Can you believe we are already halfway through 2023?
If you are considering buying or selling a home this year, the market activity has slowed down since last year and this should be no surprise to anyone with the current inflation fears and statistics. According to Freddie Mac a housing research and market leader, 18% say they are likely to buy a home in the next six months, while 16% say they are likely to sell their home in the next six months in comparison to 2021 and 2022 where the percentages of buyers and sellers was significantly higher. Due to this decline in the housing market, there will continue to be some hesitance with buyers and sellers. Homes spent an average 54 days on the market this year – which is an increase from 30 days in 2022. So, what can one do to stand out in an unsteady, uncertain market if you want or need to sell your home? Stage your home or hire someone to stage your home. Staging is about showcasing and engaging a “move-in ready” home that creates an emotional connection with the buyer to give you, the seller, that much needed advantage.
As a designer with over 20 years of experience in the hospitality industry, I have worked with Hyatt Hotels, Crowne Plaza and Hotel Indigo. Though I enjoy what I do, my other love is interior design consulting, which involves helping my clients make their spaces beautiful, no matter what their budget may be. I’m not here to tell you when to buy or sell your property, but I will tell you that no matter when you decide to make this important decision, it is imperative that you invest funds to stage your home. If not, you will leave potential earnings on the table!
What is home staging? As defined by Google, the goal of staging is to make a home appealing to the highest number of potential buyers, thereby selling a property more swiftly and for more money. While there are many books available titled the Secrets to Home Staging, Home Staging for Dummies and, of course, design shows dedicated to this specific niche such as, The Stagers, Designed to Sell and Unsellable Houses. While they are all great, who has time to read a ‘how to’ book or watch a series of shows when your realtor can give you 3 to 4 weeks to get your home showroom ready to sell? Not many, so don’t panic!
Here’s how an Interior Designer can help You.
Hiring a home designer, whether the project is a major gut renovation, single room transformation, or in this instance, home staging – a designer can be a good investment. A designer’s biggest asset is taking a specific budget, large or small, and bringing a clients’ design vision to life. Rates can vary depending on the scope of the project but typically a flat fee or hourly rate per space or the entire project can be negotiated; excluding costs for any materials, finishes and furniture. Another bonus is that your designer will bring their own resources, such as a contractor, electrician, painters, etc., so you do not have to do the vetting while they manage the project, handle the scheduling and budget which allows you to focus on more important aspects of your life. When assisting you with getting your home ready to go on the market, your designer should create a design plan. In the hospitality industry, we call this a property improvement plan, also known as a PIP.
Ready, Set, Go!
A property improvement plan is a combination of three guiding directives. The first, should be absolute requirements, such as a wobbly deck in need of repair or missing handles on your kitchen cabinets. These items must be listed within this plan as they fall under safety and aesthetics. Second, are items requiring replacement or repair due to extreme wear and tear, which most of us have and are usually the biggest deterrent in a buyer making an offer. For example, a broken or missing window shutter, a fresh paint scheme on stained walls in high traffic areas, and soiled carpet. The third, and final, element of an ideal PIP is the transformative layer – or the wish list items, which can include anything from adding a new entry door for a stunning first impression, new floor tile to freshen up a boring bathroom, a decorative light fixture in a foyer to draw attention to a two story entryway, or just adding some accessories or appropriately scaled furniture to show the true functionality of a room. Remember, every potential buyer is visually taking inventory and silently deducting money from your asking price before they make it to the elevator or down your driveway. The National Association of Realtors (NAR) states that the longer a property sits on the market, the less it ultimately sells for. The same research shows that staging a stagnant home currently listed makes it sell up to 73% faster. Your designer will help you genuinely assess your home as any potential buyer will be doing and write and execute a plan to ensure you yield the highest return on your investment!
