Understanding the Factors Involved in Home Staging Statistics
We are big believers in the power of home staging. After all, home staging is our livelihood. But when it comes to running the numbers and nailing down specifics, there are a lot of factors that come into play. You see, home staging is more like a partnership between the listing agent, the home stager, the home owner, the home shopper, and the home itself. Before we get to home staging statistics, we need to understand the players:.
The Listing Agent
The listing agent wants what’s best for the home owner and wants to provide it at the greatest profit to the home owner. Typically, this means agents study the current state of the market, understand the needs of the seller, and the demographic of the potential buyer, and how the home fits their particular needs. Among many things, the listing agent advises the home owner on the selling price.
The Home Stager
Home stagers know current interior design trends, it’s true. But more importantly, home stagers understand architecture and how to highlight a home’s greatest assets and minimize the less than ideal aspects of a home. They tie together the interior and exterior, and not only make the home feel welcoming, they make it livable for the prospective buyer.
The Home Owner
Home owners want to get the most out of their home investment. This means investing a little on the front end of the listing in hopes of a greater return when the home is sold. And in Portland’s current real estate market, this return has been coming sooner than in most other parts of the country. Generally, they rely on the listing agent’s and home stager’s expertise to guide them to the right decision.
The Home Shopper
The people in the market to buy a new home are the home shoppers. They generally know their budget and want to find the perfect home to meet all their needs and a few dreams as well. The more they can visual their belongings in the home they’re touring, the greater chance that they’ll make an offer on the home.
Each home on the market has its own character and personality. Each was built during a particular time period, which as a result gives it features and characteristics that may make it more or less attractive, depending on the market and current design trends. Much like a makeup artist can accentuate the positive with contouring and color, a good home stager can highlight the very best parts of each and every home.
Believe it or not, each of these players contribute to home staging statistics.
Here are a few examples of this partnership:
- No matter how well a home is staged for sale, if the listing price is more than the market will bear, the home will remain on the market.
- If the home isn’t marketed well, odds are that it will remain on the market.
- Home staging can increase the listed selling price which can then bring in multiple offers in a hot market.
- If the home owner is inflexible in making his home available for showings, the home will most likely remain on the market.
Home Staging Shortens Time on the Market
So you can easily see that when it comes to home staging statistics, there are many factors that feed into the numbers. One thing we doknow for sure: A well-staged home almost always shortens the time a home is on the market. Consider this statistic from the National Association of Realtors’s 2017 research:
77% of buyer’s agents stated that home staging made it easier for their clients to visualize the property as a future home.
Home Staging Allows Potential Buyers to Visualize Themselves in the Home
This visualization increases the chances that a prospective buyer will buy the home. In fact, once a potential buyer begins to imagine herself in the home, the hardest part of the sale is already complete. But that’s not the only good news when it comes to home staging statistics. Additionally, 62% of the 53,760 active Realtors surveyed by the National Association of Realtors said that home staging decreased the time a home spent on the market.
58% of surveyed Realtors stated that home staging increased the dollar value of the home sold.
Home Staging Statistics Room-by-Room
With these kind of numbers, who wouldn’t want to stage their home? At this point, you might be saying, “Yes, let’s do this!” But you’re also wondering if you need to stage your entire home. Just as every home is different, the answers will vary. But Realtor statistics can tell us what is typically most important when it comes to staging. The living room (83%), kitchen, (76%) master bedroom (69%), and dining room (66%) are generally the top priorities. But keep in the mind that wall color plays a big role in the overall feel of a space. (And it’s uncanny the difference this inexpensive change can make!)
The bottom line? Not only will home staging most likely decrease the amount of time a home is listed, it will increase the selling price of the home. If you’re a Realtor looking for a partnership with an experienced, locally-based home staging company, check out our free Pre-Listing Marketing Tool. If you’re a home owner who needs some staging advice, let’s talk.