Seattle real estate market is HOT!
The combination of Seattle’s job growth and a record low inventory has turned the Seattle real estate market into a seller’s market. This is a solid fact.
We are seeing houses sell for more than their asking market price after receiving multiple offers. Homebuyers are prepared, preapproved and many are willing to buy their dream homes without even inspections.
So, it is surprising when we get a call from an agent or a home seller saying their homes/listings are on the market and not selling. Two minutes into the conversation we learn that the homes have been put on the market without being prepared properly and staged. I dislike receiving calls like this since all of the stress and price reductions could have been avoided. These agents and home sellers misunderstood what a hot market means and what the purpose of home staging is.
Online MLS photos of empty spaces often leave buyers confused and uninterested. This means buyers will not take the time to come in and view the homes in person and, if they do, they can’t visualize the rooms. For example, this home had a narrow and long room and it looked like a bowling alley. Once staged, the beautiful windows of this room became a big selling focal point and buyers could envision how the spaces could be used. SOLD!
Home staging is an investment and not an expense, and trouble begins, when Seattle home buyers and sellers avoid home staging “costs.”
To demonstrate this point, lets take this Seward Park house listed at $465,000. This house sat on the market, vacant, for months in this HOT real estate market without any offers. Let’s review the homeowner’s costs, while it sat on the market for THREE months without any offers:
Estimated carrying cost per month:
- Mortgage ($1900 + property taxes ($275) + insurance ($70) + utilities ($95) = approximately $2340 per month.
- $2340 x 3 = $7020
- Price reduction – Let’s not forget a price reduction is a standard action home sellers have to take when their home stays on the market for more than one month.
Therefore, the carrying costs for this house, without taking the price reduction into consideration while it sat on the market, was $7020.
We were able to stage this house at our minimum home staging fee of $1850 and the house was SOLD in less than a week after being on the market. This is why we try to educate the homeowners and agents about home staging and why this is an INVESTMENT and not an expense.
Again, without taking the price reduction into account, the home staging fee was $5170 LESS than the 3 months of carrying costs alone. Your home is one of your biggest investments, don’t let a big price reduction or a hefty carrying cost make you realize you should have invested in home staging services to begin with.
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