When selling, the last thing that you want to happen is for your house to sit in the market for too long. A nightmare for every seller because there is a truth in the saying “time is money (especially in real estate)”.
A stale listing can send negative messages to your potential buyers, not to mention the stress and expenses associated with it. In most cases, buyers see it as an opportunity to offer less than what you deserve, thinking that something is wrong with the house or that the sellers are desperate for an offer.
After countless showings without serious interest from buyers comes the thought of a price reduction (this is the problem when price is the only negotiating tool you have) to spark interest from buyers. But hold on a sec, maybe all you need to do is to re-package and showcase your home properly to arouse interest again!
Here’s my tip, instead of a price reduction, consider staging your home. Showcase and stage it properly to romance and to convince your buyers. Keep in mind that the cost of staging your home is a lot less than a price reduction.
Case #1 : Listed for 8 weeks with no offer
This town house was previously listed for 8 weeks and had not received any single offer. The buyer’s focus on its flaws like the single sink in the kitchen, the not so “Feng Shui” friendly layout of the house ( it was located in an Asian community where many buyers use the principle of Feng Shui when choosing a home), to its small dining room and the list just goes on and on.
Case #1 : Sold in just 1 day!
Ready to give up and give in to the thought of lowering the asking price, I convinced the sellers to stage the house, and I am glad they agreed. The result: The house was sold on its first day of showing at 99% of the asking price.
Case #2 : Listed for 10 weeks with no offer
Previously listed for 10 weeks with no offers, the owner who already bought and moved to a new condo found herself in a compromising spot with the carrying cost of maintaining two properties. She then decided to stage the townhouse. The unit was de-cluttered, all the over-sized furniture were replaced, then it was repainted, cleaned, and staged.
Case #2 : Sold in 10 days!
The result: The townhouse was sold in 10 days with no condition at 95% of the asking price.
Case #3 : Sold in 8 days!
Listed for 9 weeks without a single offer, the owners were forced to take down their listing to re-strategize. After staging, it was listed the second time and the result: The house was sold in less than 10 days 100% asking price.
Do not be “penny wise and pound foolish”. In most cases, sellers tends to overlook the importance of showcasing their homes properly in an attempt to save some money but ends up loosing more. Doing things right the first time is important when selling your home.
Imagine all the time and money that could have been saved by the home owners if this homes were staged and showcased properly from the beginning. Not to mention the stress, sleepless nights and headaches these sellers have been to.
Red Barrinuevo | Your Toronto Home Stager
If you need assistance in staging and merchandising your home for sale, call us today at (416) 871 3128 to book an appointment. We are serving Toronto, Etobicoke, Mississauga, Brampton, and the rest of the GTA.