Staging Your Home to Sell
TLC and every other channel who hosts shows dealing with real estate has brought to light the idea of staging a property. Almost all professionals agree that staging decreases the time on market and increases the chances of getting a full price offer. The question is now, when do you stage?
In our professional opinion,
staging is not for everyone
or for every property.
If you decide to stage, you should not spend more than 1% of your sales price on this particular add on. In particular, in the current condition of the Louisville real estate market, staging should be the exception and not the norm. The reason we feel this way is due to the tremendous lack of inventory for homes on the market.
Your real estate agent should communicate with you the average days on market in your area. All over the Greater Louisville Area the average days on market is close to 50 with some areas seeing days on market in the 30s. Statistically, your home is going to sell fast. Now if the market shifts and inventory becomes more stable let’s say around 6000 units vs. the current 3000ish units on the market, your real estate agent will then have a different conversation.
When You Should Stage
- Differentiate your home from competition in your immediate area. There is a chance if, even with low inventory, you could have multiple houses in your area on the market at the same time. If your home and others are the same, you must now think of how to differentiate. Especially, if other homes are vacant, it may be a good time to set yourself apart. Staging in this situation can be the difference.
- Help buyers envision a unique space in your home. If your home has uniques spaces or overly open you may need to stage. Everyone wants an open floor plan but if you visit a home which is completely wide open it is tough to envision furniture there and can turn away buyers. A stager in this case will make the best use of the space to make it feel like home to would-be buyers. You may also have nooks and crannies you need to define with office furniture or chairs etc. All of this will make the buyer feel at home.
- Homes above $300k. Homes above this price are not as low on inventory, and typically, take longer to sell. For this fact, staging is a plus. If you currently live in the house, using the pieces you have and adding a few more maybe the best tactic. If your home is vacant, you need to stage. A vacant home at $300k often says, “I don’t live here bring me an offer so I can get rid of this mortgage.” Perception is reality, even if this is not the case.
You can never go wrong with staging. The question is, do you really need to? Your real estate agent will help you with this decision, weighing the pros and cons. Regardless, simple decluttering, deep cleaning, painting, and removing personal items is always a good idea and will go a long way!