DEBUNKING COMMON MYTHS ABOUT HOME STAGING
Photo by The Luxury Level
WHAT’S THE WORD?
The home staging industry has grown immensely over the last few decades. And yet, home staging remains a mystery to many people. Yes - the idea of marketing a home to potential buyers is simple to understand, but many sellers and even real estate agents don’t fully appreciate what home staging is, how it works, and why it can be an essential tool in maximizing the value of a home.
Because misunderstandings and misconceptions persist, in this blog we'll debunk some of these common myths to provide homeowners and sellers with a clearer understanding of what home staging truly entails and why it can change the experience of selling a home (for the better).
MYTH #1
HOME STAGING IS AN UNNECESSARY EXTRA EXPENSE
“With an average investment of 1% of the sale price into staging, approximately 75% of sellers saw a return on their investment of 5-15% over asking price. ”
For a seller, being told they need to spend money upfront for staging when they are already investing time and money to get their house into shape, can be a massive turn-off. But, just like adding a fresh coat of paint or making basic house repairs, staging is an investment in the home that will yield a return.
Houses that are not properly presented can sit on the MLS and ultimately require a price reduction to secure a buyer. The money spent on home staging is usually multiples less than a home’s first price reduction. And, the more time a property sits on the market the deeper the stain on the home in the eyes of potential buyers who assume it hasn’t moved because there must be a problem with the home.
And, while a great home may move quickly, thoughtful home staging typically will result in quicker, higher, and multiple offers. These aren’t just theories. Every year the National Association of Realtors and the Real Estate Staging Association conduct and publish studies that consistently prove the likelihood of significant return on an investment in home staging.
MYTH #2
IT’S SMART TO HIRE THE CHEAPEST STAGER
The quality of home staging matters. Home staging requires a mixture of left-brain and right-brain skills. Stagers must understand technical aspects of design and photography to make sure the house presents well both in person and in pictures and they must know the market to understand what will be important to the ideal buyer. Stagers must also be creative and engage empathy to create spaces that will reach people on an emotional level.
Some stagers are great at one, some, all, or none of these things. Great home staging takes time, skill, and expertise. Some staging companies charge low prices and are profitable because they don’t spend the time necessary to ensure the most favorable response possible to the home. Buyers want to feel like life will be better in their new home, so the staging must help paint the picture of that better life. If the furniture is of the same or lower quality than the home, it can harm a listing. Also, if furniture is not the right style for the home, is dated, is the wrong scale, looks cheap, or just doesn’t present a point of view, it reflects negatively on the home and will turn off buyers. Can you tell the difference in the images below?
Since good home staging requires quality pieces chosen for a particular home, it costs money. But you will arguably make more than the difference by going with an expert stager because quality staging increases the buyer’s willingness to pay.
MYTH #3
HOME STAGING IS JUST DECORATING
Photo by The Luxury Level
More than anything, home staging is about eliciting an emotional response in the buyer. While furnishing the home is part of the mechanics of home staging, completing a home staging project goes beyond simply arranging furniture and adding decorative elements.
Home stagers must craft a staging design that will reach the ideal buyer and make them fall in love with the home. The stager must also emphasize the best features of the home. Yes - this involves strategic placement of furniture, but also selecting pieces and a scheme for each room that depicts an aspirational lifestyle. It's about helping buyers envision the fabulous life they will have in the home and only that home.
MYTH 4
STAGING IS UNNECESSARY IN A HOT REAL ESTATE MARKET
Even in a seller's market where properties are in high demand, home staging can still play a crucial role. While the competition may be fierce, a well-staged home stands out and leaves a lasting impression on potential buyers. It can contribute to quicker sales and potentially lead to higher offers. Getting a home sold is great, but selling a home quickly and for top dollar to a new owner who is thrilled about starting a new life in the home is even better.
Investing in quality home staging can significantly increase the value of a property and ensure a smooth selling process. Sellers who understand home staging can make informed decisions and increase their chances of selling their homes quickly and for top dollar.
