Do staged homes sell faster, and for a higher price? The short answer is yes and yes. Conditions have started to moderate from the frantic seller’s market Canada has been experiencing since the start of the pandemic, largely due to rising interest rates. With homes taking longer to sell and buyers having more time to shop the market, sellers may have to step up their game to win the attention of prospective buyers. This includes engaging an experienced, professional real estate agent, evaluating the comparables and their asking price, and then staging the property to appeal to the right buyer.
Do staged homes sell faster?
According to a study by the Real Estate Staging Association, staged homes spend 73 per cent less time on the market than their un-staged counterparts. But even an un-staged property can sell under the right market conditions. A seller’s market, characterized by high demand and low inventory, generally means buyers will likely scoop up whatever they can get. In a buyer’s market, there are more homes for sale than there are buyers, which means competition is greater among sellers, giving buyers the upper hand. Under these circumstances, staging your property could tip the scales in your favour.
Do staged homes fetch a higher price?
The same Real Estate Staging Association study revealed that 85 per cent of homes analyzed sold for five per cent to 25 per cent above listing price. The answer to this question isn’t always black and white, as the final selling price can depend on a number of factors, including buyer demand, competition and the condition of the property. With all else being equal, a staged home is more likely to leave buyers with a better impression than one that hasn’t been staged, with the potential to fetch higher offers.
What is home staging?
Home staging is the process of preparing a home for sale by increasing its appeal to a wide range of homebuyers. Home staging isn’t as involved as a renovation, and can involve decluttering, depersonalizing and deep-cleaning; painting the walls in a fresh, neutral hue; updating hardware and lighting; rearranging existing furniture or renting some new pieces to help show the home in the best possible light. When a buyer can see your home as their home, they are more likely to make a competitive offer.
Since the majority of homebuyers start their home hunt online, it’s critical to make a good impression through your digital listing photos. Buyers will weed out the homes that don’t meet their criteria, and proceed to an in-person tour of the homes that they are seriously considering.
Decluttering and depersonalizing the home of family photos and other personal items can help. Also consider that potential buyers need to think beyond what their eyes are showing them. Staging helps them to visualize themselves living in and using the space. Is the home an ideal place for a growing family, as a live-work space, for recreational pursuits or to enjoy retirement?
A new twist on home staging is “virtual” staging, which leverages technology to digitally enhance photos in order to demonstrate the possibilities. Virtual staging is ideal for vacant properties, which pose added challenges for sellers and the buyers who are trying to imagine it as their new home. Virtual home staging eliminates the need, effort and cost associated with renting or buying furniture and accessories.
Staging a home doesn’t have to be complicated. Evaluate every room and be critical, because prospective buyers will be. Viewing your own home objectively can be difficult, especially for those who have lived in their home for a long time. A professional home stager and your real estate agent can give you an honest opinion as to what works in your home, what doesn’t, and what the seller might consider changing in order to appeal to homebuyers.
Have More Questions?
If so, you’re not alone. RE/MAX Canada hit the streets in a new video series to find out just how much (or how little!) the average person knows about the housing market, and offer some answers in the process.
Still have questions? Connect with a RE/MAX agent to get the answers you’re looking for.
Senior Manager, Public Relations & Content | RE/MAX Canada
Lydia McNutt is an award-winning writer, editor and public relations professional, with a focus on all things real estate. At RE/MAX Canada, Lydia translates market data and trends into educational and entertaining content for homebuyers and sellers, while furthering the RE/MAX brand's reach, nationally and globally. Explore timely news articles, market trend reports and thought-leadership on blog.remax.ca. Lydia has been published nationally on topics ranging from real estate to architecture, design and decor, finance, business, technology, entertainment and lifestyle topics. Email Lydia at firstname.lastname@example.org