One of the most frequent questions asked is whether staging will help a home sell faster. We have seen the market shift over the last 10 years from a sellers’ market with multiple offers to 2018 where buyers have more inventory selection and take their time to make the right decision for them. Having an adequate selection of inventory means there are fewer bidding wars. This means sellers need to have their home priced right, and presented properly, to ensure a quick sale.
Over the last few months, Maximum Impact Plus has had a majority of our staged homes selling in less than a month. We have also had a number of staged homes with multiple offers, with one having up to five offers. Considering December/January are historically a slower time of the year, this is an indication of how successful staging can be in the sale of your home.
When the average days on market for Winnipeg was 30 days for 2018, having our staged homes selling faster indicates how effective staging truly is! Something I always like to point out is that the statistics from WinnipegREALTORS® of 30 average days on the market include ALL homes sold including staged homes. If it was possible to separate sold homes into staged versus not staged, I am certain from our own company statistics over the years that there would be a significant difference with staged properties selling much faster.
At the Winnipeg Reno Show, one of our stage presentations was about “Maximizing the Equity in Your Home When You Sell.” So often, we see homes that are not selling even after the price has been reduced repeatedly. We are brought in by either the home owner or the Realtor to help sell it.
One of the most common issues we see is the presentation of the home could be significantly better. When buyers have their choice of homes, most prefer to get the best home they can for the price. That means if your home is dated or requires maintenance it will not be as appealing as an updated and well-maintained home.
What we have found over the years is a buyer will typically deduct twice the cost of a necessary repair from their offer price. For example, if new shingles would cost $5000 and need to be replaced, the buyer will offer $10,000 less because they have to do the repair themselves. It is always less expensive for the seller to ensure the work is done before they list the home.
In addition, when a home is updated and well maintained, it will list and sell for a higher price as well as sell faster than the same home needing work. Having 20+ years of experience as an Investor/Home Flipper; owner of KAT Reno; and Maximum Impact Plus Home Staging we have years of expertise at identifying the critical elements to ensure your home is desirable and will sell for the best possible price.
Quite often when we are brought into projects where homes are not selling, we work closely to identify the negative feedback on the home and eliminate it as an objection. If that means doing basic updates for the home to present better, not a problem, our crew can take care of any work the home requires.
Many people think of home staging as just fluff. In reality, Home Staging is the process of preparing a home for sale similar to baking a fine dessert and adding icing, a cherry and sprinkles on top. If the dessert looks unappealing, the icing, cherry and sprinkles on top will make little difference. If the dessert looks great, the icing, cherry and sprinkles make the dessert that much more appealing.
Home staging incorporates the principles of interior design to ensure a space is appealing, flows functionally and has that “WOW! Factor” buyers fall in love with. We address everything from decluttering; room function; updates and maintenance; furniture size, scale and placement as well as the final décor. All this comes together to create a final presentation that is appealing to buyers.
Frequently when we work with sellers well in advance of listing, we will collaborate with their Realtor to identify any potential concerns buyers may have and eliminate the negatives before the home is listed. When homes are not selling, we are often brought in to make a home sellable.
Often pre-listed homes that are not selling will have the listing expired, the necessary changes and staging completed and then re-listed. Most projects are re-listed at a higher listing price, and they sell quickly! Staging with furniture and décor is the final touch on a well-prepared home. Home Staging incorporates everything required to get the home prepared and ready for the market, not just the final décor.
I am a very passionate believer that for most people, their homes typically represent their single largest investment. The equity should belong to you, not to the new buyer. Sellers control 80% of the factors that influence their home sale. Make sure you do everything you can to “Maximize Your Home Equity When You Sell!” After all, it takes a lot longer to make and save an extra $25,000 or $50,000. The money from the sale of your personal residence is non-taxable. How long would your have to work to make an extra $50,000? Treat your home as the investment it truly is!