23 Aug 16
Five Benefits of Staging Your Home
Staging isn’t just a buzzword in today’s real estate market, it actually works! Debating if hiring professional staging services are worth the cost? Wondering why you need to spend extra money for furniture if you already have some?
I recently acquired a listing near the Beverly Center. The homeowners had previously listed the four-bedroom residence twice. Despite past listing attempts trying to entice buyers through better photography and offering a price reduction, no offers were made and the house just didn’t sell.
I was the third agent listing the house and it sold! I had the property staged to better show off its ample space and unique features. The dollars spent to stage the property were more than earned back in a higher sale price.
Studies show staging residences positively benefit all properties, even in a seller’s market.
Staging Reduces Days on Market
Staged homes sold 79% faster than those staged after being listed, according to a study from The Real Estate Staging Association (RESA). For homes that had lingered on the market before being staged, the re-listed homes sold in an average of 42 days, a reduction of 73% less time on the market.
The same study reported staged homes spent of two months fewer than the average for an unstaged property. Fewer days on market reduces how long the seller continues to pay mortgage and utilities on the property. Staging can save sellers more than a few thousand dollars!
Staging Increases Prices
Staged properties sold on average 6% above the asking price, according to a survey by Coldwell Banker Real Estate Corp. National Association of Realtors’ (NAR) 2015 Profile of Home Staging reported that staging bumped the dollar value a buyer was willing to offer 52% of the time.
Professional staging helps buyers understand the true worth of the property and in many cases improve the sale price.
Home Staging is Not Expensive
The median value spent on home staging in 2015 was $675. That’s a great figure for an investment that averages a 8-10% return according to the NAR. Factor in buyers potentially offering more money for the residence plus saving on mortgage payments thanks to fewer days on the market, and professional staging becomes a smart selling tool.
Sellers don’t need to stage all the rooms to make an impact! The top three rooms to impress buyers are the living room, kitchen and master bedroom.
Staging Attracts Buyers
90% of home buyers start their search online. Real estate agents report that 46 percent of buyers are more willing to tour a home they viewed online and buyers may be more willing to overlook property faults.
Having professional photos that stand out is a must to draw potential buyers. Well-executed staging is critical for photography that shows the property in the best light.
Staging Your Home Isn’t Complicated
A few easy steps can make your home more attractive to buyers:
- Go neutral
Buyers are attracted to neutral, warm tones and light colors.
Repaint dark walls and spaces to help them appear larger.
- Simplify your décor
Buyers want to visualize the property as their home, meaning all personalized items must go. Family photos, quirky pieces of art, kid’s drawings on the fridge: remove all hints of the seller’s personal life and tastes.
- Update a few décor items
Head over to TJ Maxx or Home Goods to pick out a few colorful, current décor
items to update your home. You’ll be amazed at how a few simple items really freshen up your home.
House lingering on the market? Consider staging before other selling strategies that have a greater negative impact on a seller’s bottom line. The financial cost and potential boost to the sale price is worth it. The longer the property sits on the market, the lower its final sale price will be. Professional staging draws more qualified buyers to the residence, in turn helping sellers get the most out of their real estate investment.