28 Mar Home Staging on the Real Estate Housing Market in Canada
In the competitive real estate market, making a strong first impression is crucial. Did you know that most buyers form an opinion about a home within the first 7-10 seconds of arriving? This is where the power of home staging comes into play.
In this article, we delve into the impact of home staging on the Canadian real estate housing market, backed by statistical data. Let us explore why home buyers prefer staged homes and how staging can make a significant difference in the selling process.
Home staging in Canada
Home staging is the art of presenting a property in its best possible light by strategically arranging furniture, decor, and accessories. The aim is to showcase the potential of the space and create an atmosphere that appeals to buyers.
In Canada, home staging has become increasingly popular as sellers recognize its impact on both the selling price and speed of the sale. By investing in staging, sellers aim to maximize their return on investment and create a competitive edge in the market.
Do buyers prefer staged homes?
The answer is a resounding yes.
According to a study by the Real Estate Staging Association, staged homes spend 73% less time on the market than their un-staged counterparts. This statistic alone highlights the significance of staging in capturing buyer interest and speeding up the sale process.
Additionally, over 50% of realtors claim that buyers are willing to offer more for a staged home, with 32% stating an increase in value ranging from 1% to 5%. This finding is further supported by RESA’s survey, which reveals that 85% of staged homes sold for 5-23% over their listing price.
Is home staging compulsory?
While staging can significantly impact a sale, not all homes require the same level of staging.
According to realtors surveyed, 52% stage every home or only some, while 11% do not stage homes at all. The decision to stage or not depends on various factors, such as the home’s condition, price range, and target market.
For lower priced properties, extensive staging may not be a requirement. These properties often attract buyers seeking affordability rather than luxurious aesthetic appeal. Furthermore, in a strong seller’s market, where demand exceeds supply, homes tend to sell quickly without staging. In such instances, buyers are eager to secure any available property, making staging less crucial for a successful sale.
Key rooms for staging success
When staging, it is not necessary to cover every nook and cranny of the house. Certain rooms hold more weight when it comes to staging a home. According to home buyer’s agents, the living room is the most important room to stage, with 90% of staged homes featuring a beautifully arranged and welcoming living space.
While the kitchen is also crucial to stage, the primary bedroom holds somewhat more significance. About 43% of buyers consider the primary bedroom very important compared to only 35% for the kitchen.
The least popular rooms to stage were guest bedrooms, as they are often less used and typically well maintained. Conversely, children’s bedrooms, often more frequently utilized and potentially less tidy, were similarly neglected in the staging process. Forgoing staging in these rooms is understandable, as they may not significantly impact the overall perception of the property.
Home staging undeniably plays a pivotal role in the Canadian real estate housing market. With statistical evidence backing up its effectiveness, staging can dramatically reduce selling time, increase property value, and sway buyer preferences. By strategically staging the key rooms, create a lasting impression on the potential home buyers and increase the chances of a successful sale.