginger” Downs, CEO of the Chicago Association of REALTORS®, taking the time to prepare your home for virtual exposure can significantly expedite its sale. "REALTORS® have experience in staging virtual tours and can offer you tips to attract buyers," Downs stated. By following specific guidelines, homeowners can present their properties more effectively, potentially leading to quicker sales.
Preparing for virtual tours requires decluttering similar to traditional open houses. Sellers should remove personal items and excess furniture to create spacious and depersonalized environments. Downs advises clearing off kitchen counters and putting away everyday items like utensils and cleaning supplies. This effort allows potential buyers to envision themselves living in the space.
“Real estate professionals have photographed numerous virtual tours, and can act as sort of a producer for the shoot,” Downs noted, emphasizing the importance of highlighting the home’s most attractive features. Visuals greatly impact buyer perception, and thorough cleaning is equally significant as cameras can capture details often overlooked by the naked eye.
“Home values across Melbourne City are down 3.4 percent relative to a year ago,” said Eliza Owen, head of research at CoreLogic. The data highlights the market's current challenges and the shifting dynamics of supply and demand. With listings up 23 percent over the last year within inner Melbourne, buyers enjoy greater choice, though this increased supply has created negotiation power leading to lower asking prices.
Additional research shows roughly 400 more properties are available for sale compared to last year, attributed to heightened investor selling, oversupply of units, and stagnant buyer demand owing to economic shifts. According to Owen, this scenario often extends selling times and contributes to declining overall home values.
On the contrary, listings have stabilized or even decreased within more desirable locations. For example, Melbourne’s outer east observed a 10.6 percent drop, indicating sellers may choose to hold onto properties rather than flood the market with listings.
For buyers like Ted Adair, selling their one-bedroom home in Port Melbourne and searching for something larger, the situation is double-edged. "Realistically, what we’re going to sell the house for is going to be less than what it was worth even just a couple of years ago," he commented, acknowledging how the weak market dynamics influence seller expectations. Yet he remains optimistic, insisting, "as long as we’re buying in the same market, it’s not such a big deal. You’re kind of just trading one asset for another."
Fraser Lack, Adair's real estate agent, confirmed this narrative stating, “A lot of the properties we are selling at the moment were previous investment properties,” painting the picture of the current market state. Outer regions like Bayside are exhibiting declines in listings, indicating sellers' strategic choices amid market overhauls.
Further complicate the issue is the specter of rising interest rates which convolute the purchasing power for those like Adair. “We're trying to get a really solid idea of what’s going to be a realistic outcome for us, and maybe we will have to compromise if we want to upgrade,” he expressed, highlighting the stringent circumstances potential buyers are facing.
PRD Real Estate Chief Economist Dr. Diaswati Mardiasmo also notes shifts are not isolated to inner Melbourne, with areas like Mornington Peninsula experiencing similar trends with increased listings attributed to economic discomfort among investors.
While this presents challenges, there are whispers of potential relief: upbeat inflation figures are leading some economists to predict interest rate cuts soon, which might prompt others to hold off on selling their homes until conditions become more favorable. “Many families are waiting for a cash rate cut, and when you know potential relief is about to happen, mortgage repayments might be more manageable,” Mardiasmo observed.
Therefore, for sellers and buyers alike, adapting to today’s changing market conditions is imperative. Whether upgrading through virtual tours or strategically deciding to list property, today's real estate climate requires proactive measures and informed decisions.