It is March and the Northern Virginia Real Estate season is heating up along with the Spring temperatures outside! Today’s market can be challenging to navigate, but never fear, we have consulted the experts and are ready to share with you what we have learned and why home staging matters in 2024 more than ever before.

The NOVA Market Conditions

If you are considering entering the real estate market this year as a buyer or a seller, there are some things you need to know. The January year over year numbers are in with Virginia racking up only 31 more home sales over January 2023. Interest rates have stabilized in the 6-7% range (with buydowns inching you closer to 5%) and are predicted to drop throughout 2024. Overall housing values in the Commonwealth appreciated 6.6% with a median price of $650,000 according to a report by the National Association of Realtors. Predictions for 2024 reflect a drop in inventory and sales for all housing types with a particular demand for townhouses and an increase in prices due to a lack of inventory. Entry level housing trends demonstrate less interest in condominium sales with their high monthly fees and more interest in lower price point townhouses, demand, therefore, inflating their price tag. Inflation and still high interest rates are continuing to make home ownership more out of reach for many first-time buyers.

So, what does it all mean?

Today’s Buyers

Buying a home today is not easy. Rates are still high; inventory is still low, and homes are selling above asking price with multiple offers in ridiculously short time frames. Properties are selling sight unseen or after only a brief tour. Northern Virginia Association of Realtors (NVAR) reports that over 97% of homebuyers previewed homes online and almost half of the homes viewed were viewed solely online. Due to the lack of inventory available, buyers are being forced to make incredibly quick decisions often without the benefit of contingencies and inspections. They are more likely than in previous years to “go with their gut” and make an offer based on looks alone. Not great for dating, and certainly risky for one of the biggest financial investments of a lifetime!

Where does that leave home sellers?

Everything outlined above indicates (screams) that we are in a seller’s market, so congrats to you, home sellers! It would be easy to think that with the current market conditions, you can just sit back and enjoy the ride but, if you are a seller in today’s market, hold on tight, as you are in for a wild and lightning quick adventure! Yes, market conditions are such that your home will sell, however, you will also most likely be on the buyer’s side of another deal in this same climate. This is not a time to leave money on the table! With home prices up and giving up that lower mortgage interest rate, you need to walk away from you home sale with the best possible return on your investment.

How to get the best ROI on your home sale

Obviously, the best way to get the highest ROI (return on investment) possible is by calling in the pros. A good real estate agent is worth their weight in gold, and we always recommend working with a reputable licensed agent. They understand how to navigate the current market and attract the most buyers. They will help you develop a marketing plan that includes appropriate pricing strategies, advertising efforts and staging. Staging is actually a critical part of any home’s marketing strategy.

Is staging design or marketing?

Yes…to both! Home staging is much more than just a pretty face (or sofa, as the case may be). Staging is targeted marketing and increases the perceived value of the home. As we mentioned before, nearly 100% of home buyers view a property online before deciding whether to even set foot inside of it. That means the online presence is of utmost importance. Professional photographers know how to use light and camera angles to show off a property, but the experienced stager knows what the buyers want to see in those photographs. Professional stagers do not simply decorate a home. We do follow current trends and use furnishings that showcase a home in a way that appeals to most buyers, but staging also involves much more. Furniture placement should improve the flow of the home, highlight its architectural details and direct attention to its unique features. Good staging helps elicit emotional responses from buyers that help them to envision themselves living in the space the way that they would like. Nice furniture and pretty décor can, indeed, grab the attention online, but it must also demonstrate the function, dimensions and intended use of the space.

You can’t argue with the numbers!

According to a poll conducted by Homelight, 81% of buyers’ agents said that staging made it easier for a buyer to visualize the property as their future home and 89% of buyers’ agents cited home staging as having some effect on buyers’ view of a home. Over 65% of the 900 realtors polled believe that staging helps a house sell for more money, with the majority of realtors believing that home staging increases a property’s selling price anywhere from 1-10%, yielding up to 550% return on investment. Nearly 85% of realtors agree that a staged home will sell faster than an unstaged home (an average of 73% faster) and for more money (around 5% or a median of $32,000). That is a lot of $!

The Take Away

In today’s real estate market it is vitally important that your home is shown at its best, both online and in person, so that it excites and brings the buyers in. Yes, your home will eventually sell, with so much demand and so little inventory, but a fast sale means less time on the market, less paid in overhead holding costs, less need of a price decrease and more views, more offers and more money in your pocket! Staging is one of the most lucrative home marketing techniques with incredible rates of ROI and should be a part of every real estate marketing plan.

If you are considering selling this Spring, contact us and we can help you! And if you happen to need a referral to a Real Estate Agent, please reach out. We work with the best of the best.

Let us shine the spotlight on your home!