Last year, 5,250,000 existing homes sold in the U.S according to the National Association of Realtors. 510,000 newly constructed homes sold as well, which equates to an average of 15,780 home sales every single day in the U.S.
If you’re trying to sell your home, that means you may need to put some serious thought into how you can get your home to stand out amongst the others and how you are going to get top dollar for the home.
Of course, it’s important to have a great Realtor on your team but homeowners also have a secret weapon that will help them separate their listing from the competition, attract more qualified buyers, and sell faster for higher prices… Home Staging.
So, what are some of the facts, statistics and data on the effectiveness of home staging?
How much extra money are buyers willing to offer for a staged home?
According to national surveys:
- 4% Of staged homes see an increase of 16-20% of the home’s value
- 8% See an increase of 11-15% of the home’s value
- 22% See an increase of 6-10% of the home’s value
- 37% See an increase of 1-5% of the home’s value
That means at least 71% of the time, home staging increases the amount of money for which a home sells.
Data reveals that homes that are staged also sell for an average of 6% above the asking price!
What’s the average cost to stage a home for sale?
Last year nationwide, home staging for occupied homes cost a median of $675 for home sellers. (The cost will be higher for a vacant property staging.)
And, of course, it will cost more to properly stage a high-end or luxury home, but it’s important to remember that the ROI will be the same or even better, netting far more for the seller.
What’s the effect of home staging on Days on Market?
Since 90% of homebuyers first start their search online these days, your listing photos will really stand out and attract more buyers when your home is staged. That means more potential buyers viewing your home!
Independent surveys have shown that staged homes spend between only one-third to one-half as many days on market as non-staged homes.
Time is money when it comes to selling a home – and staging saves time:
A National Association of Realtors (NAR) study seconded that when it found that the longer a home stays on market, the further the price drops and the less it will ultimately sell for. The same NAR survey found that the average staged home has an ROI of about 8-10%.
Can you wait to stage your home until you see how well its doing?
A comprehensive study found that homes that were staged AFTER they were already listed sold in an average of 198 days.
However, when homeowners had their homes staged BEFORE they listed them for sale, these properties sold in only 42 days!
That means homes staged pre-listing sold 79% percent faster than those staged post-listing.
What do Realtors think about home staging?
32% of real estate agents report that staging a home increases the dollar value that buyers are willing to offer by a substantial 1-5%, particularly on medium to high priced listings. To put that dollar increase due to staging in perspective, that means the sellers would see $3,500 to $17,500 more on a $350,000 home sale!
That’s just a start to the financial benefits of staging, as 16% of real estate agents believe staging actually increases the price their buyers offer by 6-10% which would be up to $35,000 on that same $350,000 home.
49% of agents representing the buyer feel that home staging helps influence most buyers, while 47% feel at least some buyers are affected by staging.
How do home buyers feel about staged homes?
Of course, realtors have a great perspective on home staging, but what if we asked those same buyers we’re trying to attract? In fact,
- 81% of buyers say it’s easier to visualize themselves living in the home when it’s staged
- 28% overlook the home’s faults when it’s staged
- 90% cannot visualize themselves or their furnishings in a vacant home
- 46% of buyers are more willing to go view and walk through a listing they saw online when it’s staged.
How many sellers’ agents recommend staging?
- 34% of listing agents stage all their homes for sale
- 13% stage only those homes that are difficult to sell
- 4% stage only high priced listings
- 44% de-clutter and fix the property only without staging.
Which rooms are most likely to be staged?
- Living room
- Master Bedroom
- Dining Room
- Children’s Room
- Guest Bedroom
Who pays for home staging?
- 62% of seller’s agents offer some type of home staging services to sellers as part of a full-price commission package.
- 39% of homeowners pay to have their home staged before the home is listed.
- 10% of homeowners pay the stager after the home is sold.
- 3% of the time, the real estate agent’s firm pays for home staging services.
So, overall you can see how Home Staging provides the home sellers quicker sales with higher profits!