Every home seller wants to squeeze as much as they can out of their transaction. Even if price is not their main goal it is always a consideration. In many markets it is not enough to list your home and wait for buyers to pour in. You may have made minor improvements, improved the curb appeal and updated the kitchen and bath but still may not have the demand you anticipated. One way to instantly boost demand and give yourself the best possible chance of selling for top dollar is to stage your property.
Simply put, staging is the process of hiring an outside company to show your home in the best possible light. There are varying degrees of staging, but they can make changes to the furniture, change the layout of a room and add items to kitchen. After they are done your home should look like something out of a magazine. This sounds great on paper, but home staging is not for every seller. Here are a few pros and cons with staging your home.
The biggest drawback of staging is the cost. As we stated, there are varying degrees of staging depending on the property and exactly what you want done. The price for this will range from a couple hundred dollars to a couple thousand. Because of this you need to weigh the return on your investment. Start by thinking of your list price and what you stand to gain by staging. In some markets your upside is limited by the comparable sales. Your property can be made of gold and it still wouldn’t sell for what you are looking for. In other markets staging can have a tangible financial impact. Run the numbers and see just how much you stand to gain by staging. Always factor in the cost and see if it is worth it prior to doing anything.
Living accommodations. Most staging is done for an open house or for a specific event. However, if you get your home staged you should keep it that way for every showing. This means you need to change the way you live until you find a buyer. You will be walking on eggshells for weeks not wanting to damage any of the furniture or change how the staging looks. You will be rewarded when your home sells, but it makes for an uncomfortable few weeks getting to that point.
There is no question that a staged home carries much more appeal over one that is not. There is a certain “wow” factor buyers get when walking into a home that is staged. They instantly feel like they have lived in the home for years and are much more inclined to make an offer. With the right staging you will increase demand that can lead to a bidding war. By spending money on staging you will not only get your money back but realize a significant profit. The more appeal your listing has the quicker the sale and the higher the price.
Increased sales price. Let’s not bury the lead when it comes to home staging. If your goal is to sell for the highest possible price, staging has a significant impact. Consider the difference between walking in a home that feels lived in and outdated compared to a staged home. A lived-in home will be quickly forgotten, and buyers will not give it a second thought. A staged home creates an attachment that buyers don’t mind paying a premium for. Buyers will think more about how the property looks and feels rather than the comparable sales or list price. There is no question that staging should greatly increase the sales price of your listing.
Always listen to the advice of your real estate agent and weigh the cost/benefit prior to committing to anything. Under the right circumstances staging can be exactly what your property needs to get the price you are looking for.