Home Staging Can Help Sell Home for More

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Most homeowners know it is important to keep a home clean, bright and free from clutter while it is on the market for sale. But sometimes, Realtors® say, taking the extra step to stage a home can make a difference in how a buyer values it and the price a seller might get for it, according to the National Association of Realtors® 2015 Profile of Home Staging.

“Realtors® know how important it is to have a home in the best shape possible when showing it to prospective buyers,” said NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Arkansas. “At a minimum, homeowners should conduct a thorough cleaning, haul out clutter, make sure the home is well-lit and fix any major aesthetic issues. Another option is staging a home, which Realtors® often suggest to sellers to help prospective buyers better visualize themselves in the home and could modestly increase the home’s value for both the buyer and seller.”

The report, the first of its kind from NAR, found that 49 percent of surveyed Realtors® who work with buyers believe staging usually has an effect on the buyer’s view of the home. Another 47 percent believe that staging only sometimes has an impact on a buyer’s view of the home only. Only 4 percent of Realtors® said staging has no impact on buyer perceptions.

Realtors® on the buyer side believe that staging makes an impact in several ways; 81 percent said staging helps buyers visualize the property as a future home, while 46 percent said it makes prospective buyers more willing to walk through a home they saw online. Forty-five percent said a home decorated to a buyer’s tastes positively impacts its value; however, 10 percent of Realtors® said a home decorated against a buyer’s tastes could negatively impact the home’s value.

From the seller side, a majority of Realtors® utilize staging as a tool in at least some instances. Just over a third of Realtors® (34 percent) utilize staging on all homes, while 13 percent tend to stage only those homes difficult to sell, and another 4 percent will do so only for higher priced homes. The median cost spent on staging a home is $675. Sixty-two percent of Realtors® representing sellers say they offer home staging service to sellers, while 39 percent say the seller pays before listing the home.

Realtors® representing both the buyer and seller agreed on two major points in the report—which rooms should be staged and the change in dollar value a buyer is willing to offer for a staged home compared to a similar not-staged home. Realtors® ranked the living room as the number one room to stage, followed by a kitchen. Rounding out the top five rooms were the master bedroom, dining room and the bathroom.

Realtors® believe that buyers most often offer a 1 to 5 percent increase on the value of a staged home (37 percent from Realtors® representing sellers and 32 percent from Realtors® representing buyers). Additionally, 22 percent of Realtors® representing sellers and 16 percent of Realtors® representing buyers said the increase is closer to 6 to 10 percent.

“Working with a Realtor® gives buyers, sellers and investors the advantage they need to succeed in today’s market, as they know what buyers want and how to best market and stage a home for sale,” Polychron said. “While many factors play into what a home is worth and what buyers are willing to pay for it, staging is an excellent tool that can be used to give a home a little extra push for sellers. Staging isn’t used by every Realtor® in every situation, but the impact it may have and the value it can bring is clear to both home buyers and sellers.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

5 Tips for Getting Your Home Ready for the Spring Real Estate Market

Even though it’s the middle of the Winter season, before you know it, Spring will be here. Historically in most real estate markets, the Spring is when it really begins to heat up. The Spring real estate market generally yields the highest prices for those selling their home. This is only possible though if the proper preparations are taken before spring is upon us!

If you’re thinking of selling your home in the Spring, you must know that even though you may receive top dollar for your home, the competition will also be the strongest. This means it’s absolutely critical that you’re prepared for the spring real estate market so you can knock out your competition. Check out these tips so that you’re prepared.

Begin Interviewing Prospective REALTORS®

It doesn’t matter what time of year you decide to sell your home, it’s critical that when selling a home, you know how to interview REALTORS® when selling a home. As spring continues to approach, the top producing REALTORS® will only continue to get busier. Make sure you start reaching out to the agents you think would be a great representative to sell your home sooner rather than later.

Know What Your Plan Is

One huge mistake sellers make is not knowing what their plan is once they sell their home. Are you planning on buying another home once your home sells? Do you have the option to move in with family? Can you rent, if need be? Can you buy non-contingent? These are things you should think about and know the answers to before the spring real estate market hits. It’s a great idea to discuss your financing options with a local lender before you list your home for sale. If you can get pre-approved to purchase a home non-contingent, if need be, it can give you a huge advantage over any seller who is selling their home subject to finding a suitable property to purchase.

Consider Having a Pre-List Inspection

One of the biggest reasons a home sale gets derailed is due to the home inspection. Most buyers will opt to have their offer contingent on an acceptable home inspection. Some buyers can even get alarmed and scared by the smallest home inspection finding. It can be easy to avoid this possibility and have your home inspected by a professional before listing it. Having a pre-list inspection is one of the top things to do before listing a home for sale.

Know Your Local Spring Real Estate Market

Every real estate community and market is different. Some spring real estate markets begin in late February/early March and others begin in the middle of April. It’s important that you truly understand your local real estate market. The best way to know your local real estate market is by hiring a top REALTOR®. Your REALTOR® should be able to advise you on current, past, and projected market conditions and also give you advice as to when you should list your home.

The time you choose to list your home for sale is critical in the spring market. If you wait too long, it’s possible you can miss that prime selling time frame. There are some REALTORS® who will even suggest beating the spring market competition and that it can be beneficial to list a home now and not wait until spring.

Clean & Organize

I know it’s cliché but it’s imperative to give your home a thorough “spring cleaning.” This doesn’t mean wait until spring though. Be proactive and start cleaning now; you’ll be glad you didn’t wait. A huge turnoff for prospective buyers are foul odors. Things such as smoke odors and pet odors can kill home sales.

Here are just a few things to make sure you clean before listing your home:

Wash your windows
Dust your blinds
Dust baseboard trims
Clean appliances
Clean shower(s) & toilet(s)
Clean inside cabinets
When selling a home, it’s important that you de-clutter and organize your home, too. A great way to achieve this is by packing. It may sound silly seeing as you haven’t listed your home for sale yet, but you will need to pack at some point anyways, so why not do it now! Clean out closets and pack away anything that you don’t have a necessity for. It is incredible how much better a home will show and how much quicker it will sell if it’s organized and de-cluttered.

Final Thoughts

The spring real estate market is a great time to be selling a home. Just because your spring market doesn’t begin until mid-April doesn’t mean you should wait to prepare for the sale of your home. Be proactive and follow the above tips for getting ready for the spring real estate market. You will be glad you did when your home sells quickly and for a high price!