As the housing market struggles to regain its footing, more buyers are beginning to enter the marketplace. With it, comes challenges for sellers due to the increased inventory of homes on the market. It means buyers can be pickier about what they choose to buy, have more room to negotiate for price, a possibility of longer list time, and worse, the need for a price reduction.
How can a home stand out from the competition when there are several homes for sale at similar prices in the neighborhood, or worse, on the same street? Rather than just slashing the selling price, home sellers should consider the less costly option of staging the property to romance buyers and motivate them to make an offer.
According to Debra Gould, the Staging Diva “selling in a buyer’s market always poses a greater challenge to sellers. It is going to take more than a fresh coat of paint and a new welcome mat. A buyer’s market raises the stakes, and sellers will need to do more work on the home to get the highest price possible.”
A real-life example of the difference staging can make and how much cheaper it is than a dramatic price cut is: A real estate agent wanted his client to drop his asking price by $50,000 after the house had sat on the market for almost 5 months without a single offer. Instead of listening to his agent’s advice, the client called us to stage the property.
We spent 3 days preparing the property, some furniture pieces and other stuff were moved to an off-site storage facility, then we brought in much needed furniture and accessories to increase the home’s over all appeal. In total, staging the property cost him $4,000. By staging the property the client didn’t have to cut his asking price by $50,000, and instead, the property sold the following week for $84,000 over the original list price. A whopping 500% return on investment on staging.
If he had just taken the step of calling a home stager at the start, he would have saved himself months of anguish. A professional home stager can help you draw buyers’ attention so you can sell your home faster. This reduces or even eliminates the need for price reductions while helping you maximize the precious equity you’ve built up over the years.
Red Barrinuevo | Your Toronto Home Stager
Internationally recognized home staging expert Debra Gould is president of Six Elements and creator of the Staging Diva Home Staging Business Training Programwith over 4,000 students worldwide. Gould is the author of four home staging guides and offers a Directory of Home Stagers to help homeowners and real estate agents locate home stagers who will decorate homes to sell quickly and for top dollar. To learn more, visit www.stagingdivadirectoryofhomestagers.com
Written by internationally recognized home staging expert Debra Gould, The Staging Diva®, www.stagingdiva.com. © Copyright Six Elements Inc. Used with permission.