Are you familiar with home staging? It’s when a residence is fitted by a designer for furniture, artwork, and other necessities to make it more appealing to potential buyers. Studies show that staging increases the chances of selling a home quickly and for more money. Here is a look at three important reasons to consider home staging.
1. It increases the dollar value offered.
Forty-nine percent of all buyer’s agents responding to a 2017 survey by the National Association of REALTORS® stated that a staged home increases its value over houses that haven’t been staged. They based their beliefs on their experiences with home sales. Thirty-one percent believed the dollar value increased between 1% and 5%, while 18% of these respondents stated the increase in dollar value ranged between 6% and 20%.
Even more surprising is the fact that 58% of the seller’s agents taking part in the survey found that the offered price for a staged home was generally higher than the bids offered for similar homes that had not been staged. Half of these agents believed that the increase in the offered price fell between 1% and 5%, while the rest of this group thought the increase ranged between 6-10%.
If staging a home can lead to an increase in the profit realized by selling it, this task becomes an important one. While it takes a lot of effort to remove personal items, empty closets, and rearrange furniture, the benefits of doing so are enticing.
2. It creates a positive impact on the buyer’s perception of the home.
The majority of respondents to the survey stated that properly staging a home allows buyers to imagine themselves owning it. Eliminating personal items from the existing owners and opening up the spaciousness of each room makes it easier for prospective buyers to choose the home as their next living space. In fact, 77% of the buyer’s agents participating in the survey stated that staging a home creates a positive impact when trying to pair buyers with homes. A staged home simply looks better to potential buyers.
3. It decreases the time a house sits on the market.
Although seller’s agents vary in their beliefs regarding staging homes, at least 38% of them request the sellers stage their properties for a faster, more profitable sale. Of the total group, 23% stated that the decrease in time was small, while 39% believed this decrease to be significant. A small percentage of REALTORS® even thought that staging a home could greatly improve the chances of a quick sale.
The decision to list your home for sale is a big one. You probably take several weeks or months to make it. Once you put your property up for sale, it is important to arrange your home to get the best possible asking price in the current market. The longer a home languishes on the market, the more likely it is for the offered price to be considerably lower than what the original price was.
Want to optimize your profits or speed up the sale of your home? Give us a call to learn more about the recommended strategies for staging your home!