Do we still need staging?
In case you haven’t heard - the Denver real estate market is on fire. The average price of a home is $600,000. With an exceptionally low property inventory, we’re seeing bidding wars at all price points. With a market this intense, is staging still necessary?
To answer this question, we’re offering our perspective on a few of the more recent FAQ’s we’ve received:
When multiple offers are expected, do we still need staging?
What’s your goal when you list a property - is it just to sell? Then maybe you don’t need staging. However, if you prefer to maximize your investment, then invest in something that’s sure to drum up the buyer’s excitement. No one wants to leave money on the table. Besides, have you ever had “too much” interest in a listing? More interest means more selling power!
There aren’t any other properties listed at this price point, we’re sure to see a strong buyer pool.
Just because there isn’t market competition at a certain price point doesn’t mean that it isn’t still important to communicate the home’s perceived value to buyers. Staging provides visual confirmation of the value of a space. Luxury is understood through the perfect colors, textures, and uses described by the furnishings placed in a home. What this translates to the buyer is that while they might settle for your house at $1.2, the staging goal is to get them EXCITED about your house at $1.3. Staging is a perfect medium for experiential value messaging.
Another strong indicator of this fact is the exceptionally high number of home improvement inquiries we’ve received this year. Instead of looking for a new home, why not work on in-home renovations and tweak the one we have? This may be preferable to some homeowners but for others, they’re itching for a new home that will have done the work for them. Moving isn’t necessary, but for the right house, they’re happy to switch gears.
We think we already have a buyer. Do we really need staging at all?
That’s great! You already have interest - but are they already under contract to buy? If not, what is the pressure point for that buyer? Why haven’t they pulled the trigger? Staging is the conduit by which we can convince on-the-fence buyers to fall in love enough to take decisive action. Even better, it generates a market where other buyers create the pressure to buy.
If the market is so hot, why is my listing still active?
It’s been a crazy market this year. While the pent up demand seemed to gobble up inventory as it became available, there are those properties that still sit. This shows us that many buyers can still afford to be picky. As you're reviewing pending transactions versus stale listings, see if you notice a trend in the homes that go under contract quickly. The common thread? They come to the market ready to play. A majority are well presented with minor renovations, nice photos, and well-defined, luxury staging.
Throughout the home buying and selling process emotions can run high and each buyer’s needs differ. Staging clarifies a vision and affects how buyers will perceive its value. The bottom line shouldn’t be a surprise - for the best chance at the highest dollar and quickest sale, staging is a tried and true investment.