Home Staging has been around long enough that most people are at least somewhat familiar with the concept. What many people may not be aware of is how much the benefits of home staging outweigh not staging.
In today’s real estate market, home sales and values are on fire. It is a seller’s market. So, in this environment, is home staging even necessary?
According to many recent reports, it is.
Home Staging Sells Homes Faster
The National Association of Realtors (NAR) recently released their annual Profile of Home Staging 2017 report, and the findings indicate that staging is still a smart strategy even in the current market climate.
According to the report, home staging on average will sell a house faster and for more money. NAR President William E. Brown:
“While all real estate is local, and many factors play into what a home is worth and how much buyers are willling to pay for it, staging can be the extra step sellers take to help sell their home more quickly and for a higher dollar value.”
It is common knowledge that a key component to getting a home sold is the buyer’s ability to visualize themselves living there. According to Brown:
“Realtors® know how important it is for buyers to be able to picture themselves living in a home and, according to NAR’s most recent report, staging a home makes that process much easier for potential buyers”
Another benefit of staging a home is that staged homes sell faster than similar, non-staged homes. Homes that spend more time on the market sell for less.
62% of list agents say that staging a home decreases the time spent on the market.
The Real Estate Staging Association’s most recent home staging statistics survey showed that of 1081 homes, un-staged homes spent an average of 184 DOM.
These homes were then staged and were sold in an average of 41 days. Homes that were staged prior to listing sold in an average of 23 days.
That is 90% less time on the market!
For comparison sake, a look back at RESA’s 2011 survey found that un-staged homes spent 156 days on the market.
Once staged, they then sold on average in 42 days. Homes staged prior to listing sold on average in 42 days.
Once staged, homes sold 73% faster, and homes staged prior to listing sold 79% faster.
The market has certainly changed over the years, but it is apparent that staging is even more effective today.
Home Staging Makes It Easier For Buyers To Visualize Themselves In The Home
The NAR report found that 77% percent of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.
The staging industry website, www.ProfessionalStaging.com, posted an article, “10 Amazing Home Staging Statistics That May Surprise You”.
In regards to the impact staging has on buyers:
“Realtors who work with buyers say most buyers are willing to offer more money for a staged home compared to one that is similar but not staged. 81% of buyers say home staging makes it easier to visualize the property as their future home.“
Home Staging Sells Homes For More Money
A survey by StagedHomes.com shows that the majority of staged homes sell in 11 days, and for 17% more:
According to the Home Staging Resource article “Top 10 Reasons To Stage Your Home”:
“In a 2015 survey of over 3,500 homes professionally staged, over 50% sold for 10% MORE than their un-staged neighbors home!”
In fact, according to a Coldwell Banker survey, staged homes spend 73% less time on the market, and sell for 6% more.
The Internet Factor
It is important to keep in mind the impact the internet has on home selling. Over 90% of home buyers begin their home search on the internet.
A key component in getting and keeping their attention online is lots of good quality pictures.
40% of agents surveyed said that their clients were more likely to walk through a home they saw online.
According to NAR, buyers rank home photos as the number one most valuable web site feature — even more valuable than the home description.
MLS Listings with photos taken by professionals have about 61% more views than listings without—and that’s across all price tiers.
83% of all home buyers want to see pictures of the property online
Is Home Staging Worth The Investment?
According to HGTV, the number one mistake home buyers can make is NOT staging their home before putting it on the market.
From the Home Staging Resource:
“When the seller spent an average of 1% of the value of their home on staging, they saw on average a 1000% return on investment!”
According to the National Association of Realtors, the average staging investment is between 1 and 3 percent of the home's asking price, which generates a return of 8 to 10 percent. The 2015 NAR Profile of Home Staging study revealed that the median cost for staging a home was $675. The flip side of the question is to look at the money not staging your home may cost you. "The investment in staging your home will always be less than a price reduction on your home!" - Barb Schwarz, The Creator of Home Staging® The longer your home sits on the market, the more it costs you. You lose out on getting the best price, but you also have to keep making mortgage payments Using the data from the RESA survey, here is a look at how much those carrying costs can add up to:It will also cost you by having to wait to purchase your next home--home values are only going up, which will make your next home that much more expensive.
One last important factor for getting your home sold faster and for more money: hiring a realtor.
But, not all agents are the same. It is important that you hire the right Realtor.
Be sure to visit my sellers page for more information about why I am the right agent for the job.
You can keep up with the latest real estate news and trends by following this blog or this blog.
You can also download free real estate guides to help you when you sell your home.
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