How Important Is Staging Your Home Before Selling?
Home staging has been around for a long time for luxury properties but became popular for the common homeowner in the late 2000s. This is when real estate became a buyer’s market, which is our current market. So, how important is it to stage your home?
The Real Estate Market in the Digital Age
According to Royal LePage’s Kent Browne, “The Internet has changed the way we buy and sell homes and most real estate professionals believe home staging is critical to selling success. Almost all homebuyers begin their search online and are affected by first impressions. This means more people (not just the wealthy) are hiring professionals to help them create a good first impression so potential buyers will want to see their home in person.”
It also comes down to time. People are busy. They don’t really want to walk into a home and make a list of all the things that need fixing. Most people would like to move into a home that’s ready to be lived in. They need to imagine what that looks and feels like, which requires removing much of the seller’s own furniture, décor and personal items.
Did You Know?!
A Duke University survey rated the importance buyers and sellers place on staging and found the most important rooms to be staged for buyers were the living room, kitchen, master bedroom, dining room, bathroom, children’s bedroom, and guest bedroom.
The top three factors that influenced decisions were:
- Removing personal items (including evidence of pets)
- Using rooms as they were intended
- Turning all the lights on during showings
The study revealed that most buyers form an opinion about a home within the first 7-10 seconds of arriving.
Time is Money
When it comes to the selling price, time is also of the essence. According to Nina Doiron from Real Estate Magazine, “It’s common in real estate to recommend a price reduction of two per cent for every two weeks that a property is not sold. For example, if a property is priced at $500,000, a two per cent reduction means $10,000. If it doesn’t sell then, another two per cent is recommended, which equates to another $9,800, bringing the total reduction to $19,800 after four weeks on the market.”
According to stagedhome.com statistics, “Home staging can help reduce a property’s listing time on the market by 30 to 50 per cent and could deliver a price that is six to 20 per cent more than a vacant home or a home that is not properly staged.”
Based on controlled tests selling identical homes carried out by the Real Estate Staging Association (RESA), professionally staged houses sold in 45 days vs. non-staged houses, which sold in 102 days. Sellers who spent $500 on staging recovered over 343% of the cost when they sold their home. (Homegain.com).
Of course, there is a buyer out there for every property, so not staging your home is always an option, but it may take longer and you may not be able to get the price you are hoping for. At a minimum, you should de-clutter every living space by a minimum of 30 to 50 per cent and create a warm and inviting space for buyers to see the potential in the home for themselves.
According to National Association of Realtors (NAR) President Chris Polychron, “staging is an excellent tool that can be used to give a home a little extra push for sellers… the impact it may have and the value it can bring is clear to both home buyers and sellers.”
Case Study – Emma
The Challenge
Emma, the executor of her recently deceased mother’s estate, was feeling very overwhelmed and emotional about the process of selling her mom’s condo. The 2-bedroom plus den condo, although very clean, neat, and well cared for, was lacking a modern look so the goal was to find “something” to wow people when they come through to view the space.
The Solution
The Simply Home team came in to de-clutter and remove all personal items, such as family photos and outdated décor accessories that filled tables, shelves and cupboards. Larger furniture was removed to better showcase the layout, size and flow of this great space. New décor, including artwork, pillows, throws, and crisp white bedding and towels, were added to update the space.
The Result
A condo that showed better and sold within a week for $60K above asking, making the agent and client very happy. This success story can be attributed in large part to the process of de-cluttering and staging, a process that delivers a good return on investment every time.
Upon selling the condo, a MaxSold online auction was held to clear the contents of the entire condo in time for closing.
How We Can Help
Whether you need to de-clutter in advance of staging or need our creative staging services, our team of experienced professionals will guide you carefully and comfortably to your desired result. Contact us today to learn more about our services.
~ The Simply Home Team
