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As the professional home staging industry gains respect as an essential and integrated component of the international real estate industry at large, the demand for valid industry performance statistics has also increased. However, the reality is that home staging statistics for "days on market" and "contract versus listing" prices vary significantly due to differences in regional real estate markets. In 2009, the Canadian real estate market fared much better than the U.S. market, which suffered an extraordinary decline because of the banking crisis and recession. Furthermore, regional differences can also be significant. However, the common fact remains that irrespective of location and/or market conditions, professionally staged properties sell faster and for more money than comparable properties, which are not staged.
Charleston, South Carolina;)
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5 Comments on "Home Staging Trends in North America and Industry Outlook for 2010"
How much does it cost to hire someone to stage a home?
Angela- Thanks for sharing the information. I was just speaking with a friend/stager today about home staging statistics, days on market and whether or not we should count when a home is first presented with a contract or when it actually closes as the benchmark for our stats. Whatever we choose, we need to be able to show our clients and Realtors the facts.
There is no standard answer Leslie. "How much?" is affected by location, size of house, condition and what the stager is needed to do. A standard pricing formula is 1-3% of list price.
CSP has a special course for Real Estate Professionals which explains in detail the factors of price, along with how to incorporate staging services into your real estate business. (How to take advantage of the marketing leverage, attract new clients, etc....using home staging.) It doesn't teach the agent how to stage, but it does teach the agent how to get the homeowner on board with preparing the home for sale.
The course is the CSP ELITE Program. It provides a 2 yr designation for Real Estate Professionals. It is hard to make a decision to offer staging if you can not answer the questions the home sellers may have. We understand this. Price is one of the top questions, and because there is no standard answer, it is crucial for agents to understand more than the $ figure, so they can relay to their clients. It is no longer a question "does staging work?"...we know it does, the question is how well does it work and how much does it cost and how can we explain it to the homeowner who needs to pay for it.
I hope this answers your question and wasn't too long winded...chuckles.
Kathy - If I was taking the time to prepare my own company statistics I would do both. I would highlight both figures. (# DOM after staging to contract, and # DOM to closing with # average listing price.) I would do this for the main reason that as a stager you only have control over getting the contract. How long they choose for closing is not in your control, however, by providing both stats you are eliminating the doubt of validity of your statistics, while showing that working with your staging services can get them to contract faster!
The report above gives an overview of staging trends in North America and the industry 2010 outlook. It does not state DOM and average Listing Price. This is because the data is not there to do this accurately across North America. There are MANY CSP stagers who calculate their own personal stats in their local markets (we have a special tool in the resource centre which assists them in calculating.) There is a directory at the back of the report, you will see how with missing data from some states, cities and provinces, giving an average DOM and Listing price would be difficult. The overview and outlook gives a valid insight into the industry as to what is happening across North America. Please enjoy and be sure to pass the link on!!
I have only used the 'DOM to contract' on our stats spreadsheet. If it will help eliminate any doubt of validity than I will definitely add the extra column. Thanks for clarifying the reason for this, Angela.