With the real estate market being so hot right now, some agents and client’s may not think it is worth it to stage a property. The Canadian market is in what is called a “seller’s market.” A seller’s market means there are more buyers then there are properties listed. However, in order to get the most profit on a listing, you want to create that emotional connection between the buyer and the house. Here are some home staging statistics that may change your opinion on the value of staging a home.
Home Staging Stats for Buyers:
- 47% of buyers’ agents cited that home staging had an effect on most buyers’ view of the home.
- Staging the living room was found to be most important for buyers (46%), followed by staging the master bedroom (43%) and staging the kitchen (35%).
- 23% of buyer’s agents said that staging a home increased the dollar value offered between 1-5%, compared to other similar homes on the market that were not staged.
- 82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.
Home Staging Stats for Sellers
- MLS photos of staged homes get more views. The majority (99%) of millennial homebuyers start their search online, according to NAR. Once you have peaked buyer’s interest from online photos, seeing the home staged in real life is sure to seal the deal.
- Staging will likely decrease time on the market. According to NAR, 22% percent of sellers’ agents stated that there were slight decreases in the time on the market when the home was staged and 31% reported that staging a home greatly decreased the amount of time the home was on the market.
- Staging helps buyers overlook minor repairs and actually make the home look bigger. When you hire a professional design stager they will bring in furniture that is to-scale with the room, ultimately giving the buyer an impression that the space is bigger than it is.
- Lastly, but most importantly according to the Real Estate Staging Association (RESA) with an average investment of 1% of the sale price into staging, approx. 75% of sellers saw an ROI of 5-15% over the asking price.
Home Staging ROI Example
- Let’s say the home listing price is: $500,000
- The staging investment would be (1% of the listing price): $5,000
- If the home sells for 5-15% over list price: $25,000- $75,000
- Less than the initial investment of $5,000
- The return on your staging investment would be 400-1400%!
- Staging Studio
- National Association of Realtors
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If you would like more information on the items discussed in this blog post we would be happy to chat with you to answer any of your questions.