It's Still a Business for them...Staging Can save Lenders
I read this blog the other day by Tori Toth and feel it is really worthy of a re-blog.
This is a one subject I feel strongly about that would definitely start a change for the good.
Attention Banks, Banker, Lenders, with property inventory. It's time to let go.
Please direct all comments to Tori Toth.
As foreclosures and banked-owned homes continue to dominant the real estate market in many parts of the country, neighborhoods sit stagnant as they wait for banks to make a move. With financial institutions still looking to get the most money from homes they now own, price is the only strategy they're using to get these homes occupied.
In order to attract a buyer to a home though, it's more than just price. The home also has to show well and be marketed properly. Banks should look into using these other methods to help sell the vacant properties. Home staging is a minimal investment to getting the home sold when you look at the overall carrying cost on a foreclosure property that estimates well into the tens of thousands of dollars.
Foreclosed properties are usually vacant and in many cases rundown, so what will attract a potential buyer to a home that brought bad luck to its previous owners? Creating a lifestyle through home staging to show off the properties potential, only 10% of buyers can imagine themselves living in a vacant home because they just can't see the big picture. Staged properties create purpose, ideas, and interest to buyers who are then more willing to open their wallets.
When the home shows well through furniture, accessories and highlighted details it becomes much easier to market the home. The property's pictures will have a huge impact in getting potential buyers to the door and the more people who see the home the greater chance of the place selling faster.
When a foreclosed home doesn't sell, it ends up at auction, the worst place for a lender to be because they lose their potential profit. With foreclosures banks tend to lose money, but if they invest a small amount into home staging, the house will sell in a shorter period of time and retain more of its value during the traditional real estate process.
So, think before blowing out the price as the only sales strategy. Invest a little for a bigger return. Foreclosed homes are bad for business. It's not only a burden on the homeowner, but it can mean a huge loss for lender business, neighborhoods and even communities.
© Copyright 2010 Stylish Stagers, Inc. All Rights Reserved
By Tori Toth Owner/Lead Designer, Stylish Stagers, Inc. (NYC Metro, Central NJ, Columbia, SC, Miami and Phoenix) www.stylishstagers.com
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