When you reduce the price of a stagnant home, you will never get more than that asking price (unless you reduce it so much you create a bidding war.)
When you keep the price the same but increase the home’s value, you will get more money for your client and more commission money for you.
How do you increase the value?
Staging a home
• Adds warmth and good emotions--Buying a home is an emotional decision!
• Plays up the positives and plays down the negatives
Features fireplaces, for example
Distracts from fireplace-less rooms by choosing another focal point, e.g.
• Allows buyers to get an idea of what the home might look like with their own things in it
In furnished homes, personal items and personalized decorating are removed
In vacant homes, furniture gives buyers a sense of what fits
• Sells it faster and for more money (see statistics on stagedhomes.com)
Staged homes sell 50% faster than non-staged homes, even after the home has been on the market for a while
Staged homes sell for an average of 3-10% more money
• Once the home is staged, take new photos and update realtor.com and the other websites. Buyers will take a second look at new pictures (take a new one of the front, too, preferably from a different angle, so it seems like a new listing)
• Hold another Open House, advertising that it is staged. People have remarked that staging made a difference in a buying decision.
• Make sure that any negative comments from buyers have been addressed--leaky faucets, dank basement odors, etc.
• Start out with a positive attitude as if it is a new listing, with great potential--after all, it really is!