The sharp increase in interest rates has slowed the housing market down across the U.S. Homeowners planning to sell in a slower market need every advantage they can take to stay competitive.
Staging is important in a slower market to avoid price reductions. Homes that sit on the market for months without selling or start to come down in price send a red flag to buyers that something might be wrong with the property.
Staging your home gives you an advantage no matter what type of market you’re in. Take a closer look at some industry standards to find out why staging your home is essential in a slow market.
Staged Rooms Connect with Buyers
Interior designers know how to use wall color, lighting, and furniture to make a room look bigger and more inviting. This even works when compared to empty space in vacant houses – rooms staged with the right furniture and accessories connect with buyers on an emotional level. When a buyer falls in love with your home, you have an excellent chance of getting it sold.
When multiple buyers fall in love with your home, it sells above the asking price. The ROI of your staging cost can skyrocket. With an average investment of 1% of the sales price, approximately 75% of sellers saw an ROI of 5-15% over the asking price, according to RESA (the Real Estate Staging Association).
Staged Homes Sell for More Money
Staging a home usually costs less than the first price reduction. According to the International Association of Home Staging Professionals, staging can help increase the sales price by up to 20% on average.
IAHSP also indicates the average price reduction is five to 20 times more costly than what the staging investment would have been.
Staged Homes Sell Faster
According to the same survey by IAHSP, staging helps sell homes three to 30 times faster than the nonstaged competition. Similar results were reported by Realtor.com, where staged homes sell 88% faster and for 20% more than non-staged homes.
HomeLight also surveyed 900 top-performing real estate agents in 2019, known for consistently outperforming their peers. An overwhelming majority, 83% of agents say a staged home will sell faster than a not staged one.
A Staged Home is More Appealing to Buyers
A professionally staged home can make a powerful impact on a buyer. According to the National Association of Realtors, 83% of buyer’s agents said staging a home made it easier for a buyer to visualize the property as a future home.
Buyer’s agents indicate 38% of buyers were more willing to walk through a home they saw online and 37% were positively impacted by the home’s value if it was decorated to the buyer’s taste.
These values increased to 41% and 39% in NAR’s 2021 Profile of Home Staging, where more than a quarter of respondents were willing to overlook other property defaults on homes with professional staging.
Secure Your Investment by Staging Before You Sell
Your home is likely your most valuable asset. It’s time to start treating it like one.
Don’t risk losing $5k – $10k on a price reduction when a $1.5k upfront investment could net you up to 15% over your asking price.
If you live in the Charlotte, NC real estate market, Creative Home Stagers is here to help. Start the process of selling your home with a clever advantage – get a quote for staging service today.