Why Stage A Home in a Seller's Market?
COVID brought on a myriad of shortages for 2021. The shortage of homes for sale has caused the real estate market to just go a little crazy, to say the least. It’s definitely a sellers’ market with little inventory and over the top bidding wars. Many are scoffing at the idea of home staging in this market because they think buyers are desperate to find homes. While this is true, we have many examples and statistics as to why you may want to consider the small investment in home staging before listing your home in today’s market. There may be money left on the table if you don’t…
The shortage of inventory is causing record multiple offers above asking price on homes. But just because it’s a seller’s market, does that mean any home will sell for multiple offers above asking price? The short answer - no. If a home has not been updated in over a decade, do not expect it to compete in today’s “crazy over listing price” market. Yes, it may sell but it won’t bring in top dollar due to the sheer fact the buyer will calculate in all those updates that need to be done.
In today’s market, your first step toward curb appeal is your online presence.
Pictures say a thousand words and in the real estate world it is the buyers’ first impression of any home. If your pictures don’t “wow” the client, it’s unlikely they will schedule a showing. If your pictures show years of neglect on updates, then you won’t see that high offer on day one. The buyer will simply move on to another home online.
Home sold in 2 days after staging!
Home staging allows the buyer to visualize themselves in the home.
According to the new 2021 survey from the National Association of Realtors®, eighty-two percent (82%) of buyer’s agents said staging a home made it easier for a buyer to visualize the property as a future home. If the buyer feels like it’s home, their desire for the house will drive their offer. This report also revealed that staging increased the sum buyers were willing to spend for a property. Twenty-three percent (23%) of buyers' agents said that home staging raised the dollar value offered between 1% and 5%, compared to similar homes on the market that hadn't been staged. Coincidentally, the same percentage of seller’s agents (23%) stated they received between 1% and 5% higher offers on home that had been staged. Let’s do the math on that, shall we:
Amounts are approximate depending on area you reside, size of home, and value of home. Home consultations are a service that provides you with a list of needed updates/repairs that the homeowner should consider. Full service staging is bringing in furniture for a vacant home. Both avenues give a nice return on investment.
So based on the math, you don’t lose money. You make back your investment plus gain an extra profit - the amount depends on your list price, and whether the home has been properly prepared.
Real estate agents have good reason to stage too
Don’t sacrifice your proven, repeatable systems even in this strong sellers’ market. That includes professional photography AND staging. This sellers’ market will not last forever, and it’s important to show how you differentiate yourself and your listings from other Real Estate Agents.
Don’t forget that a home that sells for more also increases YOUR commission, in addition to adding to the equity in your sellers’ home.
If you are a homeowner and/or realtor in the Northern Virginia area, take a look at this video that Owner, Leigh Newport, made in February. She makes great points to support the reasons behind staging in a sellers’ market.
It stands to say that the small investment in home staging can bring in a nice return on investment (ROI). In the past we’ve always referred to home staging being less than your first price reduction. In today’s market, you’ve got to consider the amount of money you are leaving at the table by NOT staging. Go ahead - be the best house on the block!
Interested in more tips and advice about home staging? Porch.com has a great Q&A article from home stagers around the country (including our very own Leigh Newport!). Check it out here: Real Estate Photography, Home & Virtual Staging Q & A: Tips & Advice
If you need help being the best, book an online appointment with us and allow us to shine a spotlight on your home!
Brilliant Ideas for Creative Work Spaces in Your Home
Working from home and distance learning has slowly transformed to a more permanent situation for families across the country. Can you believe it’s been almost a year since our temporary anecdote of self-quarantine began? (GASP!) As time has gone on, so has life. Homebuyers today are showing tremendous grace to the makeshift dining room offices and the random desks in the living room. However, what if you could enhance your home by transforming under-utilized spaces into functional work spaces? Not only could you move your office out of your dining room, but you could wow homebuyers AND show off the functionality of your home. We have rounded up some brilliant ideas for creative work spaces in any home that are inexpensive and can be completed in a weekend.
The “Cloffice”
First off – The “Cloffice”. This is the 2021 trendy term for an office in a closet. Closets make great work spaces. They already have plenty of storage solutions available and they allow you to close the door to work when 5 o’clock hits (which is a must for mental health). There’s two ways a “cloffice” can be achieved. First off, if you have a large walk-in you can simply add a desk like this:
If you don’t have that large walk-in (which let’s face it - many of us don’t), you may have a closet in a guest room or a basement that you could completely transform into your new “cloffice”.
Photo by: Nesting With Grace
Under the Stairs
If you have stairs in your home, there’s probably a large likelihood you have some dead space underneath that could be utilized. This makes a great nook to create your home office area. Just a simple trip to the home improvement store is all it takes to transform this space into a functional work space.
Photo by: Adore Magazine
Where There’s a Wall There’s a Way
If you’ve got an empty wall in your home, you can create a functional work space. Whether it’s a big space or a little space we’ve got you covered.
Floating shelves are a great way to utilize a small space. You can easily create one with a board and shelf brackets.
Photo by: DIYHairpinLegs.com
If you have a larger wall space, this option is both temporary and inexpensive for creating multiple work spaces in one place. AND you can take it all with you when you sale your home. It’s a win-win!
Photo by: Jones Design Company
This “Murphy Desk” is a great solution to a tight space. It simply can be closed up when not in use. The functionality and the inexpensive price tag makes this a winner in our books.
Photo by World Market.com. Similar product - here
Dining Room Solutions
If you simply do not have anywhere else to go in your home, there are ways to make your dining room functional for an office space while still keeping it true to its original purpose. These ideas will help minimize the office clutter and allow you to still have that family meal on occasion.
If you have a china cabinet/hutch in your dining room, this is a functional option to store office supplies and files out of sight. This may mean packing up Grandma’s china for this temporary solution BUT Grandma will be proud of you for reimagining the space for these unprecedented times.
Photo by: iheartorganizing
Don’t have a hutch? Consider using rolling carts or file boxes and create a rolling office. When at work you have your supplies and when 5 o’clock comes you simply roll your office under the table. Out of sight out of mind.
If you have an old hope chest/toy box, you can create an office in a box. Martha Stewart has a great tutorial on how to convert this empty chest into functional office storage. AND it can double as a cute bench when you’re off the clock.
Photo by: Martha Stewart.com
Get creative, start re-evaluating the spaces in your home to become more productive both in school and work. And when it’s time to put your house on the market, you will have creative, intentional spaces to show off to buyers. If you need some assistance, we are here to help! Feel free to contact us for a redesign consultation. We also provide online consultations if you live out of the area or feel more comfortable with the virtual format. We would love to help you re-imagine your work/home life spaces!
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