In a Balanced Market
Staging helps sell the house faster for the asking price .
In a balanced market or a buyer’s market, houses don’t sell very fast in general.
In a balanced market, sellers normally get close to asking price, while homes generally sit on the market for an average or typical length of time, which varies.
Housing prices remain stable. Buyers usually have a sufficient number of homes to compare and choose from.
They can take time to decide which one they want to put an offer on.
Since sellers normally get close to asking price, staging can help the seller minimize the gap between the offering price and asking price in addition to sell the house faster than others that don’t stage.
In a Buyer’s Market
Staging works similarly in a balanced market.
Staging helps sell the house faster for close to or the asking price .
In a buyer’s market, Sellers have many competitions, and buyers have more options to choose from.
With so many homes on the market, buyers can be pickier about things such as the curb appeal, what renovations or upgrades have been done, and, most importantly, the price.
This means that home sellers highly motivated to sell may need to put more efforts to sell their houses by fixing up the properties, renovating an old bathroom/kitchen and improve the curb appeal to get even a decent offer.
How does staging help bring the most value out of renovations?
Since buyers have more power to negotiate pricing in a buyer’s market, a homeowner who needs to sell their home quickly may be more open to accepting a lower offer.
If as a seller, you have upgraded the floor, the kitchen and bathrooms, but you didn’t upgrade the furniture and décor to elevate the interiors, or you left the house vacant, it can diminish lots of the efforts you put into the renovation.
This may lead to buyers not be able to see how beautiful the space may potentially look, and how they can function well in the space.
As a result of lacking imagination for interior look and functionality, buyers tend to offer a lower price than you should get in a slow market.
The renovated space speaks for itself, however it still needs the finishing touch to bring the most value out of it.
Home staging helps buyers speed up decision making process among all the choices and minimizing the gap between the offering price and asking price.
Staging is very important in this kind of market. It helps the seller not only retain the investment of renovation, but also get the most out of it.
Beautifully staged with inspiration for functionality, buyers have a tangible image of how beautiful the home could look and how they may live there.
They don’t have to go back and try to figure out in their head where to position the sofa and chairs to look good and function.
With everything done right including priced well, the staged house is the best presented.
It is no surprise that the staged house tends to sell first for a better price for the sellers in a slow moving market among the similar listings.