Does 'staging' a home lure buyers into paying more?
I recently came across this article, "Does 'staging' a home lure buyers into paying more?" by Daniel Goldstein, Personal Finance Reporter from MarketWatch, who shares the impact that home staging can have on selling your home. He uses the metaphor of home staging being similar to one's appearance. Yes, plastic surgery can improve your looks, but so can makeup! Home staging is the makeup that will attract prospective buyers.
Oftentimes, major renovations aren't necessary when putting your home on the market. You can simply do minor upgrades and a staging professional can accentuate what's already there, detracting the focus from any flaws. For a monthly fee, which is oftentimes much less than the price reduction you may have to apply if your home sits on the market, a home stager can fill your space with the furniture, decor and accents that will appeal to a vast majority of buyers.
Home staging allows the space to be shown to it's fullest potential, and as Goldstein says, "can also help potential buyers imagine themselves in the space." If empty, a buyer will focus on what's wrong with the space instead of imagining themselves and their families living there. Staging can also make the space look bigger and brighter.
Before - Unstaged
After - Staged
Goldstein references Theresa Janaitis, a homeowner who hired a home stager to sell her home in New Jersey for a total of $7,000. The home stager recommended updating "several light fixtures and removing wallpaper and several pieces of furniture before moving rental furniture in and adding wall art."
Janaitis reported, "The house sold the same day and for $30,000 over the list price,” and she attributes that to its staging.
This is oftentimes the outcome of staging your home. Most buyers report that their home has sold faster and for more money by hiring a staging company. The U.S. Department of Housing and Urban Development report that "staged homes spend 73% less time on the market than non-staged homes and typically sell for up to 17% more."
The Real Estate Staging Association conducted a separate study, monitoring the activity of 170 homes for sale priced from $300,000 to $499,000. The staged homes were sold on average in 22 days, compared to an average on-market time of 125 days for unstaged homes.
Before - Unstaged
After - Staged
Staging homes has advantages for online buyers, too! The marketing photos come out much better, and are more appealing to those doing their research online before actually making their way to an open house. According to the National Association of Realtors Digital Age Report , 44% of buyers looked online for properties first.
Before you invest in home staging, however, take advantage of a consultation with a professional. Find out what updates you can do in advance to get the most out of a home staging professional. Oftentimes paint colors can be updated, light fixtures or hardware replaced, drywall holes patched and carpet stains removed. Taking care of the cosmetic work before hiring a home stager will help ensure buyers are viewing your property in it's best makeup!
All photos are from original article and not owned by Boston Modern Staging & Design.