In today's hot real estate market, potential sellers often ask me if their home would sell more quickly and for more money if it was professionally staged. My answer to the quick sale part is "maybe," and to the more money part, "in most cases, yes." While nearly all homes that are correctly priced, in good repair, and in desirable locations will sell quickly, staging becomes more impactful if there are multiple homes similar to yours for sale in the same neighborhood at the same time. In that case, professional staging can give your home the WOW factor that the others may lack and lead to a higher selling price. Once bitten by the house-buying bug, many savvy home buyers spend a great deal of time watching TV channels such as HGTV, and shows like Dream Home Makeover, Curb Appeal, Love It or List It, or Rock the Block. According to the National Association of Realtors (NAR) in a recent survey about the pros and cons of home staging, 10% of the Realtors that responded said that their buyers expect homes to look like those properties staged on these shows. The survey goes on to say that 44% of buyers' agents said that home staging directly influences their buyers. Also, staging can help to raise the selling price, and 23% of sellers' agents reported an increase of 1% - 5% of the dollar value offered by buyers compared to similar homes. According to the NAR study, the four most important rooms to stage were the living room (46%), the master bedroom (43%), the kitchen (35%), and the dining room (27%). Here are some other interesting facts that came out in this survey • 81% of respondents said that buyers had distinct ideas about where they wanted to live, and what they wanted in an ideal home before starting the buying process. • A median of 74% stated that buyers were disappointed by how homes looked compared to homes they saw on television.
• 20% of the realtors cited that buyers brought family members with them to view homes and 30% were influenced by their companions' comments.
• 71% of the respondents said that TV shows which display the buying process impacted their business by setting unrealistic or increased expectations. • In the last five years, 59% of the realtors surveyed noted an increase in the number of buyers who planned to remodel a home. 25% also said that buyers who plan to remodel will do so within the first three months of home ownership. • 53% of the responders stated that buyers did not have an expectation of the number of homes they would see before finding the right house or having their offer accepted. • Among those who did have an expectation, buyers expected to view a median of 10 homes in-person and a median of 15 homes virtually. In today's competitive market, that number is unrealistically low. So in conclusion, if you are planning to list your home, let's discuss how staging may benefit the outcome of your sale. If you are still living in your house when it goes on the market, be prepared to have your vacuum cleaner on high alert and the dusting cloths handy. Today's buyers expect things to sparkle and shine like a model home, and I frequently hear, "It looks like nobody lives here!" If you have the luxury of moving out before the For Sale sign goes up, staging can make a robust difference in your healthy bottom line. Let's talk... |