Staging statistics are hard to come by. Why? Because every single market is different. Staging can be incredibly expensive in large metropolitan areas like New York or San Francisco. Staging may not be as effective in a market where homes sell for rock-bottom prices, but it may be totally necessary in hot markets where sellers are competing for top-dollar.
So, what’s the bottom line on staging? What’s the cold, hard data on the true value of staging your home for sale?
Staged homes sell faster. A LOT faster.
According to the 2016 Real Estate Staging Association report, staged homes sell more than six months faster, on average, than homes that aren’t staged. That’s actually an international figure; how does it boil down in a market where homes don’t stay on the market that long? The International Association of Home Staging Professionals say that in America, homes that are staged by an Accredited Staging Professional sell in an average of 11 days compared to 90 days for un-staged homes. Remember: On the housing market, time is money.
Want a higher sales price? Staging gets you MORE money.
Yes, staging costs money. How much money depends on the kind of staging you do and the plan you choose to go with. However, the National Association of Realtors said in 2015 that staged homes sold for an average of 17% more than un-staged homes. If you’re selling a $500,000 house? That adds up to $85,000! The cost of staging pales in comparison to the overall difference in price. More than half of all buyer’s agents say their clients will, in fact, offer more money for a staged property.
Buyer’s Agents say you NEED to stage.
According to the 2015 NAR Profile of Home Staging, over 95% of buyer’s agents (i.e. Realtors who represent potential home buyers) say that home staging has at least some effect on the way buyers view homes. That’s important! So much so, in fact, that over 33% of seller’s agents require their sellers to stage. Houses you’re competing against are staging. You need to, too.
Staging gets you the highest ROI possible.
Your home is an investment. If you had a financial planner offering you a 7% ROI on a specific investment, you’d be pretty excited. Home staging works the same way. When it’s time to liquidate your investment (home), staging costs a little upfront. But when the ROI for staging runs anywhere between 50% to 500%, depending on which statistics you use, it’s hard to ignore. If you’re looking for bang-for-your-buck, skip the flyers and the chocolate chip cookies. Work with a professional stager to maximize the value of your home.
Great Realtors have a saying: “Staging always costs less than your first price reduction.” And it’s true! Price reductions are typically thousands of dollars at a time, and they don’t always happen at the front-end. If you’re able to attract enough interest in your house through amazing online photos and in-person showcasing, you may find yourself in a multiple offer situation. Staging could be the difference in a lowball offer and 10% over ask.
Ready to stage? Contact the team at Creative Home Stagers today to find out how staging can work for you.