There is a really great house not far from me, last summer it came onto the market, priced high at it is large and in a great location. It was neat and tidy and oh so dated, it actually had shag pile carpet in a couple of rooms, I know this as I went to the open house. After being on the market for two months it was discounted by $10.000!
Then there was a second reduction taking another $10.000 off. Total reduction $20.000. The listing changed after three months with a different real estate agent, a lower price and still it did not sell. Then after another three months a third real estate agent took it on and it was now priced $65.000 less than the original price. Ouch! and you know it would not cost that much to stage.
The sellers must have been annoyed and the real estate agent(s) had all spent money on advertising the property and spent time on showings. Even with all the additional reductions it did not sell until it was rock bottom. Why? The reason is quite simple if you are going to charge the highest amount then you have to make it move in ready, if you don’t then you sell at a lower price to make it appealing for the buyer to do the work.
So in this case home staging for this house would not have cost that much! Selling faster is a real benefit as it would have meant more money in the seller’s and real estate agents pockets plus less work promoting, showing and keeping the property at it’s best which can be a full-time job. A win win for all.
I recently heard that a young couple with a child had bought the house and are currently renovating.