Your home is most likely your largest investment. It’s crucial to get it in its best shape to sell, particularly if you want top dollar for it or even a bidding war! A bold statement, yes, but like anything else you plan to sell, you need to first prepare it. You need to create a desirable home, but not for you, for your buyer. After all, 83% of buyers’ agents indicate that buyers more easily visualizes themselves living there. This should always involve staging your property.
Like it or not, today’s buyers expect a home to look and feel new and inviting.
In other words, staged is a subconscious expectation.
But, what does “staged” even mean to you, the person selling the home?!
Home staging is breaking down your entire property and augmenting its best features with the specific goal of selling it for top dollar in as short a time possible. It is not merely moving furniture and hanging artwork while pointing out what is “wrong” with a property. It’s a whole gamut of services focused on economical recommendations to enhance the look of the space.
Working with a Professional Home Stager provides a trained eye in design, but more importantly, an understanding of how to enhance your property in a way that’s targeted to the buyer mindset.
As staging covers a vast array of services, the most common ones include:
Initial consult to highlight priority rooms for staging, along with capturing your budget, the goal for selling, and current state of your property,
Identifying priority rooms for staging, such as the living area, master bedroom, and kitchen,
Capturing insights for how to store items and provide guidance on how to still enjoy living in the home while it’s for sale,
Developing a clear game plan, supporting you on what and how to enhance your property for sale,
Sourcing furniture or art pieces, if necessary, and fits within your budget, and
Connecting you with the right experts for small home enhancements, such as electricians/lighting technicians, painters, and furniture renters.
Staging is very targeted to your budget and personal ability while always connecting to the buyer’s mindset. This allows a huge amount of value to be added to your property without having to break the bank for improvements. For instance, where it makes sense for an old, outdated kitchen, we don’t recommend redoing the whole thing. Rather, we often recommend re-staining rather than fully replacing cabinets as this is a great economical solution for enhancing the space and tap into the buyer’s mindset.
Another example of a huge impact with minimal costs is with a recent client who required one small change.
The change? Moving their amazing downstairs sectional up to the living space to create a more inviting and buyer enticing atmosphere.
The result? Their home sold the first weekend it was on the market.
The cost associated? A consult and redesign using the furniture they already owned!
So, what are the actual dollar costs for staging?
While staging is a necessity for today’s real estate market, the question of cost is always a concern. I want to be clear: the financial gain from staging almost always outweighs the associated costs of a stager, particularly if they are focused on supporting you with where your budget, ability, and engagement are at. Additionally, associated stager costs typically will not be anywhere near that of a first price reduction. As Realtor.com highlights, professionally staged homes sell faster and up to 20% more than non-staged homes, resulting in a greater ROI for you.
That said, there is no true magic formula for calculating a price reduction. However, it is very common to see a 15 – 20K drop within the first two weeks on homes priced at 500K, particularly within a Buyer’s Market. Depending on the staging service engaged, costs can fluctuate anywhere from $250 for a basic consult and game plan development right up to $4000* for a full staging service complete with new inventory. What’s key is working with you to tailor the staging service to your budget and actual needs, while focusing on who the buyer is and how staging activates their buying habits.
Costs associated with staging must always be looked at as an investment that will have a solid ROI on it. The stats of the industry demonstrate this. I encourage you to go through your selling goals with your Realtor. Should staging supporting these goals (sell for top dollar in an as short amount of time possible), then invest in the staging service that makes sense for preparing your home.
Knowing that staging isn’t merely for high-end luxury homes or showcased properties, but for all homes and budgets, assess if you’re property is currently staged for how you live or for how a buyer is buying. If you’re overwhelmed and not sure where to start, contact a Professional Home Stager for an initial conversation. It’s one of your most valuable tools for selling your home.
*Assumes one-month inventory rental