My 2cents on that is a resounding YES! However, to provide support from a source outside of my own real estate practice I think it helps to see the stats that a local staging company has been providing on the subject. They’ve somehow been gaining access to MLS data showing sold homes in a variety of mid-to-upper end homes and this is what they’ve found in 2 recent reports they sent out.
Report released December 8th with viewing of properties sold for the prior 90 days through to December 5th:
“In our research, we found that in the Seattle Area in the past 90 days, 480 homes have sold that were listed between $500,000 and $1,200,000. Of those that sold (excluding the 20 Waterfront and Waterview listings) 79% were STAGED HOMES, 21% were unstaged or vacant. Sample locations were West Seattle, East Side/South, Mercer Island, Bellevue-East of 405, Bellevue-West of 405, Kirkland/Bridle Trails, Queen Anne/Magnolia, North Seattle, and Ballard/Greenlake. All data provided by Northwest Multiple Listing Service and based on online photos. “Pretty interesting stuff, huh?
The study they released today had the past 30 days information on homes sold through January 6, 2009:
Building on last months study, we again reviewed all sold homes in the Seattle area. From our sample, it is clear that homes that are Staged are selling at a much higher rate than those that are not. In our research, we found that in the Seattle Area in the past 30 days, 116 homes have sold that were listed between $500,000 and $1,200,000. Of those that sold (excluding Waterfront and Waterview listings) 81.5% were STAGED HOMES, 18.5% were non-Staged or vacant. For those that sold, Time on Market for Staged Homes was 79.5 days while non-Staged homes was 125 days. Purchase price for Staged Homes was $40,209 less than asking price while purchase price was $46,842 less than asking for non-Staged homes. The dollar value that Staging brought to these home sellers was $6,633 in the sale price of their home and 45.5 less days on market. Sample locations were West Seattle, East Side/South, Mercer Island, Bellevue-East of 405, Bellevue-West of 405, Kirkland/Bridle Trails, Queen Anne/Magnolia, North Seattle, and Ballard/Greenlake. All data provided by Northwest Multiple Listing Service and based on online photos. Now, what I’d really like to know is how many houses were there on the market during that period of time? Not just how many of the sold units, but to compare that to all of the properties available. Now THAT would be some awesome numbers to show although this is mighty powerful information for sellers to consider since you want to be in that top 80-ish percent of sold and for higher prices than your competitors.
For agents, like me and my team, who have been doing this kind of servicing since DAY 1 with our Concierge Services we are pleased to see someone provide hard evidence of the value that this kind of service provides. If you are considering selling your home, we’d love to be able to show you the difference that our staging provides!
Anyone else have thoughts they’d like to share on staging? Please feel free to comment! What did or did not work for you?
