By Rebecca Wissink
Home staging is about showcasing your property in its best possible light in order to increase the perceived value. When a property is deemed valuable, it sells more quickly and fetches more money. You might be surprised at some of the statistics associated with staging, but the numbers are clear: preparing your property for sale in a specific way reaps multiple benefits. I've sourced recent real estate statistics from several industry sources to demonstrate the importance of staging your home in order to maximize its sale. Here are seven significant reasons to seriously consider staging your home before listing it:
Your Home Will Sell for More Money: Depending on the market and the effectiveness of the staging, it’s clear from the data that staged homes sell at a higher price. Multiple sources indicate that staged homes can sell for up to 25% more than homes without staging (Realtor Magazine). One oft-cited statistic is: “85% of staged homes sold for 5 to 23% over their listing price.” The data suggests that fifty percent of Realtors® have experienced an increase of up to 10% on the sale price of a home that has been staged, while a survey of 3,500 homes suggested that 46% “sold for 10% more than they would have as non-staged homes.” In yet another survey, staged homes sold “for more than 6% above the asking price” (Coldwell Banker Real Estate Corp). At the low end, sellers’ agents reported a “1-5% increase in selling price for homes that had been staged.” Therefore, it seems clear that on an asset worth hundreds of thousands of dollars, staging can reap large financial benefits.
Your Property Will Sell More Quickly: No one wants their home to sit on the market for months, having showing after showing. Several studies report that a “professionally staged home spends 73% less time on the market compared to those without staging.” In terms of actual days, “according to a 2020 survey of 13,000 staged homes,” these homes averaged just 23 days on the market,” which was half the average number of days on market overall (Coldwell Banker Real Estate Corp.). The length of time your home is for sale is important as a National Association of Realtors “survey found that the longer homes stay on the market, the further their price drops.”
Your Staged Home Will Have an Advantage Over Your Neighbours: In order to reduce the amount of time it takes to sell your home, your property “must stand out from the competition and create a strong first impression.” One statistic suggested that only about 28% of homes are staged before listing. That means that almost three-quarters of all homes on the market are not staged. Staging will ensure your home stands out and gives you an edge, especially in a buyer’s market.
A Staged Home Helps the Buyer Imagine Living There: According to multiple sources, including the National Association of Realtors®, it’s worth staging a home as between 77-86% of agents reported that their buying clients had an easier time imaging themselves living in a home that had been staged, versus one that had not.
Staging Doesn’t Cost Much, Considering the Return it Offers: According to the National Association of Realtors, “in 2019, the average dollar value spent on staging homes was $400.” Sources indicate that the return on investment is between “5-15% … when … [people] professionally stage their homes,” averaging around an “8-10% return.”
Staging Isn’t Just About “Looks”: Buyers perceive “an organized and clutter free home as an indication the owner has and is taking care of the house.”
Staging Works: 49% of Realtors® report that “most buyers are affected by home staging.” In contrast, only 4% of buyers were unaffected by staging.
In conclusion, buyers know where they want to live (81%) and have ideas about what their perfect home will include (76%), before they start the buying process. You only have control over one aspect, but for the buyers interested in your neighborhood, staging your home will present a blank, but fabulous looking slate in which the buyer can imagine your property as their ideal home for years to come.
Read this article to learn more about staging your home, including which rooms you should focus your efforts on in order to get the biggest bang for your buck.
Or speak to an experienced Ross Pavl ELITE Real Estate Group Realtor® today regarding any questions you have about staging your home for a fast and financially beneficial sale, or the Calgary area real estate market in general.
Image via Flickr courtesy of Foto Miki