By Aleksandra Oleksak, The Real Estate Chick
Selling your home is not an easy feat and definitely comes with a bag of emotions. Despite the reason for selling your home, every owner is looking for top dollars to cash out. Although there may be certain renovations you can do to increase the value of your home, we can not forget about the importance of staging. Especially if you do not have a renovation budget. Your home should look pristine and move in ready in order to attract the maximum of potential buyers. Not convinced yet? Here are some reasons why you should stage your home before listing it on the market.
You Will Make More Money Period
Have you ever heard the saying: ‘you gotta spend money to make money’? well staging your home is no different. A staged home sells for more money and buyers shop with their eyes. Some buyers can not use their imagination when the home is a mess. This may deter them even if the home meets all their criteria. This results in fewer bidders, fewer potential buyers, and unfortunately less money on the sale.
You Will Sell It Faster
Homes that are not staged on average take 67% longer to sell then staged homes. This ends up translating into additional carrying costs like mortgage payments and utilities and even a price reduction if the home is sitting stale on the market. A staged home will entice more potential buyers to view the home and hopefully fight over it, yielding in a higher sale price in a shorter period of time.
Photos Will Look Better
Over 90% of buyers begin their home search online. Virtual tours and professional photos act like a 24-hour open house for your home. With a well staged home, the photos and tours will stand out online versus your competition and leave buyers wanting to see more in person. This in turn causes a higher potential for them falling in love with your home and wanting to purchase it.
You Will Make Your Money Back
A survey by The National Associations of Realtors (NAR) found that the average staging investment is between 1%-3% of the home’s asking price, which generates a home staging ROI (return on investment) of 8%-10%. Those numbers sound pretty good to me. Therefore, instead of focusing how much the initial staging investment may cost you upfront, think about how much will be left in your pocket at the end of the sale cycle.
As a Realtor I see more and more clients making the investment to stage their homes and even move out to ensure their home is presented in the best light possible, with an almost model home like status. This has yielded positive results in every situation and has made both parties happy in the end. Don’t be afraid to make the initial investment, whether big or small, you will be pleasantly surprised with the end result.
Aleksandra Oleksak is Her City Lifestyle’s “Real Estate Chick,” and a Toronto real estate professional with Sage Real Estate. As @RealtyQueenTO, her real estate blog has been named one of the top 50 real estate blogs in Canada.