You have heard it a million times before–Staging your house will help you sell faster and for more money. Well, a new study recently released calls total BS on that. In fact, as the Wall Street Journal reported Staging did nothing to influence sale price at all. What do you think? Has a deep, dark Stager secret been revealed?
Michael Seiler, professor of real estate and finance at the College of William and Mary, researched how home buyers responded to six house tours that varied in paint color and furniture quality. “While good staging does influence a home buyer's overall impression of a house, staging alone doesn't result in buyers willing to pay more for the house”, said Seiler.
The Benefits of Home Staging
I certainly don't discount what professor Seiler is saying because a home's value is a moving target based on so many factors. But, I do disagree with any premise that Home Staging doesn't influence sale price at all. I even believe that Home Staging affects a seller's financial situation far beyond the precisely hung white towels in the bathroom. Excuse me while I hop on my soapbox here…
What the study didn't look at was how quickly a Staged home would sell compared to an unstaged home. Just looking at a few of my own case studies–where I have staged houses that had offers in days after sitting unsold for months and even years–I can tell you that the decision not to Stage can negatively impact both sales price and a seller's financial situation.
Time on Market Affects Sale Price
The Real Estate Staging Association has shown through their most recent staging statistics study that the SAME HOME staged after not selling on the market sold in approximately 73% less time. This means that a home that was on the market for 100 days unstaged, once staged sold in an average of 27 days.
Ask any Realtor worth their weight in gold if the same house on the market would get a full price offer at 90 days, never mind 100.
Think about yourself–would put in the same offer on a house that had been on the market less than a month compared to one over 3 months?
Better yet, ask that same Realtor at what point they recommend a price reduction on a house. How many more price reductions would that listing have gone through at day 100 versus day 27.
And, we know based on the table to the right that the most showings occur when the listing is new and bidding wars typically don't happen after the first two weeks. That's why, according to the Real Estate Staging Association, houses that are staged from day one sell 19% faster than those that were first listed unstaged.
A House That Doesn't Sell Costs Money
Houses that have been considered “unsellable” cost money–a lot of money. Month over month, the mortgage, taxes, insurance, utilities, and maintenance costs continue to grow while a seller desperately waits for the buyer to bite. Carrying costs are just that, costs that come directly out of your pocket until you sell. Oy vey!
Home Staging Benefits the Seller
The moral of the story? Save yourself stress and money. Staging works. We aren't lying.
If you or someone you know needs help Staging to sell but just needs a little bit of direction so that you can DIY. We offer a super valuable 2-hour Styling Evaluation with Success Plan Development. Email us to learn more about them. I've been told that I'm actually really pleasant to talk to : )
You can also grab a free copy of our e-book Sell Your House In 72 Hours here!
You are now armed with a plan! Want even more freedom? Work with our team of professionals to get it done for you! I love hearing from you so leave your comments below!
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