A hot market is now in full swing on Vancouver Island.
Sellers are happy, and buyers – not so much. Dealing with a multiple offers situation and trying to outbid competitors is stressful. Inventory is low, and crowds of buyers are large, prices are going up, and the “sold” sign pops up literally overnight.
In a situation like this, we know that properties sell fast and often over asking price no matter what condition the property is in. Outdated, run-down, vacant houses flying off the shelf. And I hear more often now: “We don’t need staging”.
And this is simply not the case. Home Staging is a valuable marketing tool even in a busy market. And here’s why:
Without a proper presentation of your property, you will leave money on the table.
The 2015 National Association of Realtors® Profile of Home Staging states that 32% of buyers’ agents believe staged homes increase the dollar value buyers are willing to offer by 1% to 5%. 16% believe it increases the dollar value by 6% to 10%.
With the real estate prices soaring, this percentage can be quite large.
A staged property can be listed for a higher price and it likely brings better offers.
A savvy investor who wants to realize the highest equity in the sale of their property chooses to stage it in any market.
You will cut off some buyers if your home needs upgrades and repairs.
Home Staging Consultation is also known as home equity assessment when a professional home stager can give the sellers advice on what improvements their property needs to bring the best ROI.
Today’s buyers are paying a lot already as the prices have soared. And in their mind, they always increase the amount of money they will need to spend on renovations.
A recent Maritz research shows that 63% of the buyers will pay more for move-in ready houses. By not making your home “move-in ready” you blocking some of those buyers who don’t have funds for upgrades but who otherwise would bring an offer.
By staging your property, you will use a sense of urgency to your advantage.
When buyers see a prepared, updated, and staged home online, they immediately think that this property will attract a lot of buyers and will sell fast. If they get inspired by all the first impressions and emotions, the buyers will not hesitate to book a showing as soon as they can. It will also increase buyers’ confidence that they are making the right decision. And that will bring you more buyers resulting in an even higher sale price.
The bottom line is: no matter what market we are in, staging has benefits for sellers and for buyers.
If you’re getting ready to sell your home, or you have clients who are, let me help you create a property that will stand out, bring the best offers, and maximize return on your life’s largest investment.