A National Association of Realtors survey reveals home staging continues to be a significant part of the homebuying and selling process; in fact, it has become an even more important sales tool during the coronavirus outbreak. According to the biennial report, the 2021 Profile of Home Staging, 82 percent of buyers' agents said staging a home made it easier for a buyer to visualize a property as a future home.
"Staging a home helps consumers see the full potential of a given space or property," says Jessica Lautz, NAR's vice president of demographics and behavioral insights. "It features the home in its best light and helps would-be buyers envision its various possibilities."
At the start of the pandemic, with in-person open house tours restricted, buyers had to rely on photos and virtual tours in their home search. Eighty-three percent of buyers' agents said having photographs for their listings was more important since the beginning of the pandemic, 74 percent said the same about videos, and 73 percent said having virtual tours available for their listings was more important in the wake of COVID-19.
The NAR report also states staging increased the sum buyers were willing to spend for a property. Twenty-three percent of buyers' agents said home staging raised the dollar value offered between one and five percent, compared to similar homes on the market that had not been staged. Response from sellers' agents was coincidentally nearly identical, with 23 percent reporting a one to five percent price increase on offers for staged homes.
Eighteen percent of sellers' agents said home staging increased the dollar value of a residence between six and 10 percent. None of the sellers' agents reported home staging had a negative impact on the property's dollar value. Moreover, 31 percent said home staging greatly decreased the amount of time a home spent on the market.
Living rooms (90%) and kitchens (80%) proved to be the most common rooms staged, followed closely by master bedrooms (78%) and dining rooms (69%). As many workers were forced to work from home due to the pandemic, the survey found 39 percent staged a home office or office space.
Joanne Fraser, president of the Silicon Valley Association of Realtors, says the pandemic has given rise to the popularity of virtual staging services that showcase a property in designs to suit buyers' tastes. "These services virtually place furniture to fit the dimensions of a room. They can remove unnecessary details, so buyers can imagine themselves in the home. However, buyers' agents should advise their clients that virtual staging shows how a house or room can look like and not its present state."
Fraser adds, "I would advise sellers who are considering preparing their home to sell to connect with a trusted Realtor. Realtors have the experience of being inside homes for sale and get a sense of buyers' expectations and homes that are selling quickly in your particular neighborhood. A Realtor can advise you on whether or not to stage your home and, if so, which particular rooms would benefit from staging."
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
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