While it is true that home staging can help you sell your home faster and for more money, it cannot increase your home’s market value. Some people are going to become confused by this statement, but it is important to understand what home staging can and cannot do for you when selling a home. Ultimately, home staging is not a magic bullet that can make your house worth more than it really is.
The goal of home staging is ultimately psychological and emotional. When a home buyer walks through your home, staging will help the buyer see themselves already living there. It is that emotional buy-in that helps you sell your house. Home staging manifests a positive environment and creates a good impression. The increased buyer appeal then will help motivate faster and more favorable offers.
That said, your home’s market value is often not impacted by cosmetic improvements. In fact, when a home appraiser submits their market value report, it is supported solely by data and statistics. Moreover, since the end of the Great Recession, appraisals have become so stringent as to have gotten some media attention. Essentially, what many owners believe their home is worth is often much different than their appraised value. Nevertheless, when it comes to market value, up to date maintenance has a greater impact than cosmetic improvements.
Ultimately, the benefit of home staging is avoiding slow and low offers. According to the International Association of Home Staging Professionals, 95 percent of staged homes sell in 11 days, on average, and for 17 percent more. Non-staged homes will sit on the market for 90 days on average. Consequently, the longer a home sits on the market, the more likely there is a reduced price or concessions made. So, while home staging cannot improve a home’s actual market value, it does help ensure you receive a fair and favorable price.
Do you have questions? What haven’t we covered yet that is important to you? If you would like to talk about what home staging can and cannot do for you, or a related topic, please contact us.
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