For the first time in a very long time, many areas of Connecticut are experiencing a seller’s real estate market. Due to its proximity to New York City, Connecticut has seen an influx of buyers eager to flee the masses and settle into a more secluded life. Houses that sat on the market for months to years have been quickly snatched up. Low inventory has led to bidding wars and to offers way over asking.
This market is a great opportunity for sellers to make a lot of money and many people may think that home staging is not necessary and skip the effort of staging. This could not be further from the truth. Here are the top 5 reasons to stage during a seller’s market:
1. VACANT HOMES ARE ALWAYS HARD TO SELL
No matter what type of market we are experiencing, vacant homes are always hard to sell. It is extremely hard for even the most imaginative buyer to envision their life in a vacant home. A study by the National Association of Realtors found like 78% of all expired listings are vacant (NAR).
Custom staging focuses on highlighting the properties unique features, drawing attention away from flaws and creating lifestyle moments that speak to the aspirations of the buyer. Also, an empty room always looks smaller. Since selling real estate is always about selling space you want to make sure that you showcase that space. Without these elements it will be very difficult for the buyer to form a real connection to the home and want to make an offer. We at BA Staging & Interiors specialize in staging unoccupied homes – contact us today for a quote HERE to help you get your home from for sale to staged to sold at top price.
2. APARTMENTS AND CONDOS ARE NO LONGER AS DESIRABLE
Staging is an absolute must if you are selling an apartment or condo during the pandemic. These types of properties are no longer as desirable because people want to be more distant from others. An apartment or condo typically does not offer the seclusion most people are looking for, but these homes must get sold too.
Another study by the National Association of Realtors found that nearly a third of buyers are more willing to overlook property faults in a staged home (NAR). Home staging is a great solution for anyone selling an apartment or condo in this market. With a properly staged home, buyers will fall in love with the home, the idea of living there and are more likely to overlook the location.
Our CORE package is perfect for apartment and condos.
3. AN UNSTAGED HOME LEAVES MONEY ON THE TABLE
An unstaged home leaves money on the table, even in a seller’s market. An unstaged home allows buyers to focus on repairs and updates that need to be made and they are more likely to make a lower offer. On the contrary, staging a home adds perceived value that results in the highest offer. A survey of NAR Realtors showed that professionally staged properties can sell up to 20% higher than if they sold unstaged.
Staged homes also result in a faster sale, which saves the home owner money in taxes, mortgage payments and other carrying costs.
4. STAGED HOMES GET MULTIPLE OFFERS
Every sellers dream is to have a bidding war on their property. We recently staged a home that received three offers all way over asking and sold within one day of being on the market. The Realtor said that the success was absolutely due to the staging, even though we are in a seller’s market.
A properly staged home may result in more offers because it speaks to the target buyer, creates a real connection and a desire to live there. These buyers are most likely to make offers and do what it takes to be accepted. With multiple offers the seller does not have to compromise and will have the luxury of selecting the right buyer with the highest bid.
5. EMOTIONS ARE HIGH
The last reason to stage during a seller’s market (especially this one), is that emotions are high. The mass exodus out of cities and resulting low inventory has created a real sense of urgency in buyers. Buyers need to move quickly and make offers right away. They need to follow their instincts because there isn’t any time to dwell on the options. A staged home creates an emotional connection and buyers are being led by their emotions.
Staged homes look move-in ready. Today’s buyer doesn’t want to waste any time on repairs, updates or additional time or money expenditures before they move in. They are looking for the perfect home and they want to move in today. We can consult you with the right updating strategy that is quick, to the point and will result in the highest return on investment- click HERE to view our services. A staged home that creates a connection and appears move in ready will result in higher and faster sales.
Staging is an investment to achieve the highest priced sale, as quickly as possible. During a seller’s market your home might sell either way. But why would you want to leave money on the table?
IS IT A GOOD TIME TO SELL? Check out one of our latest BA Studio TV episodes featuring Realtor Judy Mitchell.