This fall we’ve seen a shift in market trends. With a flood of inventory to most markets in our region, Fall 2018 is definitely a buyer’s market. So how do you differentiate your listing?
These days if your home is not professionally staged, you are already at a loss. And with good reason, as according to a recent 2018 HSR study, “85% of staged homes sold for 6-25% more than unstaged homes”.
Everyone is aware that decluttering is key but successful staging is so much more. Given the popularity of HGTV and “Love it and List it”, anyone can be a staging expert, right? Not so much.
Sure fresh geometric pillows are nice, but they don’t work in every décor. A trained staging professional can maximize your photography with home and market appropriate suggestions – considering not just the architecture and the layout, but also the nuances of your particular market. More often it is what comes out of a homethat is more effective than what goes in. And contrary to what your decorator will tell you, a beautifully decorated home does not always equal a well-staged space!
So what does it cost? What is effective?
The goal is balancing must-dos with what is nice. Fresh paint, newly stained floors, updated light fixtures, modern accents DO make a difference. Replacing counters and gutting bathrooms are nice, but not usually worth the return on investment. A trained staging professional can work with your realtor to help you determine your best strategy.
99% of the time, total staging costs will be less than 1% of your listing priceand almost always less than the first (or second) price reduction. And there is a difference between differed maintenance and staging costs! So if you roof is falling apart and you’ve ignored water stains on a ceiling, the cost to repair is not a staging cost but rather a cost of doing business.
Bottom line is that home staging has become as mandatory as a home inspection. Your buyer’s expect it. Your listing deserves it.
Lara Allen-Brett of Staging by Lara has consulted on over 650 successful sales since 2011.
Spring has finally sprung! We have so many new listings that are on the market in Short Hills and Summit and West Orange and Livingston and Stirling. I think we are definitely in a buyer’s market, so… get shopping.
As I am involved with 5 flips right now, I came across this great article for house flippers that I’d like to share. We all know that staging is crucial in an empty space… but equally important is having the right team.