Is Home Staging Necessary in a Buyer's Market?
Updated: Jul 3, 2020
The real estate market has started to pick back up after it slowed down a bit due to COVID-19. There is a ton of buyer demand with very little inventory. Available listings are selling extremely fast, giving sellers the advantage.
Is Home Staging Really Worth It?
No matter the market condition, home staging will only raise the value and sale price of your property. It will also help the home sell faster. According to the National Association of Realtors 2019 Home Profile of Home Staging, 22% of sellers' agents report an increase of 1 - 5% of the value offered by buyers in comparison to similar homes. 17% said that home staging increased the dollar value between 6 - 10%. About 25% of sellers' agents also said that home staging greatly decreased the amount of time the home was on the market.
The Benefits of Home Staging
Buyers will ultimately create a first impression based on images seen online. This means that a home that has been professionally staged, whether vacant or occupied, will stand out from those that are empty or haven't had any professional staging. Pictures, 3D tours and virtual tours are essential to make your listing stand out. Buyers want to do as much research online as they can. Having the proper staging can really make or break your images. Buyers are choosing to go look at or pass on a home according to the photos they see.
Staging can also showcase the potential. 83% of buyers' agents said that home staging made it easier to visualize the property as their future home. Home staging experts are trained to appeal to a vast majority of buyer personalities. This helps potential buyers be able to picture living in the space and imagine the possibilities. Some buyers may want open concept, however, when they see a vacant open floor plan, they aren't always able to visualize how to break up the area with furniture. A home staging expert can do so, making any space functional.
The right staging can make spaces seem larger. Empty rooms, or rooms with furniture that is too large, appear smaller than they actually are. With staging, buyers are able to see exactly what fits instead of doing the guesswork.
Down to the Basics
Staging doesn't mean bringing in all new furniture and spending a fortune. You can start with the easy stuff - such as decluttering, organizing, depersonalizing and rearranging what you have. Staging is all about making a home feel as move-in ready as possible. You want the most buyer personalities to appeal to the overall aesthetic of the area, which typically means a neutral theme with pops of color and simple, modern decor.
Since it's a seller's market, buyers are typically working at the top of their purchasing power. This means they don't have money for renovations or repairs. They want move-in ready. A staging expert can advise you on the most cost-effective solutions for updating your property to give it that 'move-in ready' feel.
If you're on a tight budget, the home staging profile also showed that the living room was most important, followed by the master bedroom and kitchen.
With the right staging, you can help buyers fall in love with your home and create an emotional attachment, which generally means top dollar and a potential bidding war. Home staging will help you achieve your highest possible sales price in the shortest amount of time.