The Real Estate Staging Association (RESA) just released the 2009 Staging Statistics Report. RESA found that last year staged homes spent 78% less time on the market. To a seller this means you save thousands for every month your house is not on the market, and it means the stress of living with a house on the market is much shorter. These are just a few of the benefits of staging and they can really add a lot of money to your bottom line.
Here is just some of the information contained in the report.
The study includes 87 vacant homes (not staged) previously on the market an average of 277 days unsold. Those homeowners had their properties staged. Those same homes sold in 63 days on average after staging. This is 78% less time on the market.
The study includes 39 occupied homes (not staged) previously on the market an average of 233 days unsold. Those homeowners had their properties staged. Those same homes sold in 53 days on average after staging. This is 78% less time on the market.The report goes on to talk about just how much money a homeowner actually saves by staging.
Our study shows 126 homeowners had their property on the market on average of 263 days before they decided to stage. 263 days = 9 months!!!
Our study also shows 284 homes that were staged before they went on the market and they sold on average in 40.5 days. This is approximately 223 days less time on the market.
223 days = 7 months
As an example, using this formula you can determine approximately how much money you will continue to spend while your home is on the market un-staged.
If your mortgage is : $1800.00
If your direct expenses are: $300.00
Total carrying cost per month: $2,100.00
Our study shows home owners had their property on the market for an average of 9 months. $2,100.00 X 9 months = $18,900.00 in expenses.Had those homeowners staged first, their time on market would have been cut by 223 days on average (7 months). $2,100.00 x 7 months= $14,700.00
Staging their homes first would have saved them $14,700.00.These numbers are all relative to individual mortgage and expenses. Use this simple formula to determine how much you will save by staging your home or listing before putting it on the market:
Mortgage + expenses (utilities etc.) = Monthly expenses
Monthly expenses X 9 months (avg. time un-staged) = Cost to list house un-staged
Savings: Expenses x 7 months (average time on market reduced) –staging fee =Savings if you stage your house first!
** If you have a price reduction you can also add that into the loss you are taking by listing a property un-staged
The report goes on then to talk about the Homegain study. You can read the full RESA report here.
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