13 WTHRDowntown housing market cools
Don't leave lots of decorations on your fridge during a home staging.
And reduce clutter to show off the home's attributes.Mary Milz/Eyewitness News
Marion County - The housing market in downtown Indianapolis is not as hot as it used to be. Mirroring national trends, it's seen a steep drop in sales.
That's prompting some realtors to try a more aggressive approach in marketing properties.
Kurt and Kate Flock with Flock Realty, who specialize in downtown real estate, are doing more "home stagings."
Kate Flock said that means to "depersonalize a house and prepare it for buyers."
Friday morning, the Flocks and their team of seven began work on a newly listed Chatham Arch house. Walking into the kitchen, Kate Flock said, "This home is very lived in. It has become very personalized. If you walk through this house, you're a little overwhelmed with the amount of stuff in this house."
Pointing to the refrigerator, covered with photographs, she said, "One of the first rules in real estate is you clean off the refrigerator. It's not an art gallery."
Flock also noted the counter tops. "If the counter tops are full of stuff people think there isn't room to do the things they like to do, bake, cook entertain."
She also said there were too many carpets on the floor. "It's going to be important to show people there are beautiful hardwood floors in here."
Referring to the many personal belongings crowding the great room, Flock said, "Although most of this stuff is absolutely beautiful, it hides the architecture, the space and livability of the home so our challenge is to make it absolutely neutral."
That's why she and her team took down down drapes, rolled up carpets, packed pots and pans and even changed light switches all to make the house more sellable in an increasingly sluggish market.
"The downtown market is mirroring what's going no nationally and in other parts of Marion County. We've been in a housing slowdown for sometime," said Kurt Flock.
Flock noted several factors: "The mortgage crisis meltdown, the sub-prime mortgage problem coupled with the uncertainty about what's happening with property taxes has given a lot of buyers pause and they've maybe pulled back from making a decision to buy or sell right away."
While developers continue to build downtown, Flock said condos and houses sales are pretty much stagnant.
"In Center Township, there are about 750 properties on the market now over $100,000. By the end of August we will have seen just about 30 properties move in that price point," said Flock.
Kate Flock said staging is one way to ensure a faster sale. She said while it often requires the seller spending a few thousand dollars up front, for say, new landscaping or repairs, "We've found the amount they spend in staging the home is less than the first price reduction we ask them to take on it [if it continues to sit on the market.]"
Homeowner Karlene Kerfoot said if it results in a quicker sale, it's well worth the investment.
"Fall and winter are not good times to sell a house and right now is not the best time at all, so I hope it helps."
Nearly five hours after the staging began, Kerfoot barely recognized her now "very minimalist" kitchen and great room.
"Wow, wow, wow,"she said. "What a difference!"
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