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Home Staging Dollars and Sense |
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Home Staging Dollars and Sense"Home staging" is a relatively new term for merchandising a home. A great analogy for home staging is preparing a car for sale. When a dealer takes a vehicle in on trade, the first thing they do is take it to the back and have their mechanics look over the car to see if everything is in good working order. Dealers know that if a window regulator doesn't work they are not going to get top dollar for the car. Likewise, dealers know that if a car isn't clean and the paint is not in good condition, buyers will offer far less for the vehicle. The same principle applies when selling a home. Merchandising or "staging" is merely presenting a home to the buying public in the best possible light so that people will have a favorable impression of the home when they see it for the first time. There are usually 5 main steps to preparing a home for sale: 1) decluttering, 2) deep cleaning, 3) repairing defects, 4) neutralizing strong colors or patterns, and 5) staging. Staging often includes parts of steps 1 through 4. Not doing steps 1 through 4 will limit the effectiveness of staging if they are skipped. Staging is the last step in the formula, but can make a huge impact on what a home ultimately sells for and how fast it sells. According to Homegain, money spent on staging generates at least a 121% return on investment for updating a kitchen or bath to a return on invest of 578% for decluttering. Not only will a seller recoup the money invested in staging, but the seller will avoid the inevitable price reduction buyers will ask for if the home is not in tip top shape. Also according to Homegain, most staged homes were sold in less than 35 days whereas homes that were not staged tended to languish on the market for and average of 175 days. Sellers should keep in mind that most buyers will overestimate the cost to fix or repair something and may ask for a further reduction in price to cover their "pain and suffering" for having to deal with an issue left behind by a seller. Someone I know recently characterized the real estate market as a cross between a beauty contest and a bidding war. The homes that are well maintained, show well and are priced correctly almost always sell before those that are not as buyers perceive greater value in a home that is ready to move in. As in all markets, the principle of substitution applies. All things being equal, buyers will choose the least costly alternative. Home staging assures that a seller's home is not equal but better than others of similar utility and offers greater value so that people will pay more for their home. To see home staging success stories, click on the following link: http://www.realtor.org/rmohome_and_design/articles/2009/0905_home_bestroommakeovers
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