A new survey from the National Association of Realtors (NAR) has some hopeful news for agents – just in time for the spring buying season.
According to the report, more than half of sellers’ agents said that staging a home decreases the amount of time a home spends on the market, with 25 percent saying that it greatly decreases the time and 28 percent saying it slightly decreases the time.
And 83 percent of buyers’ agents say that staging makes it easier for buyers to visualize a property as their future home, according to NAR’s 2019 Profile of Home Staging.
“Buying a house is more than a financial decision. It is an emotional decision as well,” NAR President John Smaby said in a news release. “Buyers aren’t just making an investment in a property, they are purchasing a place to call home; to raise their children; to begin a new chapter, or to retire to a new season of life. Realtors understand the importance of making a residential property as welcoming and appealing as possible to potential buyers. While every Realtor doesn’t use staging in every situation, the potential value it brings is clear to both homebuyers and sellers.”
The report also studied how homebuying television shows are impacting Realtors’ businesses as well as homebuyers’ views on the homebuying process. Thirty-eight percent of respondents said TV shows that display the homebuying process have had an impact on their business, while 32 percent say they witnessed no impact and 31 percent say they do not know if they have an impact.
The report found that a median of 20 percent of buyers were disappointed by how homes look compared with homes they see on TV shows. Thirty-nine percent of respondents stated that buyers found the homebuying process to be more difficult than their expectations. A median of 10 percent of respondents cited that buyers felt homes should look the way they do when staged on TV shows.
Forty-four percent of buyers’ agents reported that staging a home increased the financial offer on a home. Twenty-five percent said staging a home increases its dollar value by 1 to 5 percent and 12 percent said that it increases the dollar value 6 to 10 percent. Twenty-nine percent of buyers’ agents stated it has no impact on dollar value. Only 1 percent of buyers' agents felt that staging has a negative impact on a home's dollar value.
Sellers’ agents report even more value added from staging: 22 percent reported an increase of 1 to 5 percent in dollar value offered by buyers, 17 percent reported an increase of 6 to 10 percent, 5 percent reported an increase of 11 to 15 percent and 2 percent reported an increase of 16 to 20 percent. No sellers' agents reported a negative impact from home staging.
“Realtors have the expertise and local market knowledge to know which properties and specific rooms will benefit the most from staging, which is why working with a Realtor is so vital for sellers in today’s housing market,” Smaby added.
Cover Story: