Nearly half of seller’s agents (48%) reported that staging a home decreased its time on market, according to a new report by the National Association of REALTORS® (NAR).
NAR’s 2023 Profile of Home Staging reveals the role home staging plays in the real estate transaction, including the perspectives of buyers’ and sellers’ agents, the impact of television shows and buyer expectations. The report found that for both buyers’ and sellers’ agents, one in five (20%) said home staging increased the offer price by between 1% and 5% compared to similar homes on the market that weren’t staged.
“As days on market has lengthened for home sellers, it is not a surprise to see the return of home staging as a tool to attract potential buyers,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light.”
According to the report, four out of five buyers’ agents (81%) said staging a home made it easier for a buyer to visualize the property as a future home. Staging the living room was found to be most important for buyers (39%), followed by the primary bedroom (36%) and the kitchen (30%). Almost a quarter of sellers’ agents (23%) said they staged all sellers’ homes prior to listing them for sale, while 10% noted they only staged homes that were difficult to sell.
“When getting ready to list a home for sale, it’s vital to complete the necessary prep work to make a favorable and lasting first impression,” said NAR President Kenny Parcell, a REALTOR® from Spanish Fork, Utah, and broker-owner of Equity Real Estate Utah. “Realtors® provide valuable guidance on how best to make your home an inviting space that connects with prospective buyers and stands out from the competition.”
In addition, the report found that real estate television shows affected buyers’ perspectives on homes, according to a majority of REALTORS®. Approximately three out of four respondents (73%) said that TV shows which display the buying process impacted their business by setting unrealistic or increased expectations, with more than half of those surveyed (55%) reporting that buyers said homes should look like they were staged on TV shows.
In the last five years, the report stated that about half of surveyed REALTORS® (51%) said they’ve seen an increase in the share of buyers who planned to remodel a home. A quarter of respondents noted that buyers who plan to remodel will do so within the first three months of owning a home. Almost all surveyed (95%) said that their buyer clients brought family members who weren’t purchasing the home with them while viewing homes.
- Almost half of sellers’ agents (48%) reported that home staging decreased a property’s time on the market.
- Twenty percent of both buyers’ and sellers’ agents said home staging increased the dollar value offered by between 1% and 5% compared to similar homes on the market not staged.
- Staging the living room was found to be most important for buyers (39%), followed by the primary bedroom (36%) and kitchen (30%).
For the full report, click here.