The home in the above photo was staged and sold $10,000 over asking price with multiple offers in the first 3 days on the market.
By now, almost everyone has heard of home staging, but how much do your really know about it or the results that you will reap from staging your home professionally.
Consider the following 11 tips if you want to increase your home’s potential to sell when it first goes on the market at top dollar or even in the ultimate seller’s dream of a bidding war.
- Secure a top experienced real estate agent in your area. Someone that knows the area, neighborhood, experienced in pricing negotiating and follow-thru from listing marketing sale, conveyancing to settlement.
- Trust your realtor to guide you to a competitive listing price and adjust accordingly if needed. Savvy buyers know when a home’s asking price is not logical for the house, neighborhood or general area.
- You will also need to secure a top experienced professional stager in your area. Someone that not only knows the area, but understands what today’s buyers are looking for in regard to what the trends and styles are that appeal to buyers. A stager that understands space utilization and furniture placement. This is about selling your home, bringing attention to your home’s selling features, not showcasing your family treasures or collectables.
- Let’s also understand that real home staging is a two part process. The first part is the preparation part which means repairs, paint, carpet, and such. Don’t think you can leave the house run down, needing work and then staging with some nice new furniture will do the trick.
- If your home will be vacant when you list it, invest in quality professional staging that will have your home show like a fabulous model home. This is not the time to short change the final potential of the staging.
- The National Association of Realtors, NAR, reports that those that spend 1-3%of the value of their home on staging their home to sell, reap 8-10% in the average price value with fewer price reductions, carrying costs or home sitting on the market.
- Data researched from over 5000 members of the Staging & Design Network LinkedIn Group indicated that homes professionally staged sell in about 1/3 of the time of an un-staged home and as high as 18% more. Even with an average return of 7% on the sale price seems to warrant a 2% industry average investment for home staging.
- RESA, the Real Estate Staging Association, statistics show that un-staged homes sat on the market for an average of 184 days before staging and sold on average in 41 days after staging. Homes staged first sold on average in 23 days. Homes staged first spent 90% less time on the market.
- Know that your best chance for a bidding war is when your home is first on the market, when it’s the newest, hottest commodity for sale in your neighborhood.
- The longer a home sits on the market, the less likely buyers are to be concerned about losing out to other bidders or even needing to offer full price. According to a National Association of Realtors survey, homes that sold after 4 weeks on the market sold for 6% less than ones within the first 4 weeks!
- Remember the old adage “You never get a 2nd chance to make a 1st impression!”
So don’t throw away money from one of your most valuable assets (your home), by not investing in quality professional home staging of 1-3% of your home’s list price to reap the rewards of your best ROI with less time on the market, less price reductions and less carrying costs!