UNVEILING THE IMPACT OF HOME STAGING ~ SHOW ME THE NUMBERS
THE HARD FACTS
In the realm of real estate, first impressions matter. Whether browsing online listings or attending open houses, a buyer’s first experience with a property leaves an indelible impression.
Buyers are drawn to properties that evoke a sense of warmth, style, and potential. This is where the art of home staging comes into play. In 2023, the National Association of Real Estate (NAR) conducted an in-depth study to quantify the value of home staging. The numbers tell the story. We’ve outlined the highlights below.
FASTER SALES
According to NAR’s study, staged homes typically sell 73% faster than their non-staged counterparts. In today's market, where every day on the MLS counts, this statistic speaks volumes about the effectiveness of staging in expediting the sales process. Every time a seller lists a home for sale, they roll the dice. Staging a property before listing reduces the uncertainty as to whether the home will sell quickly.
HIGHER SALES PRICE
The NAR report also indicates that staged homes tend to fetch higher sale prices compared to unstaged homes. On average, sellers see a 1% to 5% increase in the final sale price when their property is professionally staged. This uptick in value underscores the return on investment that staging can deliver.
Let’s unpack this statistic. If a home is listed at $500,000, 1% of the sales price is an extra $5,000, and 5% of the sales price is an extra $25,000. In many markets, the increase in sales price derived from staging is multiples more than the cost of staging. This is why sellers and agents should think of staging costs as an investment with significant return, rather than an extra cost.
ENHANCED ONLINE APPEAL
“40% of homebuyers were more willing to walk through a staged home they saw online”
In an era where the majority of home buyers begin their search online, visually appealing listings reign supreme. NAR’s report revealed that more than half of buyers’ agents believe home staging had an effect on most buyers’ view of the home most of the time and 40% of homebuyers were more willing to visit a staged home they saw online. Staged homes photograph better and garner more attention on listing websites and social media platforms. With captivating visuals, staged properties stand out in a crowded digital landscape, attracting more potential buyers.
INCREASED BUYER INTEREST
Beyond aesthetics, home staging helps buyers envision themselves living in the space. Eighty-one percent of buyers’ agents responding to the NAR study said staging a home made it easier for a buyer to visualize the property as a future home. By depersonalizing and decluttering, emphasizing the best features of the home, and presenting an elevated lifestyle, staging allows prospective buyers to visualize the possibilities. This emotional connection can translate into increased interest and ultimately more offers on the table.
COMPETITIVE ADVANTAGE
In competitive markets, staging gives sellers a distinct edge over the competition. A well-staged home sets the scene for a memorable viewing experience, leaving a lasting impression on buyers and real estate agents alike. By highlighting the property's best features and maximizing its appeal, staging elevates a home’s perceived value in the eyes of potential buyers.
COST-EFFECTIVE INVESTMENT
While some sellers may hesitate at the thought of investing in staging, the reality is that it can be a cost-effective strategy. Compared to price reductions or prolonged holding times, the upfront investment in staging is often minimal. When weighed against the potential for faster sales and higher returns, staging emerges as a savvy financial decision.
PROFESSIONAL EXPERTISE MATTERS
While DIY staging can yield results, enlisting the services of a professional stager can elevate the process to new heights. Experienced stagers possess a keen eye for design, a deep understanding of market trends, an understanding of the “ideal buyer” for a property, and access to high-quality furnishings and decor. And, pulling off a professional staging job takes time, expertise, and resources that homeowners simply don’t have. A professional stager’s expertise can transform a property into a compelling showcase that resonates with buyers on a visceral level.
CONCLUSION
In conclusion, the latest home staging statistics underscore its undeniable impact on the real estate landscape. From accelerating sales and boosting sale prices to captivating buyers' imaginations, staging plays a pivotal role in maximizing the potential of a property. In today's competitive market, sellers who embrace staging stand to reap significant rewards. A well-staged home isn't just a house – it's a vision of life in the home that beckons buyers to make it their own.
