Home Staging/Property Styling – The Smart Alternative to Dropping Your Price
For any property of a given type/size, there are four key factors that determine how long a property will stay on the market and its selling price:
* asking price;
* the strength of the economy and local property market (i.e. slow or buoyant).
You can’t change the first factor and have no control over the fourth. You do have some flexibility over the second. You can drop the asking price for your house but there will be a limit on the extent to which you can afford, or want, to do this. The only factor that is completely within your control and which has a major impact on both price and length of time to sell, is how you present your house.
Traditionally, estate agents have advised house sellers to drop their price if their house has not sold within 3 months (the average time it takes for a house in the UK to sell). Even a 5% drop, however, represents a significant loss for the home seller. For example a 5% drop in price for a £200,000 house represents a loss of £10, 000 and does nothing to address the reasons why the house is not selling in the first place (unless the house was over-priced).
Compare this with our clients who have invested 1% of the value of their property on staging (on a £200,000 house that would equate to £2000) and typically increased the value of their house by 10% (£20,000). These client have made a net financial gain of £18,000. They have also avoided the significant intangible costs associated with having your home sit on the market month after month, including stress and anxiety, wasting time commuting to your new job that is farther away, not being able to send your children to a better school until you move, trying to keep your house show-ready when you have children and a full-time job etc.
Limelight House have helped clients out of all these situations (and more) by advising property owners on the often quick and easy changes they should be made to transform and maximize the appeal of their properties, allowing their homes to sell faster and often saving them from the costly listing price reductions their estate agent is pushing for.
Presenting your house for sale should not be viewed as a cost but rather as an investment with a significant and quick return, either in financial terms and/or in providing the freedom to move forward with your life rather than being stuck on the market.