You've decided to place your house on the market to sell and you know it needs some updating, but you think that the buyer will come in and make allowances for the changes that it needs. You may be leery of spending money on Home Staging or updating. You may think that the buyer will want to choose their own fixtures and colors, so you'll leave the property as it is.
As an experienced retired realtor, I know from personal experience that it is difficult for a buyer to visualize making changes to a home or look past the home owners personal taste and belongings. If they are able to see past the changes needed, they expect to purchase at a reduced price and usually the offer is significantly lower than the actual work would have cost the seller.
You must look at the money you spend on staging your home as an investment that will pay off in the selling price. There are no guarantees that staging will sell your home quicker and for more money, in the market that we are experiencing now, but it certainly gives you an edge over the competition.
Here are a few statistics to consider:
Over 80% of buyers start their search for a new home on the internet
Staging your home before the pictures are taken for the MLS shows your home at its best. If a buyer is not impressed with your home, they will move on to the next listing and you will have fewer showings and more days on the market. We all know that there's not a shortage of homes for a buyer to consider. Why send them down the street?
Staged Homes sell quicker than un-staged homes
The longer your home sits on the market, the longer you will have the carrying cost of your home; mortgage, insurance, utilities. The National Association of Realtors survey found that the longer a home stays on the market, the further below list price it drops. The Real Estate Staging Association (RESA) study shows occupied homes that are staged, listed and sold, spend 89% less time on the market than and un-staged home. Vacant homes that have been staged, listed and sold spend 85% less time on the market than an un-staged home.
Only 10%of buyers can visualize how a room would look furnished and accessorized
This is most important for vacant homes. If your home doesn't feel inviting and looks too small or too big for the buyer's furniture, they will not see the potential of the home and move on to the next one. Whenever I used to show vacant houses to a buyer, they would never stay in a room long enough to become emotionally connected. Sometimes they would only stick their head in the door of a room and walk away, without ever taking the time to linger and imagine their family in the space. You want them to imagine their family enjoying the fireplace or having breakfast every morning at the breakfast bar. If you don't have anything for them to connect with, you lose the potential to sell.
Staging your home saves you money by reducing loss due to extended time on the market, carrying costs and eventual price reductions. Even if you decide to do it yourself - staging is worth the time and the money.
