Isn’t it nice to hear from your realtor that a couple of buyers are engaged in a bidding war on your property? In this case, home staging efforts have finally paid off much better than you expected. But how does it happen?
Bidding wars happen between potential buyers. They keep increasing their bid until the other drops the house. If they see that your property is worth the win, they will continue to raise their amount until your property increases its value.
Bidding wars can be usually observed when the market is hot. This means that there are more buyers in this time of the year than the houses for sale. A house can get a lot of bids from interested buyers, therefore increasing the value of the house. Now, who wouldn’t want that?
The first thing that realtors do is analyze the state of your property. Experienced realtors will know at first glance how much your property is, and how much it will be when it undergoes staging. Removing outdated furniture and appliances must be removed during staging so it will be replaced by new ones. It does not necessarily mean that you would purchase new stuff, your stager can lend you or rent things needed during the selling period.
For buyers, it is always good to see updated furniture and appliances, as well as the overall design of the house. This is because a lot can change in the past years, and this includes the trend and the attitude of people towards things. Stagers know how to make your space more desirable to buyers because they know full well about the current hype in interior design. So, if you think you have outdated furniture which is about 5 to 6 years old, it wouldn’t hurt to believe your stager about its effect in your property’s selling price— especially when studies have shown that there is an average of 10% price increase in staged homes.
It is also important to assess your target market. If you have come to build empathy towards your prospective buyers, you can clearly see their needs and wants in a house. This will give you the inspiration to hire home stagers that can smoothly execute those ideas that you have in mind.
Some will argue that they can do the staging themselves because they think that it is just making a house pleasant. The problem, in this case, is, if you are going to stage your own property, there’s a high chance that you will overlook imperfections that can deter buyers. Your attachments to your house will take over with decisions that need objective and fresh perspective. Stagers will remove traces of old stuff, even your heirlooms, that will surely affect your sales.
Word-of-mouth, publicity using social media, and anything that can help you garner a lot of attention to people will help you attract more prospective buyers that might be involved in some bidding war before you know it.