The study results are in! The Real Estate Staging Association has released some interesting data collected from real estate markets across Canada and the US in 2010. SO, is it worth it to stage your Vancouver home? You be the judge! The study includes the following:
Stale Properties
- 87 vacant homes (not staged) at an average of 277 days on the market, unsold. Those homeowners decided to take their properties off the market to stage them. Those same homes sold in 63 days on average. This is 78% less time than a non-staged home.
- 39 occupied homes (not staged) previously on the market at an average of 233 days, unsold. Those same staged homes sold in 53 days on average after staging. This is also 78% less time than a non-staged home.
New Listings
- 117 vacant homes were staged before they went on the market. Those homes sold in 42 days on average.
- 167 occupied homes that were staged before they went on the market. These homes sold in 39 days on average.
The RESA study shows 126 homeowners had their properties on the market for an average of 263 days before they decided to take them off for staging. 263 days = 9 months!
The RESA study also shows 284 homes that were staged before they went on the market and they sold in an avergae of 40.5 days. 233 days LESS = 7 months!
The benefits of staging appear to be pretty obvious but let’s take a look at something else. Everyone seems to be (understandably) concerned about the costs associated with staging but the real question is... can you afford not to? Not only do homes sell faster and for more money but have you ever stopped to think about your carrying costs as well?
For example:
- Your mortgage per month = $1800.00
- Direct expenses per month = $300.00
- Total carrying costs per month: $2,100.00
RESA’s study shows homeowners had their property on the market for an average of 9 months. $2,100.00 x 9 months = $18,900 in expenses. Likely, you can also add at least one price reduction to that.
Had those homeowners staged first, their time on the market would have been cut substantially…by 7 months saving them $14,700.
Of course there is normally a price tag associated with staging as well... however at North Shore Realty we provided you with a free consultation and basic staging as part of our home seller’s package, at no cost to you.
If you would like a complete marketing analysis conducted on your property, feel free to contact us and set up your hassle-free appointment today. Get listed to SOLD faster!
