Home Staging is Expensive
You don’t need to spend a lot of money to stage successfully. On average, you should expect to spend about 1% of the value of your home on staging.
For example, if your home is worth $200,000, you will probably not spend more than $2000. If you’re home is in good shape, you could spend considerably less. After staging, you will easily be able to add that much to the asking price, and often 2-3 times that amount.
When people are hesitant about the cost, I often tell them this. The cost of staging is usually significantly less than the cost of the first price reduction.
Think about it. It’s common for a home on the market to have a price reduction of $5,000, $10,000, and sometimes more. And don’t forget that many homes go through more than one price reduction before being sold.
It’s Better to Try Selling First, Without Staging
The newest listings on the market experience the most traffic. If your home is listed in less than ideal condition, or at a price that is not reflective of what the home is truly worth, it can become a stale and stigmatized listing with both real estate agents and buyers.
With that being said, if your home has sat on the market with no respectable offers, you can take your home off the market, stage, re-list, and re-market. What you have lost is time (which translates into money) and potential buyers. Staging may bring back buyers who previously took a pass on your home and will create interest and excitement for new potential buyers. Wouldn’t it be better to prepare upfront and sell your home for the most money in the least amount of time?
Staging Doesn’t Work
Statistics support the fact that staged homes do sell quicker and for more money.
- Sellers who spent $500 on staging recovered over 343% of the cost when they sold their home. (Homegain.com)
- According to the National Association of Realtors (NAR), the average staging investment is between 1 and 3% of the home’s asking price, which generates a return of 8 to 10%!
In controlled tests selling identical homes professionally staged vs. those not staged, the unstaged houses sold in 102 days, while the staged houses sold in 45 days. (RealEstateStagingAssociation.com)
Decorating to Live is the Same as Staging to Sell
While there can be some similarities, for the most part these two things are vastly different. When we decorate a home, we add our personality and create a space that appeals to us and functions for our lifestyle. A potential buyer may have completely different tastes and lifestyles and would have a difficult time envisioning themselves “at home” in your decorated space.
When I stage, I am utilizing proven techniques that will appeal to the broadest range of buyers. Your home should be inviting and welcoming, but the majority of visitors should feel like they could live there. Overly decorated and personal spaces make buyers feel like they are intruding into your lives and space, which makes them very uncomfortable and less likely to give the home a careful look. Additionally, the vast majority of buyers don’t own the skills to see past your unique style to envision the home they want and need, and if they do will be hesitant to spend the time or money to do the work.
A seller should never underestimate the subconscious emotional reaction of a buyer!
It’s not Necessary to Stage a Vacant Home
Believe it or not, a vacant room actually looks smaller. There is nothing for the eye to use for comparison to assess the actual size, for instance, how will my sofa/bed fit? Also, buyers can’t envision how they would use each space and arrange their furniture.
There are other downsides as well. Empty spaces feel cold and uninviting. Buyers don’t have anything to focus on, so they will notice everything you don’t want them to see, such as any minor imperfections. Buyers may also perceive that when a home is vacant the seller is desperate to sell and would take a lower price. In summary, nothing positive comes out of not staging a vacant home.
Smaller, Inexpensive Homes are not Worth Staging
Every home benefits from staging, regardless of the size, price, style, or market conditions. The difference is in what you do to stage your particular home and how much you spend. With a smaller home you want to show buyers how much living and storage space you have and how there are enough rooms for the potential buyer’s lifestyle.
Staging Involves Making Things Completely Neutral and Removing All Personality
A staged home should feel warm and inviting but again appeal to the broadest number of buyers for the home’s demographic. This is where my part art/part science professional staging experience comes into play.
Contact Real Home Staging Solutions to schedule your home staging consultation today!