Seattle Real Estate Blog by David Monroe

Two Simple Things That Will Sell Your Home Faster For A Higher Price

What two things can you do when selling your home that will provide a 270% average return on investment and cause your home to sell 66% faster?

Over 90% of buyers will make a decision about viewing a home based on photos they've seen on the Internet, and most buyers will form an opinion about a home within the first 7-10 seconds of arriving.  Making a strong first impression, both online and when the home is shown, is critical for attracting buyers and getting them to commit to writing up an offer.  

Unstaged RoomIn a HomeGain 2012 Survey of Realtors Nationwide, cleaning and de-cluttering provided the highest ROI at 403%, and staging provided a 196% ROI.  Combining the two resulted in an average ROI of 270%.  In controlled tests selling identical homes, professionally staged vs. those not staged, the Real Estate Staging Association found that non-staged homes sold in an average of 102 days, while the staged homes sold in 45 days.  The staged homes sold 66% faster!

Home staging isn't just hype.  Many sellers struggle to understand how investing a small amount of money in staging can have such a huge impact on the selling price and how fast the home sells.  After all, it's still the same home whether it's staged or not, and the furnishings aren't going to be sold with the home.  However, it comes down to buyer psychology.  It is estimated that only 10% of home buyers can visualize the potential of the home, which means that 90% will not be able to see past the furniture, decorations, clutter, dirt, and other imperfections.

According to HomeGain.com, these are some of the top updates you can make to prepare your home for sale that will produce the greatest return on investment:

  • Clean & De-Clutter:  403%
  • Lighten & Brighten:  299%
  • Electrical & Plumbing:  $293%
  • Landscaping:  215%
  • Staging:  196%
  • Carpet:  160%
  • Floors:  110%
  • Paint Interior:  107%
  • Kitchen & Bathroom:  66%
  • Paint Exterior:  55%

Even though staging is half way down the Top 10 list, it not only produces a good financial return, it will help your home sell faster.

Staged BedroomDuke University conducted a survey to determine the importance people place on certain staging principles.  They rated the principles on a scale of 1 to 7, from 1 = "Not at all important" to 7 = "Extremely important".  These are just a few:

  • Remove personal items:  6.5
  • Use rooms for intended purposes:  6.49
  • Remove evidence of pets:  6.48
  • Turn on all the lights during showings:  6.39
  • Show homes furnished (as opposed to empty):  6.39
  • Remove personal photographs:  6.02

You may be surprised to find out that the lowest ranked items were:

  • Have cookies baking in the oven during showings:  2.60
  • Use scented candles, air fresheners, or potpourri:  3.63

While cookies baking in the oven may make the house feel warm and homey, it may seem too cliche.  And having air fresheners and scented candles may lead buyers to believe that the seller is trying to cover up other bad smells.

 

*******************************************

Authored by David Monroe, Realtor®, Master Certified Negotiation Expert®
Phone:  (425) 312-3111

Copyright (c) 2014 by The David Monroe Team at Keller Williams Realty.

 

 

Comment balloon 2 commentsDavid Monroe • June 06 2014 12:57PM
Two Simple Things That Will Sell Your Home Faster For A Higher Price
share
What two things can you do when selling your home that will provide a 270% average return on investment and cause your home to sell 66% faster Over 90% of buyers will make a decision about viewing a home based on photos they've seen on the Internet… more
3 Reasons to Sell Your Home this Spring
share
Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? These are all valid questions. However, if you’re considering selling in Seattle or on the Eastside, here are 3… more
Second Lienholders Easing Up On Short Sales
share
Until recently, working with second mortgage lenders was more difficult than working with first mortgage lenders. While the short sale process itself wasn’t any more difficult, the short sale approval terms were often times not ideal. In Washington… more
Is There Such A Thing As An Unsellable House?
share
Is there such a thing as an unsellable house? There’s a wealth of information available on preparing and staging a house to sell, but what about situations where the house can’t be properly prepared or fixed up to sell? I work a lot with short… more
Short Sales and Lenders - Do You Know Who Your Lender REALLY Is?
share
If you were asked who your lender is—who actually owns your mortgage, what would your answer be? Your mortgage statement may come from Wells Fargo, Aurora Loan Services, Select Portfolio Servicing, or some other lender, so they must own the loan,… more
Stop Foreclosure in Seattle, Washington
share
Stop Foreclosure in Seattle, Washington. There are many real estate agents and investors offering to help stop foreclosure in Washington State. Have you been approached by an investor claiming that they can help you stop foreclosure The… more
Do You Qualify For A Short Sale?
share
Do you qualify for a short sale? You may have determined that you wouldn’t be able to sell your house for a high enough price to pay off the existing mortgage(s), and you’re now considering a short sale. You may be in foreclosure or just one or two… more
The Bank Locked Me Out Of My House! Should I Call The Police?
share
You’re a few house payments behind, and one day you find that the front door lock and deadbolt have been drilled out and replaced with new ones and the garage door opener has been disconnected. Now you can’t even get into your own house! Who is… more
Overpricing - The Inaccurate Comparative Market Analysis
share
This is part 3 of 3 on pricing your house to sell. This may seem like a lot of information on one topic, but it’s critically important in our current market. In the previous post, I covered several mistakes that people typically make when setting… more
The Anatomy of Overpricing - Why Sellers Overprice Their Homes
share
I promised more on the topic of house prices, so here it is. I’m going to open this with a comment that may seem obvious, but many sellers forget: “A house priced at market value will always sell. ” This is true regardless of the market conditions,… more