A buyer will have an opinion of your house within the first 15 seconds and a buyer will only stay in a vacant house for an average of 5 minutes but will view a furnished house for an average of 40 minutes. Because you can only make one first impression, it is important that the home is prepared and staged.
What is staging?
Staging is a marketing tool that professionally prepares your home to sell or rent faster than your competition for the best possible price. It is the process of converting a home into a house that is viewed and advertised as a product. A home that is placed on the market becomes a product and like any product, has features and benefits and competes with similar products. In order to gain a competitive edge, the home should be priced right and be more appealing than the competition. Two important aspects of selling a home in todays market is the price and staging. The right price will get potential buyers to view the property but staging will sell the home.
What are the benefits of staging?
Reduces Time on Market- Statistics show that staged homes sell 50% faster than comparable non-staged homes.
Best Market Value- A staged home will sell for between 7% and 17% more than comparable non-staged homes.
More Appealing- Staged homes are more appealing on the Internet, MLS, and advertising materials. A cluttered and vacant home is not appealing in home or in pictures. Real estate agents or potential buyers looking for properties on the Internet pass by vacant homes because it is difficult to envision the empty space is terms of size. A cluttered home will appear much smaller than it actually is.
Attracts a Broad Range of Buyers
Agents are More Likely to Show a Staged Property- Real estate agents understand that staged homes are more likely to sell than a vacant or cluttered home, so it is showed more often which results in a higher sale price.
Appraisers are More Likely to Appraise Home at Full Value
When should I stage my home?
The ideal time to stage a home is before it is placed on the market. It may take some time to get your house staged so it can sell at the best price. If your home is already on the market, it should be staged immediately. One home in particular was on the market for 2.5 years and after it was staged it sold in 6 days!
How much does staging cost?
Staging is an investment, not a cost, and will be much less expensive than the first price reduction. Reducing a houses price will typically need to be a 3-5% discount to attract buyers in a new price range. However, in the current market it may need to be reduced by 10-15% to attract new buyers. Alternatively, staging can be done within your budge to transform your home so that it appeals to most buyers. For most properties, staging can be accomplished for less than the appraisal or home inspection cost.
If my home is decorated, do I need to stage it?
Staging is different from decorating. Decorating is personalizing your home to make it fit to you, your family, and your lifestyle. Staging neutralizes your house so potential buyers can envision it as their home, suited to their family and their lifestyle. Staging maximizes the impact of important selling points and living areas and downplays any flaws.
What about staging vacant properties?
Only 1 out of 10 people can visualize how a home will look with furniture. They want to know where they can put their furniture, if it will fit, if they’ll need to buy new furniture. They want to know what the room is used form. Furnishing a house defines the rooms and makes them appear bigger. Statistics show buyers do not stay long in a vacant home but furnishing a home will keep buyers in longer and give them the time they need to feel comfortable and become emotionally attached to it.