Selling a Home: Is Home Staging for You?
Is home staging really a smart move for selling a home or just going over the top?
When it comes to cutting through the hypes the proof is always in the numbers. So what are the home staging statistics you might want to know when selling a home?
- The U.S. Department of Housing & Urban Development reports staged homes sell for 17% more than their counterparts on average
- The National Association of Realtors puts the ROI on home staging at 8 to 10%, with some sources putting the return on individual items as high as 586%
- ASP claims staged homes sell 83% faster on average
- A survey of real estate agents reported improvements ranging from $80 to $2,800 yielded the best returns, beating out some major renovations by those rehabbing properties
So according to the data home staging results in selling a home faster, for more money and delivers the highest return of any home improvements.
This certainly suggests home staging is a savvy move for individual homeowners selling a home as well as real estate investors flipping houses.
Fortunately, home staging doesn’t have to cost a ton either, nor mean getting too sweaty on the weekends. Simply cleaning up, organizing, adding new accessories like hardware, lighting fixtures and window treatments or renting furniture and appliances can make a big difference. In many cases you can even take your favorite items with you when you sell a home or move them to your next investment property.
Of course those homeowners who are behind on their mortgages or who are underwater need to carefully weigh the costs of any improvements, no matter how small before whipping out the credit card or putting up the last of the savings.
If you won’t get out of the hole by doing improvements, or if potential buyers are likely to completely redo the home or tear it down anyway it may be smarter to conserve your resources and consider a quick cash sale.