Investment or an Expense?
This is a question on many a home sellers mind.Here in Halifax the concept of Home Staging is just catching on.Perhaps HGTV has done it’s part in spreading the word about this very valuable marketing tool but it would be safe to say some homeowners and realtors are still skeptical about using this service and laying down some hard earned cash.I don’t blame you,I don’t like parting with money either.The reality though is that home buying has changed.
Buyers expectations are much higher having been elevated by all those TV shows,home decor magazines and designer show homes and the competition, who have grasped the concept of preparing a home for sale.
Sellers have to work harder than ever before to compete in the market and ordinary just does not cut it anymore!
The general rule of thumb is that sellers should invest 1% of their homes value getting it ready for sale.This includes any deferred maintenance,some painting,pre-packing and decluttering…..and then staging to create an inviting presentation with WOW factor.
An average home say $300,000 would take $3,000 to get it to the ready to sell stage.
Sound like a lot ?
Well,consider the alternative if you choose not to spend anything on preparing your home for the market.
A somewhat interested buyer comes along and your home fills their needs almost so they hum and haw a little – they just don’t LOVE the property.They finally decide to put in an offer but they start at $253,000.They are not in love with your home so they won’t pay top dollar.Offers and counter offers go back and forth.It’s at $269,000 and finally they say that’s it – they don’t want to pay another dime.No sale.
A few months go by and your agent suggests lowering your asking price – the typical first price reduction is 10%,so now the asking price is $270,000.Traffic does increase but after being on the market for so long buyers think there is still a deal to be had.An offer comes in for $259,000.
That $3,000 for getting your home ready to put on the market doesn’t sounds so bad after all!
Staging is a wise investment – your home will sell faster and for a higher price plus you will save on the extra expense of utilities,taxes and mortgage payments.
Making a short term investment before your home goes on the market is a decision you will not regret.