Selling a vacant home sounds ideal – potential homebuyers have an entirely blank canvas to envision their furniture and life. But for some, the canvas is too blank and can become overwhelming. With the expectations set by some of our favourite Netflix shows, buyers figure that every home is presented at its best. They can be disappointed by the hollow feeling the vacant vibe gives.
The Vice President of the National Association of Realtors (NAR) made a statement about the results of staging. “Staging a home helps consumers see the full potential of a given space or property. It features the home in its best light and helps would-be buyers envision its various possibilities.”
To avoid leaving “all to the imagination,” here are a few reasons why we consider staging with all of our clients.
Empty Rooms Appear Smaller Than They Are
I’ve heard a few people say that an empty room shows how much space there is in the room, making it look larger than it is. In reality - the opposite occurs. We’ve heard comments like, “there’s no way my sectional could fit in here.”
This is because potential buyers don’t have a frame of reference to imagine how much space their furniture will take. Written dimensions won’t help buyers visualize the area as much as an already furnished room can. If a queen bed is in a bedroom, they will understand a queen bed can fit in there. Virtual staging is always an option if the timing is tight and at least the buyers won’t be left to their own doubts, wondering what could possibly fit in that space.
Staged Homes On Average Sell 70% Faster Than Unstaged Homes
When it comes to selling property, we know the less stress the better. Typically that means getting you the sale price you want, in as little time as possible. The longer your house is on the market, the more people will try to buy it for less, imagining that something is wrong with it. A vacant home’s best strategy to sell for what you want is to stage and furnish or lower the price.
Staging Puts Money In Your Pocket
According to the National Association of Realtors, staged homes typically see an 8-10% return on a 1-3% investment. Any financial advisor would love to see that return on investment! This has to do with psychology. If a buyer falls in love with a house, they are willing to pay to get it. A staged home supports higher listing prices because it highlights the best features of a home. This makes falling in love with it so much easier. Picturing a lively atmosphere in the living room instead of wondering if the couch to coffee table ratio will work is ideal.
Staging Creates A Lifestyle That Appeals To The Home’s Target Demographic of Buyers
Just like any market, real estate has target demographics. Knowing who you are selling to will help you market your home effectively. One of the most important things to know is that people buy homes not houses.
A vacant house does not support a lifestyle that comes with the home. It can take longer for a buyer to form a bond or attachment. According to Forbes, it takes 7 seconds to make an impression, good or bad. Don’t leave it to chance by hoping the buyer has a precise imagination!
NAR states 82% of buyer’s agents said staging made it easier for a buyer to visualize the property as a future home. Show them why they want to put in an offer, asap!
Are you thinking about selling your home and want to make sure that it sells for what you want? I would love to discuss with you the options of selling your home staged, as is, or vacant. Each of these will yield different results depending on your property. Reach out to me here and I’d love to help you make this decision based on what’s happening in your neighbourhood.