Here are a few facts and statistics about home staging to consider.
4 important facts – if you’ve made a decision to stage your home2>
1 – You will make more money
A survey by Coldwell Banker Real Estate Corp. found that staged homes spent half the time on the market than non-staged homes and sold for more than 6 percent above the asking price.
2 – Your house will sell faster
The National Association of Realtors (NAR, USA) survey found that the longer homes stay on the market, the further their price drops.
3 – You will regain your money
The NAR survey also found the average staging investment is between 1-3 percent of the home’s asking price, which generates a home staging ROI of 8 to 10 percent.
4 – Your online photos will stand out
The same NAR survey found that 90 percent of potential buyers search online first.
A 2011 study by The Real Estate Staging Association (RESA) of whether their staging efforts truly pay off for home owners found that on average, staging effectively sells a home faster than a non-staged home.
Does staging really work?
This study included 174 non-staged homes that were on the market on the average of 156 days before home owners agreed to allow their homes to be staged to sell.
Once those homes were staged and relisted, the homes sold in an average of 42 days, which makes a total average of 198 days on the market.
FACT: Homes staged POST-LISTING sold in 198 days.
Another study looked at 410 homes that were staged before they went on market; these homes also sold on average in 42 days after staging.
FACT: Homes staged PRIOR LISTING sold in 42 days.
Is the cost worth it?
According to the RESA study, the average home is on the market for 5 and a half months. This means the seller is responsible for the mortgage and any other expenses for 6 months.
A formula created by RESA helps to calculate the expenses. The following is based on the current monthly mortgage payment for the median-priced US home*:
Average time a staged home spends on the market: 4 months – $4.244.00
Average time a non-staged home spends on the market: 6 months – $6.366.00
(based on monthly mortgage amount without utilities: $1.061.00)
Savings in mortgage payments from staging the home PRIOR listing: $2.122.00
(*No New Zealand statistics available at this time)