Home staging is a common marketing strategy that has been employed by sellers for many years. The main benefit of staging a home is that it helps consumers see the full potential of a given space or property. By showcasing the home in the best possible light, it greatly assists prospective buyers to envision the various possibilities. In the end, the goal is to make any potential buyers be able to imagine themselves living in the home. A recent report from the The National Association of Realtors® (NAR) shed some more light on this topic.
The 2021 Profile of Home Staging
The 2021 Profile of Home Staging is a biennial report on home staging that contains insights from both buyers’ and sellers’ real estate agents. Some of the key findings of this report were as follows:
- 83% of buyers’ agents said that having a property professionally photographed has become increasingly important since the pandemic.
- 74% of buyer’s agents said that having a professional video of the property has become more important recently.
- 23% of buyers’ agents said that a staged home saw an increase of between 1% to 5% in dollar value compared to similar homes on the market that were not staged.
- 18% of sellers’ agents stated that home staging increased the dollar value of a home by 6% to 10%.
- 31% of sellers’ agents said home staging decreased the amount of time a home spent on the market.
The South Florida real estate market is as hot as it has ever been. With this said, many sellers may think that staging is an unnecessary step. Although it is likely that an appropriately priced home will sell quickly in the current market, effectively staging and marketing a property can also lead to higher sale prices.
Since the start of the pandemic, professional property photos and videos have become even more critical. This was particularly critical during the initial lockdowns during April and May of 2020 when in-person showings were prohibited in many areas of the country. Fast forward to the current market and these photos and videos are equally important even though in-person showings are more commonplace again. The reason for this is because of the increased number of sight-unseen home purchases being seen in the current competitive market. Needless to say, many of these purchase decisions are being made solely off of online listing photos and videos.
As for the most common rooms that are staged, The 2021 Profile of Home Staging report showed the following:
- Living room = 90%
- Kitchen = 80%
- Master bedroom = 78%
- Dining room = 69%
- Home office = 39% (this is a new finding since the start of the pandemic)
Do you have questions about how to sell your property in South Florida? Contact Live South Florida Realty, Inc. today for your free property consultation.