When selling a home, most people want to get the best possible price for their property, but they often overlook the benefits of staging. Staging involves making your home look its best by utilizing furniture, adding décor, and making other small changes. While it may seem like an unnecessary expense, the return on investment (ROI) for staging your home can be significant. So, if you're considering selling your home, it's important to understand the ROI which can help you make an informed decision about whether or not to invest in staging.
The primary benefit of staging your home is that it can help you sell your property faster. A well-staged home will attract more buyers, and buyers are more likely to make an offer on a home that looks great. According to the National Association of Realtors (NAR), staged homes spend an average of 23 days on the market compared to non-staged homes, which spend an average of 40 days. This means that you will spend less time with your home on the market, reducing expenses such as existing mortgage payments, property taxes, insurance, utilities, and maintenance.
Another significant advantage of staging is that it can help you get multiple offers to choose from. When more than one buyer is interested in your home, you can choose the offer with the best terms for you, such as financing, closing timeline, and other conditions. Multiple offers can also drive up the final sale price, resulting in a higher ROI for your home. According to NAR, 44% of buyers' agents stated that staging a home increased the dollar value offered by 1% to 20% compared to similar homes that were not staged.
Many people believe that staging is expensive, but the reality is that it rarely exceeds $5,000 for a multi-month staging agreement, and most projects are under $3,000. The cost of home staging can vary depending on a variety of factors such as the size of the home, the condition of the property, and the level of staging required.Compared to the advantages gained by staging your home, this is a small cost.
Staging your home does not have to be a complicated or expensive process. Using an experienced home stager ensures you will receive a well thought and executed design plan for your home. Depending on availability, a home can be staged with less than a week's notice and is typically completed in a couple hours.
If you are planning to sell your home, consider staging it to get the most out of your investment. If you're a real estate agent, you may be wondering how to sell this concept to your clients. In a previous blog post, we discussed how real estate agents can sell the benefits of home staging to their clients.
Owner & Staging Consultant at Sizzle Home Staging