Staging is an essential aspect of real estate that involves preparing a home for sale by making it more visually appealing to potential buyers. The goal of staging is to make a property look its best so that buyers can see themselves living in it, which can help to sell the property faster and for a higher price.
According to the National Association of Realtors (NAR), 83% of buyers' agents say that staging a home makes it easier for buyers to visualize the property as their future home. Additionally, 28% of sellers' agents reported that staging a home increased its value by 6% to 10%.
Here are some data-backed reasons why staging is critical in real estate:
1. Staged homes sell faster
The longer a property stays on the market, the more likely it is to receive low-ball offers. According to a survey by the Real Estate Staging Association (RESA), staged homes spend an average of 73% less time on the market than non-staged homes. This means that staging can help to sell a property faster, which can be especially important in a competitive market.
2. Staged homes sell for more money
In addition to selling faster, staged homes often sell for more money than non-staged homes. According to the same RESA survey, staged homes typically sell for 6% to 20% more than non-staged homes. This means that even though staging can require an upfront investment, it can pay off in the long run by increasing the final sale price of the property.
3. Staging helps buyers visualize themselves in the space
Buyers want to be able to envision themselves living in a property before they make an offer. Staging can help to make this easier by removing clutter, depersonalizing the space, and highlighting its best features. In fact, the NAR survey found that the most commonly staged rooms were the living room, kitchen, master bedroom, and dining room – all areas where buyers are likely to spend a lot of time and want to imagine themselves relaxing or entertaining.
4. Staging can be cost-effective
While staging can involve hiring a professional stager or renting furniture, it doesn't have to be an expensive process. Some simple staging techniques, such as decluttering, cleaning, and rearranging furniture, using neutral colors to create a calming and inviting atmosphere, adding some plants or flowers to bring life and color to the space or ensuring appropriate lighting is used to create a bright and welcoming atmosphere, can be done on a budget and still have a significant impact on the appearance of a property.
In conclusion, staging is an essential element in the realm of real estate that holds the potential to accelerate the sale of a property while generating a more substantial profit. Its ability to showcase a home's most attractive features and enhance its aesthetic appeal for prospective buyers allows them to envision themselves living in the space, leading to increased purchasing decision.