What’s a better investment for home sellers? Spending a little time and money before listing their home or waiting to see if it’s going to take a price reduction to get it sold?

I did some research on the local market here in Santa Fe, New Mexico. (see the chart below) but you can use this wonderful Trulia chart to understand where your local market is in terms of days on market before a price reduction occurs. It's a powerful reminder of how much it costs when your home sits unsold.
For example:
The average price reduction in Santa Fe is 5-10%. In the 87508 zip code, homes are on market an average of 83 days before price is reduced by 5%. A home priced at $500K then has an average price reduction of $25,000. If that doesn't move the home, then there is a 35% chance it will need an other price reduction.

So the bottom line? Try to avoid letting an unprepared home sit on the market. Staging a home for sale is the smart move.
A home staging consultation starts at $175.
A home staging consultation helps your sellers get their home ready to sell. We'll give them an objective professional opinion on making the most of what they have by maximizing the space and features of their home.
We want to help you get the home sold before a price reduction is needed. It' s proven that home staging reduces days on market and creates a more marketable property both online and with showings.
Let us do what we do best. Create a professionally marketed property that sells ahead of the competition. At Hampton Redesign, a professional home staging company serving the Albuquerque and Santa Fe NM area, we know your bottom line will benefit.
by Tessa Skeens
Hampton Redesign
Professional Home Staging and Redesign
817-891-9563 www.hamptonredesign.com
Serving Fort Worth TX and Tarrant County
RESA National and Dallas Chapter Member
6 Comments on Would you spend $175. to save $25,000 or more?
In my area, there are a lot of vacation style homes...many of them vacant...this is truly a space for staging!
Tessa,
Great job "netting" out the results of staging and what's a great use of dollars in preparing for a sale.
All the best, Michelle
Hi Tessa ~ Sellers usually like seeing the "facts" and you've presented them well here. $175 is a very cost-effective investment that has a terrific ROI!! Good post :-)
Li, I'm glad to hear you're on board. Best of luck to you in BC!
Hi Michelle, it truly is an easy calculation to make when you think about it. A small investment and a couple of hours for a really great return. Thanks for commenting and all the best to you in Atlanta too.
Maureen, I just made up a flyer with the same info for both of the markets I'm in because I think it's a powerful message and hope the REA's here do too. Good to see you!
Tessa, Your chart says it all. Some realtors in my area have started paying for at least a consultation as part of their listing agreement. They say they would rather spend their marketing budget on staging. They know they will spend less on marketing in the long run because the properties sell quicker, for more money, and they get paid sooner.
Hi Karen - that's wonderful to hear! I'm so glad that realtors are on board in your area. What a big difference that can make to everyone involved. It really is a winning combination when the agent and seller are both working together. Thank you for commenting and hope all is well in MD!
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