Wednesday, February 12, 2014
Think Home Staging is too expensive? Not worth the money? Or that you just can't afford it?
Think again. Staging can actually save and even earn you money!
How Much Money Could You Save By Staging Your Home Before Listing?
The Real Estate Staging Association® (RESA®) study shows 97 homeowners who had their property on the market an average of 181 days before they decided to stage. 181 days = 6 months!!
Those same homes were staged and sold in only 60 days on average after staging. That is 67% less time on the market. That is 4 months less time on the market!
As an example, using this formula you can determine approximately how much money you will continue to spend while your home is on the market un-staged:
If your mortgage is: $1,800.00
If your direct expenses are: $ 300.00
Total carrying costs per month: $2,100.00
The study shows home owners had their property on the market for an average of 6 months...$2,100.00 x 6 months = $12,600 in expenses
Had those homeowners staged first, their time on the market would have been cut by 120 days on average (4 months)...$2,100.00 x 4 months = $8,400.00
Staging their homes first would have saved them $8,400.00!!
These numbers are all relative to individual mortgage and expenses. Use this simple formula to detemine how much you will save by staging your home before putting it on the market:
Mortgage + Expenses (utilities, etc.) = Monthly Expenses
Monthly Expenses x 6 Months (average time un-staged) = Cost to List House Un-Staged
Savings: Expenses x 4 Months (average time on market reduced) - Staging Fee = Savings if You Stage Your House First!
**If you have a price reduction you can also add that into the loss you are taking by listing a property un-staged.
You have the potential to earn money by staging your home if your staged home creates a multiple offer scenario. Homes that are staged look better in MLS photos, which draws in more potential buyers.
More Buyers = More Showings = More Offers
Many staged properties do create multiple offer scenarios because buyers are able to envision themselves living in the home and then become emotionally connected to it - making them willing to pay more to get it. Remember, 63% of buyers are willing to pay a premium for a house that is move-in ready.
Home Selling Edge is a professional property styling firm dedicated to creating beautiful living spaces. We offer the creative solutions you need whether you are planning to sell and are looking for an edge over the competition, or if you’re planning to stay and want your home to reflect your personal style. We provide our services to homes in Kitchener, Waterloo, Cambridge & surrounding areas.
View our portfolio here.
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