Holli Arnold, Other/Just Looking in 97034

Are there any recent (2011) statistics regarding homes selling faster when they are staged and updated?

Asked by Holli Arnold, 97034 Thu Sep 1, 2011

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You seem to pose two different questions here.

1) Do updated homes sell faster, and 2) do staged homes sell faster. Clearly a seller can do one or both.

One helpful way to approach this is to think of yourself as a buyer. Would you be more likely to buy an older home with updated kitchen and baths than one that's still "original"? You would probably pay more for the updated home. Would it be more than it would cost to do the updating yourself? Do you want to have the grief of updating, along with the expense? In my experience, updated homes sell faster.

As for staging, it is a real improvement over a totally vacant home. It's hard for buyers to imagine how nice a home would be like with furniture in place if they're looking at a vacant room. In my experience staged vacant homes sell faster. Think like a buyer again. Two identical homes, one vacant and one staged. Which one will go first?

The important question you didn't ask is about COST of updating or staging. Read my blog post answering that question at http://bit.ly/pzoo61
0 votes Thank Flag Link Thu Sep 1, 2011
I average under 30 days on market with 99.8% of list to sale price and have never staged a home ever. A homes value is a homes value and if it's priced to sell it will. I think the biggest problem in getting an offer in this market is just not having a Broker that is strong enough to stand up to a seller and be honest with them of what the home is really worth.
Web Reference: http://www.REOOregon.net
1 vote Thank Flag Link Thu Sep 1, 2011
It's really like one of those basic laws of economics: the law of substitution. With all other variables being equal (i.e., price, location, floor plan, lot size, year built, available buyers, etc.), the home that "appears" more attractive will sell faster.

However, in the real world, no two homes are alike in a variety of ways, and the buyers looking at each home are never the same. Consequently, it's virtually impossible to control all variables to the point where a scientific conclusion could be drawn about how fast a "staged/updated" home will sell in relation to another home that is not staged/updated.

You can find plenty of allegorical evidence--mostly from real estate brokers, home stagers and contractors--that staging or updating your home will help it sell faster and for a better price. However, I know of no scientifically derived statistics that back this up.

That said, given the current residential real estate market in Lake Oswego, I would offer the following professional opinions:

(1) Updating (putting in new stuff) is often costly, and homeowners who update rarely recoup the amount paid, even after two to three years.

(2) Assess your home-selling goals.

If your primary goal is to sell faster, and you do update/stage, don't increase your price. Raising the price tends to increase market time. So, you'd be doing one thing to shorten market time, while at the same time doing another to lengthen it. Probably not helpful.

If your primary goal is to get a higher price than others have gotten for similar homes, updating or staging will probably help with that. However, you have to expect your home to stay on the market longer. (The higher you go in price, the fewer buyers that are available, and the likelihood of longer market time increases.)

(3) How much money a homeowner gets back from updating depends on the condition of the home prior to updating. If the home initially is in substantially below average condition, making certain updates may increase the value enough to recover the cost of updating completely. However, remember the assertion above: "Raising price tends to increase market time."

I hope this information has been helpful. If it has raised other questions, please feel free to add to your question in this forum, or contact me directly.

Best Wishes.
0 votes Thank Flag Link Thu Sep 1, 2011
I do not see any stats for that type of set up. In this market I have seen homes that look like they would sell at the price very quickly take a long time to sell and yet one that looks like it would be on the market forever sell yesterday. At this point there is no rhyme or reason, but price seems to be the "cure all".
0 votes Thank Flag Link Thu Sep 1, 2011
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