Sales of new single-family homes fell 22% in September 2108 from their 2017 peak, The Atlantic reported. Still raw from the effects of the Great Recession many are questioning if the 550 point meltdown of the Dow Jones Industrial Average just before Thanksgiving 2018 combined with dropping housing prices are signs of the next recession. One thing is abundantly clear, if you’re going to sell your house there is no advantage to delay. If housing prices continue to fall then competition for a sale will become more fierce. What does that mean for sellers? Unless your home is magazine photo shoot ready, you definitely need staging.
The overwhelming majority of buyers shop for their new home online so how a home presents in photographs has never had such a huge impact on home sales. A home that does not present well online can miss out on even being shown to buyers. Along with the competition in resale inventory, sellers also have to compete with new home builders offering Interior Designer staged model homes, community amenities, and special financing programs. The level of competition for sellers has risen which has made staging more necessary than ever.
Shortsighted sellers who resist spending money on staging are feeling the effects with 90% more time on the market and significantly lower sale prices. A study of 1,081 homes by the Real Estate Staging Association found that un-staged homes spent an average of 184 days on the market before staging. After staging, those same homes sold within an average of 41 days. In comparison, homes that were staged before going on the market sold within an average of only 23 days.
With so much exposure in media like HGTV most consumers are aware of what Realtors have known for decades, the positive return on investment from staging. Now that the housing market has slowed the competitive edge that staging brings is critical for sellers to avoid sitting on the market too long as prices edge down further. Sellers who remember how quickly the housing market took a downturn 10 years ago are rushing to market and calling Interior Designers and Stagers to help them edge out the competition, before it’s too late.