A recent survey by the Real Estate Staging Association reminds us once again the importance of home staging and the difference it can make when selling your home. In the survey conducted by the trade association, 89 vacant occupied and un-staged homes were listed. The homes spent an average of 166 days on the market acording to the study. However, once these same homes were professionally staged and relisted, the average days on market dropped to 32 days or a 73% decrease!
“Every home can use staging,” said Shell Brodnax, CEO of RESA. “Even investors are coming in . They are buying these properties, they’re fixing the things that need to be fixed and they’re paying for staging,” she added. Brodnax believes staging is an effective tool no matter what the status of the housing market is. In a slow market , staging can make a house stand out and sell. However, in a hot housing market, where things are more competitive, those properties are getting attention and often bringing in multiple offers, said Brodnax.
Other research results showed that when 359 homes were listed with staging, the homes received a first offer within 26 days of staging. Of those homes, 69 received multiple offers which have become part of the norm in the Dallas-Fort Worth market. The RESA studies show that the home that is staged prior to hitting the market will sell 87% faster.
Audra Slinkey, president of the Home Staging Resource, said homes that are not staged may still sell quickly, but they may not sell for as much money as they would have if professionally staged. “Homes that are not being staged…it’s like leaving money on the table,” said Slinkey. According to Slinkey, the average cost of staging is 1-3% approximately of the value of the home. In her opinion, the return on that investment can be as much as 8-10% back. “It’s a small cost and work on the sell side, but it’s a win,” stated Slinkey. “You improve upon a product and the demand and the price goes up.”Source: HousingWire
Steve Lester is a REALTOR living in Allen, Texas.