A report by the National Association of Realtors shows that home staging can reduce the time a home spends on the market and increase its sale price. So, here is what you need to know about staging your home before putting it on the market.
How Agents Feel About Home Staging
44% of buyers’ agents say staging increases the price of the home. At the same time, more than half of sellers’ agents believe that staging a home results in a quicker sale.
A full 83% of buyers’ agents say that homebuyers find it easier to visualize themselves in a staged home. Staging helps to showcase the function of each room while maintaining a neutral home aesthetic. A staged home looks more like what buyers see on TV, making the home more appealing, whereas unstaged homes might appear too lived-in to satisfy some buyers.
Home Price Increases from Staging
The home’s value does not increase from staging, but buyers are more likely to pay a higher price for a staged home.
Agents have mixed experiences:
- 12% credit home staging for increasing the sales price by up to 10%.
- 29% of buyers’ agents say that staging does not affect the sales price.
- 25% say that staging may increase the sales price by 5% or less.
Home price increases may be due entirely to buyers’ perceptions of the home. Staging clearly shows the functionality and usefulness of each room. Buyers get a snapshot of the home at its best, which serves to validate the asking price.
Homebuying is an emotional decision, as well as a financial decision. Buyers understand that they are investing a large sum of money into buying a new home. So, it is to the benefit of the seller to show off their listing to help it live up to the asking price. Sellers who can help buyers immediately feel “wowed” and comfortable in the home, while picturing themselves living in the home, are more likely to receive a higher sales price.
Homes Sell More Quickly
The other benefit of staging is that homes are less likely to sit on the market for a long time. If a home looks great in the listing photos and gives a great first impression when buyers take a home tour, the home is more likely to sell quickly, assuming it is reasonably priced.
Staging a home can give it a mass-market appeal by using a cohesive design, appropriate furnishings, and a welcoming feel that help potential buyers fall in love with the home.
A seller’s top priority should be to help prospective buyers visualize what their life would be like in the home. Home staging removes many of the seller’s personal touches that are not in line with buyer preferences, allowing the buyer to use their imagination to think about filling the home with their personal belongings.
Staging also makes a home feel more like those that buyers see on TV shows. This is important because more buyers today expect listed homes to look similar to those they have previously seen on TV. This applies mainly to the furnishings and design of the rooms, not necessarily to the architecture of the home.
Good home staging draws the buyer’s attention away from the items in the home and redirects their attention to the home itself. An experienced home stager can emphasize the best points of a home by:
- Making rooms feel more spacious.
- Showcasing the specific function of each room.
- Creating comfortable, unassuming spaces.
Reducing the time a home is on the market helps sellers reduce their carrying costs associated with owning the listed home. The quicker a home sells, the sooner the seller can stop paying the mortgage, maintaining the home, and visiting the property to check on it. These costs can add up over time, making a quicker sale an attractive benefit of staging.
Home Staging Costs
Home staging is often an extra service selling agents provide to sellers, but a third-party home stager can also do it. Costs associated with home staging vary based on:
- Number of rooms to be staged.
- Decorations and furnishings to be used.
- Fee structure of the home stager.
- Time on the market.
For example, an empty home that is fully staged with rented furniture and decorations will be significantly more expensive than a home that is only partially staged in key rooms, or a home where staging is used to supplement existing furnishings.
The national average cost of home staging is $1,218. Sellers can expect to pay somewhere between $518 – $1,939 for staging services in a typical scenario. While certain costs, such as the consultation fee and the staging fee, are charged as one-time costs, furniture rental is charged monthly. In situations where the stager is simply rearranging existing items, there is no recurring cost for the service.
Marimark Realty
Marimark Realty’s real estate agents focus on providing a personalized experience for buyers and sellers of real estate. As a full-service real estate agency, we help clients with luxury homes, homes for first-time homebuyers, commercial property, and investment property.
To begin the journey of purchasing or selling your home, or purchasing commercial or investment properties, contact us at your earliest convenience.