Because the Internet has changed the way we buy and sell homes, most real estate professionals believe home staging is critical to selling success. Almost all home buyers begin their search online meaning sellers need to make a good first impression so potential buyers want to see their home in person. Hence, staging has taken the residential real estate industry by storm and many sellers are hiring professionals to help them make that first impression.
National Association of Realtors (NAR) President Chris Polychron says “staging is an excellent tool that can be used to give a home a little extra push for sellers... the impact it may have and the value it can bring is clear to both home buyers and sellers.”
Here is why, in spite of the extra cost, you might want to hire a professional home stager to help you sell your home.
Home Staging Facts and Data
Nearly all staging studies show that a staged home typically sells for a lot more money and sells in a shorter time.
- Most buyers form an opinion about a home within the first 7-10 seconds of arriving.
- Sellers who spent $500 on staging recovered over 343% of the cost when they sold their home. (Homegain.com)
- In controlled tests selling identical homes, professionally staged vs. non-staged, the non-staged houses sold in 102 days, while the staged houses sold in 45 days. (Real Estate Staging Association)
- Staged homes sell in half the time of non-staged homes (Coldwell Banker survey)
- 32% of buyers’ agents believe staged homes increase the dollar value buyers are willing to offer by 1-5%, while 16% believe it increases the dollar value buyers are willing to offer by 6-10% and 19% say there is no impact on the dollar value. (NAR 2105 Profile of Home Staging)
- 37% of sellers’ agents believe staged homes increase the dollar value buyers are willing to offer by 1-5%, while 22% believe it increases the dollar value buyers are willing to offer by 6-10%, 8% say staged homes increase the dollar value buyers are willing to offer by 11-15% and 10% say home staging has no impact on dollar value. (NAR 2105 Profile of Home Staging)
- The most important rooms to be staged for buyers matches identically to the rooms that are most common to be staged among sellers: living room, kitchen, master bedroom, dining room, bathroom, children’s bedroom, and guest bedroom.
What Home Staging Principles Are Most Important?
A Duke University survey rated the importance people place on staging principles and found that the ratings of buyers and sellers were almost exactly the same. On a scale of 1-7, the most important were:
- Remove personal items: 6.5
- Use rooms for intended purposes: 6.49
- Remove evidence of pets: 6.48
- Turn on all the lights during showings: 6.39
- Show homes furnished, not empty: 6.39
- Remove personal photographs: 6.02
In light of the statistics, it is crucial to make a strong first impression online and during viewings. Staging will help you do just that. Talk to your Real Estate Representative about a home staging strategy.