Home staging

Last updated

Home staging is the preparation of a private residence for sale in the real estate marketplace. [1] The goal of staging is to make a home appealing to the highest number of potential buyers, thereby selling a property more swiftly and for more money. Staging techniques focus on improving a property's appeal by insuring it is a welcoming, attractive product that any buyer can see themself living in and, thus, desire to purchase. [2]

Contents

Staging requires a monetary investment into selling what are some people's greatest investment: their home and property. So it is not just decorating, but also needs to include an understanding of how to find the equity in that home and property, where the real estate market is for that home, in that neighborhood, so the homeowner can choose where to make those investments. Comparable houses for sale on the market in the area also needs to be considered to know how to stage the home so it sells quickly and for more money. Return on investment is the purpose of staging.

As for simple decorating to stage, people often use art, painting, accessories, lights, greenery, and carpet to stage the home, [3] to give potential buyers a more attractive first impression of the property. [4] They also rearrange or "temporarily replace" furniture. [5] Properly executed staging leads the eye to attractive features, while down-playing flaws. Different areas and rooms of a home can have varying levels of impact when convincing potential homebuyers, and therefore some rooms can be considered more important than others when it comes to staging. [6]

Home staging is not without controversy: "rattled" was a New York Times-cited reaction by a writer with a library room being told that "More than 50 percent of shelf space devoted to books equals clutter." [3]

History

Sweden

In Sweden, professional home staging, known as homestyling, became popular after 2000. Professional home stagers claim homestyling yields around 10% higher pricing compared to just cleaning the home.

UK

In Britain, home staging is sometimes referred to as property presentation or property styling. The techniques were televised by home stylist Ann Maurice in the show House Doctor on Five for six years. [7] and popularized the alternate description "house doctoring." Her follow-up show is named House Doctor: Inside And Out. [7]

U.S.

The New York Times described the seller's situation as "... not always happily, in the company of unfamiliar sofas ... tables ..." while some of what they own is placed in temporary storage. [5] However, U.S. research states that home staging can reduce a listing's time on the market by one third to half, and could fetch as much as 6% to 20% more than an empty home or a home not properly staged. [8]

The pricing is not just for a one time dollar amount; high-end fees can be "$3,000 a month" (part of which is for renting replacement furniture). [5]

The practice of home staging has long elicited strong reactions. Agents and professional stagers point to examples like the Sarro-Waite apartment, and say staging can usually help a home sell faster, and for a higher price, offering a larger return on the investment. [9] There is criticism on the fact that buyers will have to pay more for nothing, the furniture is not part of the sales.

One 2018 professional view is that it is five years past simple decluttering and some light painting. Home staging services have sizable inventories of alternative chairs, current accessories, and even pillows, blankets, and towels. [5] A decade prior, [10] the simple view was that sellers believed in paid-for-staging, since it raised property values by reducing the home's perceived flaws. More recent changes now include depersonalizing, [3] improving overall condition and even landscaping. For vacant homes, prop or staging furniture is used to create a living space where the buyer can imagine themselves living and also better understand the sizes of rooms.

Prices for initial consultation and monthly follow-up fees vary by region [11] [10] and by the size of the property (including number of rooms). [12]

Television shows

See also

Related Research Articles

This aims to be a complete list of the articles on real estate.

Real estate agents and real estate brokers are people who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency.

<span class="mw-page-title-main">Estate agent</span> Person or business that specialises in the selling or letting of property

An estate agent is a person or business that arranges the selling, renting, or managing of properties and other buildings. An agent that specialises in renting is often called a letting or management agent. Estate agents are mainly engaged in the marketing of property available for sale, and a solicitor or licensed conveyancer is used to prepare the legal documents. In Scotland, however, many solicitors also act as estate agents, a practice that is rare in England and Wales.

Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property. Real estate transactions often require appraisals because they occur infrequently and every property is unique, unlike corporate stocks, which are traded daily and are identical. The location also plays a key role in valuation. However, since property cannot change location, it is often the upgrades or improvements to the home that can change its value. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.

<span class="mw-page-title-main">Lease purchase contract</span>

A Lease-Purchase Contract, also known as a lease purchase agreement or rent-to-own agreement, allows consumers to obtain durable goods or rent-to-own real estate without entering into a standard credit contract. It is a shortened name for a lease with option to purchase contract. For real estate, a lease purchase contract combines elements of a traditional rental agreement with an exclusive right of first refusal option for later purchase of the home.

A real-estate bubble or property bubble is a type of economic bubble that occurs periodically in local or global real estate markets, and it typically follows a land boom. A land boom is a rapid increase in the market price of real property such as housing until they reach unsustainable levels and then declines. This period, during the run-up to the crash, is also known as froth. The questions of whether real estate bubbles can be identified and prevented, and whether they have broader macroeconomic significance, are answered differently by schools of economic thought, as detailed below.

Flipping is a term used to describe purchasing an asset and quickly reselling it for profit.

A land contract,, is a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments. Under a land contract, the seller retains the legal title to the property but permits the buyer to take possession of it for most purposes other than that of legal ownership. The sale price is typically paid in periodic installments, often with a balloon payment at the end to make the timelength of payments shorter than in the corresponding fully amortized loan. When the full purchase price has been paid including any interest, the seller is obligated to convey legal title to the property. An initial down payment from the buyer to the seller is usually also required.

