How Much Does Home Staging Cost in Toronto?December 22, 2014
Homeowners who are preparing their homes to sell in the demanding Toronto Real Estate market often ask the question, “How much does home staging cost in Toronto?” Before this question can be accurately answered, another fundamental question that needs to be asked is, “Can a home stager help me sell my house faster and for more money?”
Home staging can greatly affect the sale price of your home and has just as much weight – if not more – than the actual price of home staging itself. In essence, the money spent on home staging should be thought of more as an investment rather than an expense.
Staging a home is basically smart marketing. Much like any other type of marketing, there is a certain amount of capital that needs to be put forth as part of an initial investment. In general, investments are returned multiple times over. In the case of home staging costs, such an investment on average is returned three-fold, according to a 2011 home improvement survey by HomeGain.
Home staging speeds up the sale of the property by making it much more appealing to a larger number of buyers. Typically, homes that sell faster and for more money are a hot commodity on the real estate market, and can generally demand a higher selling price. Simply put, by improving the product (your home), more people will want it!
So, How Much Does Home Staging Cost?
The cost of home staging typically depends on the list price of your home. It’s generally advised to spend anywhere between 1% to 3% of your listing price in order to help speed up the sale of your home. The price will depend on the overall condition of your house, the amount of staging inventory and labour required and the magnitude of upgrades needed.
Consider this: The National Association of Realtors’ Profile of Buyers and Sellers reported in 2007 that between a 1% to 3% investment in home staging services can bring approximately an 8% to 10% of an increase in the sale price!
In addition, consider the fact that a home that is professionally staged will be less likely to incur a price reduction over time just to entice more buyers and get it sold and off the market. In the Greater Toronto Area Real Estate market a price reduction typically is required after 21 days on the market in order to build demand and increase traffic.
Consider that homes staged by Hope Designs do not last long enough on the market to require a price reduction as the average days on market in 2019 for properties staged by Hope Designs was 13 days on the market with a 3% average increase over asking price. Hope Designs boats stats that had homes selling in the Toronto and GTA Real Estate markets for over 22% of list price, and statistics continue to improve. Homes that Hope Designs stage sell anywhere from $10,000 to $275,000 over list price.
A typical price reduction in the GTA is anywhere from $10,000 up to $100,000 depending on the price of the home. This is alone is enough proof to warrant and justify home staging costs!
The initial consultation fee generally costs about $300 to $400, which includes anywhere between 1 to 3 hours of the home stager working with you to come up with a solid plan of action. The Hope Designs stagers will provide you with a list of suggestions and recommendations necessary to get your home ready to list.
The bottom line is, the initial cost of home staging services shouldn’t be the only factor considered. All factors need to be looked at to get the big picture and to get an accurate idea of all its benefits, including reduced sale time, increased sale price, reduction of carrying costs, as well as a reduction in your stress levels!
Hope Designs – Your Partner in Home Staging
Hope Designs is a professional home staging company helping clients all over the GTA and surrounding areas get their homes ready for the market. We are in the business of making homes more sellable, which inevitably end up selling quicker and for a much higher price as compared to homes not adequately prepared for showings.
How Much Does Home Staging Cost in Toronto? We understand the market, the demographics and what home buyers are looking for. At the end of the day, our home staging services cost very little in the grand scheme of things, when you take into consideration that home staging is almost always less than your first price reduction, not to mention how much more you can sell your home for and the money saved on carrying costs! Home staging with Hope Designs is well worth the investment!