Do staged luxury 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 Toronto 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 luxury 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 luxury 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?
When you’re ready to sell, hire Casey Ragan, who can help identify market demands, navigate conditions and turn that For Sale sign to Sold.