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While Ontario’s housing market has built a reputation for strongly favouring sellers in recent years, trends are beginning to change. In 2022, selling a home successfully involves careful planning and preparation – this includes home staging. Staging a home for the market can help sellers be competitive, land a higher price and improve their chances of a quick sale.

When it comes to selling in Ontario, there are no shortcuts. As Real Estate experts, here’s why we feel staging is an indispensable step in the selling process.

What Staging Looks Like

Some sellers who are considering bypassing the staging process may not always have a complete understanding of how it works. Let’s clarify a few things. Generally, staging does not mean undertaking large-scale renovations or improvement projects. Rather, it usually consists of optimizing the existing features of a property to help it present best to potential buyers. Common staging elements include cleaning, decluttering, removing older furniture items, modernizing decor and in some cases, a fresh coat of paint.

While some homes will require renovations before listing, this is considered separate from staging. Sellers can work with their Real Estate agent to determine if larger upgrades should be made before they list.

New Market Trends

During the past decade, Real Estate in Ontario slowly became increasingly competitive for buyers. A high demand combined with a general lack of inventory led to a record-breaking seller’s market in most areas across the province. Bidding wars were common and homes could sell above the asking price just hours after being listed.

Today, the market is beginning to balance out. Despite the market trends of recent years, sellers may need to curb their expectations in 2022. While listing prices haven’t dropped significantly, homes are spending more time on the market than they used to. With this in mind, sellers should be ready to put in the extra effort to ensure a positive result. Staging is a great way to do just that.

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First Impressions Matter

In a balanced market, buyers will have more inventory to pick from. As a result, sellers will have greater competition when placing their home on the market. Of course, staging will make a home look great to buyers during private showings, but that’s not the full picture.

In 2022, most buyers will first discover their new home online. With hundreds of other listings just a click away, it’s critical for sellers to ensure their home looks great both digitally and in person. Modern staging tailors homes for both online and offline settings.

Staged Homes Sell Faster

Making a strong first impression on potential buyers has its rewards. When a home looks its best, a greater number of buyers will be interested in making an offer. As a result, staged homes typically spend less time on the market compared to their unstaged counterparts.

In 2020, the Real Estate Staging Association (RESA) performed a study which analyzed 13,000 for-sale residential properties and noted how long each property took to sell. What they found was that staged homes spent 73% less time on the market compared to those that weren’t.

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Upfront Cost vs Final Selling Price

Some sellers may feel concerned about the costs of staging a home. While staging does involve upfront costs, sellers can feel confident that they’ll see strong returns. In most instances, staging has a ‘3X Factor’. This means that sellers typically see their staging investment tripled upon the sale of their home. For example, if a seller contributes $12,000 towards staging, they could expect an approximately $36,000 increase in the value of their home.

Beyond these numbers, a 2020 study also performed by RESA further determined that staged homes bring higher selling prices on the market. Each market is unique, however, the results of RESA’s study determined that staged homes sell for 5% to 25% more on average than their unstaged counterparts.

Preparing to sell your home? Get in touch to find out how our expert agents can help you land a great price!

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