Leaseback, short for "sale-and-leaseback", is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done for fixed assets, notably real estate, as well as for durable and capital goods such as airplanes and trains. The concept can also be applied by national governments to territorial assets; prior to the Falklands War, the government of the United Kingdom proposed a leaseback arrangement whereby the Falklands Islands would be transferred to Argentina, with a 99-year leaseback period, and a similar arrangement, also for 99 years, had been in place prior to the handover of Hong Kong to mainland China. Leaseback arrangements are usually employed because they confer financing, accounting or taxation benefits.

Designed to Sell is an HGTV American reality television show produced by Pie Town Productions in Los Angeles and Chicago and Edelman Productions in Washington, D.C., and Atlanta. Each 30-minute episode focuses on fixing up a home that is about to go on the market or that has been on the market but has not attracted buyers. The show began airing in 2004 and was canceled in 2011.

Sell This House is an American reality television series that premiered July 6, 2003 on A&E and May 18, 2020 on FYI. Host Tanya Memme and home stagers/interior designers Roger Hazard and Daniel Kucan help homeowners who are having trouble selling their houses. For its ninth season, the show's name was changed to Sell This House: Extreme and the format expanded to one hour, with the materials budget increased from $2,000 to $20,000. Construction expert Charlie Frattini and designer Daniel Kucan joined the cast after Hazard departed the show.

<span class="mw-page-title-main">Knight Frank</span> Residential and commercial property consultancy

Knight Frank LLP is a global real estate consultancy and estate agency headquartered in London, England.

Buying agents or purchasing agents are people or companies that offer to buy goods or property on behalf of another party. Indent agents or indenting agents are alternative terms for buying agents. An indent is an order for goods under specified conditions of sale.

Off-plan property is a property before a structure has been constructed upon it. Pre-constructions are usually marketed to real estate developers and to early adopters as developments so that the purchaser can secure more favorable finance terms from their lenders.

A real estate transaction is the process whereby rights in a unit of property are transferred between two or more parties, e.g. in the case of conveyance one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred, the amount of money being exchanged, and government regulations. Conventions and requirements also vary considerably among different countries of the world and smaller legal entities (jurisdictions).

<i>The Stagers</i> Canadian TV series or program

The Stagers is a half-hour reality television show about home staging that airs on HGTV in the U.S. and Canada. It is produced by Paperny Films and stars Matthew Finlason, Bridget Savereux, and Maureen Powers.

A chain-free property is a property that is being sold by a vendor who does not need to purchase a new property after they sell. Only 10% of all property transactions in the United Kingdom are chain-free.

<span class="mw-page-title-main">Chinese property bubble (2005–2011)</span>

The 2005 Chinese property bubble was a real estate bubble in residential and commercial real estate in China. The New York Times reported that the bubble started to deflate in 2011, while observing increased complaints that members of the middle-class were unable to afford homes in large cities. The deflation of the property bubble is seen as one of the primary causes for China's declining economic growth in 2013.

Cheryl Eisen is a New York City-based luxury home stager, celebrity interior designer, serial entrepreneur and founder of Interior Marketing Group, Inc. The New York Times, The Wall Street Journal, The New York Post, The New York Observer, Good Housekeeping, Forbes, Architectural Digest, Elle Decor and other notable media outlets have featured Eisen in association with her role in staging and designing New York City celebrity homes and luxury real estate.

<span class="mw-page-title-main">Maison de L'Amitie</span> Former estate in Palm Beach, Florida

Maison de L'Amitié was a French Regency-style estate in Palm Beach, Florida, United States. The plot area was about 270,000 square feet (25,000 m2) and bordered a length of 492 feet (150 m) on the Atlantic Ocean. It was one of the largest and most expensive homes in the United States. The neoclassical palace had an area of 62,000 square feet (5,800 m2) and its outbuildings an area of 81,740 square feet (7,594 m2). Maison de L'Amitié had three outbuildings: a barn and two houses for guests plus a pool and hot tub. Besides the pool there was an outbuilding with two bedrooms and bathroom. A coach house was located next to the entrance gate, and the third outbuilding was located on the edge of a courtyard. The estate also included a 82,000 square feet (7,600 m2) tennis house.

References

  1. ↑ "Secrets of Home Stagers". Washington Post . August 26, 2014.
  2. ↑ Sarah Gleim (October 31, 2005). "Setting the stage for a sale". Atlanta Business Chronicle. Retrieved March 10, 2019. to see the home as theirs
  3. 1 2 3 Peter Haldeman (August 10, 2016). "The Twilight Zone of Home Staging". The New York Times .
  4. ↑ Holmes, Tamara E.: "Home staging key to selling" Bankrate.com, Real Estate Guide 2010
  5. 1 2 3 4 Joanne Kaufman (November 23, 2018). "Send in the Stagers". The New York Times .
  6. ↑ https://cdn.nar.realtor/sites/default/files/documents/2021-profile-of-home-staging-report-04-06-2021.pdf [ bare URL PDF ]
  7. 1 2 "Ann makes everything rosy in the home". April 14, 2006. taking old things and reworking them
  8. ↑ "Staged Homes Sell Faster for Higher Prices". nwi.com. 11 August 2013. Retrieved 6 September 2013.
  9. ↑ McKeough, Tim (2016-01-22). "The Art of Home Staging". The New York Times. ISSN   0362-4331 . Retrieved 2019-11-19.
  10. 1 2 Ellen Florian (March 3, 2006). "Your Home: Maximize your sale price".
  11. ↑ "Staging costs". AARP: The Magazine. March 2019.
  12. ↑ Lena Katz (July 31, 2018). ""It"s Just For Ultra-Expensive Properties" And Five Other Home-Staging Myths, Busted". Forbes .
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.