Tuesday, November 20, 2018

What Are You Waiting For?

What Are You Waiting For?

        The band Nickelback wrote a song titled What Are You Waiting For.  It asks an unidentified person what they are waiting for. Then gives a series of answers that implies hesitation unless everything is perfectly in line, thus avoiding making a mistake.  The lyrics continue suggesting that by waiting an opportunity is missed.
      In the past few months I have been hired to stage properties that have languished on the market.  Despite a very hot sellers market over the spring and summer no offers were made on these houses.  Following my suggestions to improve the houses with paint and sometimes updates, as well as,  staging major rooms, each house sold in a week or less once completed.  One property in particular,  I was hired in June by the real estate agent  to do a consultation.  At the time of the consult, I and the agent urged painting the first floor of the house.  I also strongly advised staging the major rooms to include the front living area used as an office, the dining room, kitchen, family room, master and baths.  The kitchen opened into the family room. This combined space, was long and narrow similar to a bowling ally.
      The sellers bought another house, in another state and moved.  This property was now vacant.  A vacant house shows every flaw, damaged walls, uninviting paint colors, dated fixtures etc. The owners believed since it was such a great market, it would sell, so why spend money on painting and staging?  After 3 price drops, I contacted the agent and asked if she would mind if I contacted the sellers to see if they would reconsider painting and staging.  Here are some of the facts I presented to these sellers.

  1. Buyers start their shopping online by looking at the MLS.  ( This house had photos taken while they still lived there.  Their furniture looked old and worn.  As stated before the paint was not a neutral color that would appeal to buyers.)  Leaving the house in a dated condition eliminated many potential buyers.  Photos on the MLS is your first chance to attract a buyer.  
  2. Once in the house, a buyer will spend only 15 seconds deciding whether or not they like it.  If their first impression is good, objections become minimal.  If the buyer dislikes the house, they will usually find many things to complain about.
  3. Only one in ten individuals can visualize what a house may look like with different paint color, updates, and different furniture.  If left vacant, again only 1 in 10, sees how furniture will work in the property.  By sitting back and not updating and staging a seller eliminates nine out of ten buyers.  That is 90% of buyers.  Are you willing to take the chance that buyer number 10 is going to walk through your door and buy?  
  4. Sellers often look at staging and painting as a cost instead of an investment. I asked these sellers to adjust their thinking and realize they were investing.  Do you know painting a property in the right neutral color has a return on investment of 200%?  Staging statistics vary anywhere from 200 to 400 % return and in some areas of the country as high as 700%.  I don't know about you but I don't have any investment yielding me returns like these.
     RESA Stats
  5. According to statistics gathered by RESA, the Real Estate Staging Association, a house that is staged first, sells 90% faster than its unstaged competition.  If it is staged after being on the market, it will also seller faster.
  6. As long as you still own the house you are selling there are cost associated with it.  The seller will still pay taxes, utilities, monthly maintenance cost such as lawn care or snow removal, and a mortgage payments if it has a bank loan.
      So what are you waiting for?  If you are selling your house, do the smart thing STAGE.  Please make the necessary improvements and stage your home.  This not only will reduce the time the property is on the market, but also maximize your profit.
Family room after
Family room before

          Need help with the sale of your house?  Contact us Staging Designs by Deborah LLC         

1 comment:

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