November 18, 2020
For most home sellers, the goal is to sell their home for the highest possible price and in the shortest amount of time. Two ways to achieve this is with the right asking price, and by staging the property.
So, do staged homes really sell faster, and for a higher price? The short answer is yes, and here’s why.
According to the Real Estate Staging Association, staged homes spend 73 per cent less time on the market than their un-staged counterparts. Truthfully speaking, even an un-staged home can sell under the right market conditions. A seller’s market, characterized by high demand and low inventory, generally means buyers are likely to scoop up what they can get. In a buyer’s market, there are more homes for sale than there are buyers, which means competition is greater among sellers and buyers have the upper hand. Under these circumstances, staging your property could tip the scales in your favour.
The answer to this question isn’t as cut-and-dry, since the final selling price of a home depends on a number of factors. Is there buyer demand? Are there many other listings on the market competing against yours? And what about the home itself – is it well maintained, cared-for and clean? With all other things equal, a staged home is likely to leave buyers with a better impression than one that hasn’t been staged, with the potential to fetch a higher selling price.
Home staging is the process of preparing a home for sale by increasing its appeal to a wide range of homebuyers. Home staging isn’t as involved as a renovation, and can involve decluttering, depersonalizing and deep-cleaning; painting the walls in a fresh, neutral hue; updating hardware and lighting; rearranging existing furniture or renting some new pieces to help show the home in the best possible light. When a buyer can see your home as their home, they are more likely to make a competitive offer.
Since the majority of homebuyers start their home hunt online, it’s important to make a good impression through your digital listing photos. Buyers will weed out the homes that don’t meet their criteria, and then proceed to an in-person or virtual showing of the homes that they are seriously considering.
Decluttering and depersonalizing the home of family photos and other personal items can help. Also consider that potential buyers need to think beyond what their eyes are showing them. Staging helps them to visualize themselves living in and using the space. Is the home an ideal place for a growing family, as a live-work space, for recreational pursuits or to enjoy retirement?
A new twist on home staging is “virtual” staging, which leverages technology to digitally enhance photos in order to demonstrate the possibilities. Virtual staging is ideal for vacant properties, which pose added challenges for sellers and the buyers who are trying to imagine it as their new home. Virtual home staging eliminates the need, effort and cost associated with renting or buying furniture and accessories.
Staging a home doesn’t have to be complicated. Evaluate every room and be critical, because prospective buyers will be. Viewing your own home objectively can be difficult, especially for those who have lived in their home for a long time. A professional home stager and your real estate agent can give you an honest opinion as to what works in your home, what doesn’t, and what the seller might consider changing in order to appeal to homebuyers.