REAL TRENDS
48% of sellers’ agents report that home staging decreases a property’s time on the market
Over half of buyers’ agents (58%) report that staging a home has an effect on most buyers’ view of the home most of the time, according to the National Association of Realtors’ 2023 Profile of Home Staging report. Another 31% of respondents reported that home stage has an effect on buyers but not always.
The report is based on a survey sent out to a random sample of 43,176 active NAR agents in January 2023. The trade group received a total of 1,921 usable responses.
The report examines the role home staging plays in the real estate transaction.
In addition to impacting how a buyer views a property, 48% of sellers’ agents reported that home staging decreased a property’s time on the market and 20% of buyers’ and sellers’ agents said home staging increased the dollar value offered by between 1% and 5% compared to similar homes on the market that were not staged.
For 81% of buyers’ agents, staging a home made it easier for buyers to visualize the property as a potential future home, with 39% of buyers’ agents reporting that staging the living room was the most important, followed by primary bedroom at 36% and kitchen at 30%.
“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,” Jessica Lautz, NAR’s deputy chief economist and vice president of research, said in a statement. “Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light.”
Despite the benefits staging a home can generate, just 23% of sellers’ agents said they stage all sellers’ homes prior to listing them and 10% reported that they only staged home that were challenging to sell. However, 50% of agents do suggest their sellers declutter and fix property faults, with the top home improvement items including decluttering (96%), home cleaning (88%) and removal of pets during showing (83%).
When it comes to staging a home, 24% of sellers’ agents use a staging service, while 22% reported that they personally offered to stage the home.
The median amount spend when using a staging service was $600 compared to $400 when the sellers’ agent personally staged the home.
“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,” Kenny Parcell, NAR’s president, said in a statement.
Respondents also noted that real estate television shows have impacted buyers’ perspectives on homes, with 73% of respondents saying that TV shows that show the buying process impacted their business by setting unrealistic or increased expectations, and 55% those surveyed reported that their buyers felt like homes should look like they were staged on TV shows.
Over the last five year, 51% of respondents said they have seen an increase in the share of buyers who planned to remodel the home they were looking to purchase, with 25% reposting that buyers who plan to remodel typically do so within the first three months of owning the home.