Home staging is cheaper than your first price reduction. According to Trulia, within 78 days, the average seller has discounted their home 8% in price reductions, while hiring a home stager typically costs 1.5% or less (Source: Trulia 2012 study).
Often times, the longer a house stays on the market, the further the price drops. A real estate agent may suggest a $5,000 or $10,000 price reduction for a home but the cost of home staging services is less than your first price reduction. On average for a Texas home 2,501-3,000 square feet in size, vacant staging is $2,500-$4,900.
Home sellers often question the worth and costs of home staging. As you prepare to sell possibly one of your largest assets, presentation shouldn’t be overlooked. Staging a home first can equal money savings. Staging can reduce the time on the market, increase the value, and save money in carrying costs selling faster. Home staging can increase the value of a home and costs a fraction of a price reduction.
Check out this recent report from the Real Estate Staging Association to see the statistics:
Source: 2018 RESA Home Staging-Statistics
Still don’t believe how much people are saving by staging your home? Let’s Do the math:
Un-staged homes spend an average of 107 days on the market before staging. After staging, these same homes sold on average in 25 days. Homes that were staged prior to going on the market sold on average in 18 days, therefore homes that were staged first spent 86% less time on the market. This study shows 132 days on the market on average when the home was not staged prior to listing then staged. 132 days is 4 ½ months on the market versus less than 3 weeks on the market for homes staged prior to going on the market.
How much money could you save by staging your home before listing? Monthly homeowners have to pay mortgage costs and expenses or carrying costs to maintain a home. Monthly carrying costs can include electricity, lawn care, pool care, water, home security, or any other expenses associated with the upkeep of the home. Not staging your home will lead to longer days on the market and continuous expenditures on mortgage and other monthly expenses.
How much money could you save by staging your home before listing?
For a home with $2,400 mortgage and $1,000 expense each month
$3,400 versus $17,000 is a huge difference! This homeowner will save $13,600 just by staging first. A home that is not staged will spend more time on the market and the homeowner will continue to spend money while the home is on the market un-staged. Staging a vacant home usually costs less than one mortgage payment but the value added on average will save more than three mortgage payments.
Price reductions are considered after a few weeks and no offers on the home. Within 78 days, the average seller has discounted their home 8% in price reductions, while hiring a home stager typically costs 1.5% or less. (Source: Trulia 2012 Study)
Save by staging first! Stage your home prior to listing to increase the value and reduce the days on the market. Carrying cost, mortgage payments, price reductions, and increased days on the market will cost. Remember- home staging is cheaper than a price reduction. As a seller, do you want to discount the listing price of your home, as it sits on the market with no offers, without staging?