From selling your home faster to attracting higher bids, professional staging has its advantages. And, as real estate in Toronto becomes more balanced, making your home stand out from others on the market is more important than ever.
If you’re considering selling your home in the near future, here’s why you should seriously consider working with staging professionals.
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New Market Conditions
During the COVID-19 pandemic, many Torontonians who sold their homes reaped the rewards of an immensely active seller’s market. After frequent bidding wars and record-breaking prices became status-quo, real estate in the city finally began to cool off in 2022.
Today, fewer buyers are entering the market compared to the past few years despite homes still being listed at a similar rate. As housing inventory in Toronto continues to build up, buyers have more homes to choose from. Plus, a less competitive buying atmosphere means they have the chance to shop with patience and take time to find the right home for their needs.
Now more than ever, sellers should strive to stand out from their competition. As a bespoke process, staging is a great way to do just that.
Real estate in Toronto is changing. Explore these blog posts to learn more about how you can adapt to the new market.
- How Will The Shifting Market Impact Toronto Home Buyers?
- Buyer’s Market VS Seller’s Market – What’s the Difference
- What Makes a Good Investment Neighbourhood in Toronto
What Does Staging Mean?
There are some common misconceptions among home sellers about what staging really involves. First, staging does not mean undertaking any large renovations or home upgrades. Rather, the primary goal of staging is to highlight a home’s best qualities to appeal to the widest possible buyer audience.
Common staging techniques include decluttering, deep cleaning, swapping out older furniture pieces, re-painting key rooms and adding new decor.
While these are some common elements, effective staging isn’t a one size fits all approach. For instance, a Bay Street condo would be staged differently than a detached home in Roncesvalles. Your unique home should be staged with its distinct strengths and atmosphere in mind.
Not sure if you need to make upgrades to your home before selling? Explore our blog post on pre-listing renovations here.
Stand Out Online and Offline
In today’s market, first impressions really matter. And in 2022, it’s important to recognize that most potential buyers will first encounter your home online through a digital listing service.
As countless other listings are just a click away, how your home appears to buyers virtually is just as important as how it does in person. Professional staging allows your home to capture the eyes of buyers both online and offline.
A Smart Investment
With regular bidding wars a thing of the past in Toronto, sellers who want to land the highest possible price for their home will need to go the extra mile to appeal to buyers. The good news is that staging typically brings a strong ROI.
Most professional stagers and real estate agents agree on the ‘3 X Rule’. This means sellers can expect to see the funds they invest into staging tripled upon the sale of their home. Let’s say you contribute $10,000 towards staging, you could then roughly expect an additional $30,000 added to the value of your home.
Of course, each home is unique. If you’d like a more accurate estimation of how staging may boost your listing price, ask your real estate agent.
Getting ready to sell your home? Explore these helpful resources from our blog.
- A Seller’s Guide to Bully Offers
- How Selling Luxury Properties Differs From Standard Listings
- Moving – Should You Buy or Sell First?
In addition to helping you get the best possible price for your home, staging can support faster sales too. When your home makes a great first impression and captures the hearts of buyers, they’ll be eager to make an offer.
A 2020 study performed by the Real Estate Staging Association (RESA) reviewed 13,000 for-sale homes and analyzed how long each one took to sell. Results showed that the homes that had been staged sold significantly faster than those that weren’t.
Ready to start your home selling journey? From staging to negotiations, our experienced team can help. Get in touch with us.