Staging : Sell your home faster, make more money

In this business, I really value the importance of my relationships with professionals involved in all aspects of house flipping projects. Real Estate professionals have a great insight on what is currently selling and where changes can be made to maximize profits on the sale. Contractors can help us with budgeting home improvement costs.

Where should you focus your efforts for maximum return on investment?

Cleaning/Decluttering

Fresh coat of paint

Staging

Renovations

The list is endless, so how do I prioritize?

Every home is different and our design style is often personal and unique. As confident as you are in your taste, I believe in the importance of getting a second opinion. Reach out within your network for advice on what can be done to your home in order to showcase it’s best qualities (and take focus away from it’s flaws!)

For example, an accent wall colour may bring the perfect focus in your living space, but most potential buyers will see it as a painting project (not move in ready/additional cost to them). Our condo had a bright orange accent wall… which wasn’t to everyone’s taste.

The first impression a potential buyer gets of your home is no longer by walking in during an open house! With access to multiple search sites and MLS listings,  potential buyers may click on to the next listing if the images do not entice them to stay longer on yours.

I scoured different sites and found a few very interesting facts:

1. 98% of staged homes sold above asking price (source HGTV’s designed to sell)
2. Staged homes on average experience a 3% minimum increase in final sales price, versus non-staged homes. On a $400,000 that’s $12,000! (Source http://www.stagedhomes.com)
3. “Your investment in staging costs less than the first price reduction” Barb Schwarz, Creator of Home Staging
4. “Homes that sold after four weeks on the market sold for 6% less than ones within the first 4 weeks.” Survey by the National Association of Realtors.
5. “The staged homes realized on average a 6.4% increase over the list price.” Coldwell Banker Broker survey on 2772 homes in 8 cities.
6. “Staged homes sell, on average, within 35 days of being placed on the the market. Homes not staged took, on average, 175 days to sell” Based on a StagedHomes.com survey.

Seems like a no-brainer to me. Don’t you? I would be interested to hear your experiences in home buying/selling. If you had to do it again… what would you change?