Home staging affects a buyer's overall impression of a property, but does not prompt them to spend more than a home that is not staged. That's according to a new study by the College of William and Mary.
802 study participants were shown illustrations of six homes. Each of the properties was shown in both appealing and outdated styling. Participants were asked how much they would be willing to pay for the homes. The amount was approximately $204,000 regardless of whether the home was nicely staged or not.
Interestingly, while the participants would not offer more money for the staged properties, they believed other buyers would be willing to do so.
Many experienced realtors swear staged homes sell faster and for more money than homes in outdated or cluttered decor. The study did not address timing, it only dealt with cost.
Here is an example of a Cape Cod home that sold last year. It was vacant and offered at $384,900 without any furniture, new paint or repair. After 6 months and a price drop to $369,900 the sales contract expired and the owners listed with another realtor.
The second time, the property was cleaned up, freshly painted and staged with crisp modern furniture in a popular coastal style. Even with the changes, the price was lowered once again, to $339,000.
93 percent of buyers begin their home search online. What do you think about the two versions?
The first selling agent didn't post a lot of photos. The second agent offered several to show off the staging. Here are some more.
There you have it. After 78 days on the market, the home sold for $330,000 -- $45,900 less than the original asking price and with a few thousand dollars invested in paint and staging.
Do you think the staging sold the home? Or was it more an issue of the reduced price? If you're a homeowner, how do you think the sellers of this property feel now? Was it a fair deal for them?
Please weigh in.
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