What is Staging?
Real Estate Staging is the act of preparing and showcasing residential or commercial property for sale. It is a systematic and coordinated methodology in which knowledge of real estate, home renovations and creative design principles are applied to attract a buyer.
Preparing property involves all or part of cleaning, de-cluttering, updating and repairing, while showcasing is the process of arranging furniture, accessories, art and light.
Whether the property is owner-occupied, or vacant, staging is recommended before listing a property. It can be equally effective after a property has been on the market for an extended period unsold.
Professional real estate stagers offer four main types of services:
- Walk and Talk Consultations
- Written Consultations
- Occupied Staging
- Vacant Staging
Each home is unique with regard to the scope of the work that needs to be completed for the best outcome. Prices vary depending on different factors of each project.
Why is it Important to Stage a House for Sale?
Most buyers form an opinion about a home within the first 7-10 seconds of arriving. I have had clients who wouldn’t go inside a home because of how it looked on the outside. The first look inside the door is important as well and sets the stage for the whole showing.
Over 90% of buyers look at homes they've found on the Internet. Staging and professional photography will help you attract buyers from this critical source. Conversely, it is estimated that only 10% of home buyers can visualize the potential of a home. That means 90% are not going to be able to look past dirt, clutter, and imperfections.
It’s a Good Investment
Sellers who spent $500 on staging recovered over 343% of the cost when they sold their home. (Homegain.com) According to the National Association of Realtors (NAR), the average staging investment is between 1 and 3% of the home's asking price, which generates a return of 8 to 10%. That's a pretty good investment. In a 2009 Home Gain Survey of over 2,000 Realtors, it was discovered that home staging typically provides a 586% return on investment.
According to a 2011 study by HomeGain.com, these are some top updates you can make to prepare your home for sale that will result in the greatest return on your investment:
Clean and declutter: 872%
Lighten & brighten: 572%
Landscaping (both front and back): 473%
Paint interior: 250%
Update kitchen: 237%
Update bathroom: 172%
Do you want your home to SIT or to SELL?
The first two weeks your home is on the market is when the listing will receive the most notice and see the most traffic online. This is the most valuable time to have your home staged and ready for the market. It also happens to be a critical time for pricing your home appropriately – but that is a discussion for another article.
Staged homes spent 83% less time on the market than non-staged homes. (HomeGain.com) A Coldwell Banker survey of 2,800 properties revealed staged homes sell in 1/2 the time of non-staged homes. In controlled tests selling identical homes, professionally staged vs. those not staged, the non-staged houses sold in 102 days, while the staged houses sold in 45 days. (Real Estate Staging Association)
Staging Makes a Difference Here in Michigan!
The Real Estate Staging Association studied sales in different states. In Michigan they found the following:
“In Michigan, we studied 44 homes where the homeowner knew the value of staging and staged their home before listing. On average, they sold in 25 days. Compared to the 7 homes that listed first, who had sat on the market for 127 days, on average, and finally staged and then sold in 47 days, on average."
According to our statistics if these homes has [sic] been staged prior to going on the market they would have sold … 7 Times Faster.”