The real estate industry has been making it clear that they believe real estate staging is worth the investment for their clients.
While, a decade ago, home staging may have been advised by seller’s agents only if the space was a little—well—odd, that’s all changed in recent years.
Let’s take a look at why real estate staging in Washington D.C. has become more popular than ever—and what that means for those trying to sell your home.
Why has real estate staging become so popular?
Recent anecdotal reports suggest that the real estate industry is taking notice of the change in the popularity of home staging. Home staging is on the rise, even in super competitive housing markets like New York City, Los Angeles, and our own Washington D.C. But why?
It’s a growth cycle
Once home staging started becoming more mainstream… it became even more mainstream. That’s because as more and more homes on the market are staged to sell, those that aren’t staged start to stand out—in a bad way.
No one wants their home to be the one house in their neighborhood that’s up for sale completely vacant or stuffed with a decade’s worth of clutter. Competing against other homes that are tidy and tastefully staged with up-to-date, broadly appealing décor and furniture is going to be a challenge.
And this matters even in so-called seller’s markets (like the kind we currently have in D.C.). Your home would probably sell eventually because buyers are hungry for space. But would your home fetch the same price as a home that’s designed to create that “homey” feeling for potential buyers? Probably not.
A huge home-staging study conducted in 2018 found that 68% of staged home sold for 9% more than their neighbor’s un-staged home. For a $500,000 home, that’s an extra $45,000!
Plus, not staging your home when everyone else is means that your house will likely be the last to sell. It’s kind of like being picked last for the baseball team. Someone will eventually choose your home, but it might be because the house they really wanted was snapped up too quickly.
HGTV has raised expectations
Most people I know watch HGTV shows on the occasion—and many of them watch them religiously. In fact, Statista found that at least 25% of Americans in all age groups have watched HGTV in the past month. There’s something so satisfying about seeing someone’s home ownership dreams come to life.
An unintended consequence of America getting into home design is that buyers are expecting a TV-ready home. The most recent National Association of Realtors survey found that 20% of buyers were disappointed when homes weren’t as stunning as those they see on television. And a disappointed buyer is not going to get into a bidding war over your home.
Additionally, with the growing influence of interior design television shows (and platforms like Pinterest and Instagram), people are less likely to make the trek out to see your home if they haven’t been enticed by the glossy photographs online.
Drawing people out from behind their screens and into your home is where staging matters even more—after all, no one buys a home they haven’t seen in person. When a home is staged, buyers are 40% more likely to actually visit in person.
What does this mean for you, if you’re selling a home?
It means that the bar has been raised for home sellers. If you want your home to sell for top dollar, it’s worth investing in real estate staging.
One report estimates that every $100 spent on home staging is $400 more in your closing price. And another source found that staged homes in the ever-competitive seller’s market in New York City actually sold for $11,000 more than un-staged homes.
Not to mention, home staging moves your property faster. In 2017, the National Association of Realtors found that 62% of staged homes sold significantly more quickly than vacant or un-staged homes.
If you’ve ever moved before, you know just how critical an extra week or month of time can be. It can mean the difference between having the money and not having the money to purchase your new dream home before someone else bids higher. Or, it could mean paying two mortgages at the same time while you wait for your old home to finally sell.
Not convinced yet? Check out our home page for 8 Reasons to Stage.