For most Toronto condo or loft sellers, the goal is to sell their unit for the highest possible price and in the shortest amount of time. Two ways to achieve this is with the right asking price, and by staging the unit. So, do staged units really sell faster, and for a higher price? The short answer is yes, and here’s why.
Do staged units sell faster?
Staged condos and lofts spend 73% less time on the market than their un-staged counterparts. Truthfully speaking, even an un-staged home can sell under the right market conditions. A seller’s market, characterized by high demand and low inventory, generally means buyers are likely to scoop up what they can get. In a buyer’s market, there are more homes for sale than there are buyers, which means competition is greater among sellers and buyers have the upper hand. Under these circumstances, staging your property could tip the scales in your favour.
Do staged units fetch a higher price?
The answer to this question isn’t as cut-and-dry, since the final selling price of a condo or loft depends on a number of factors. Is there buyer demand? Are there many other listings on the market competing against yours? And what about the unit itself – is it well maintained, cared-for and clean? With all other things equal, a staged unit is likely to leave buyers with a better impression than one that hasn’t been staged, with the potential to fetch a higher selling price.
What is staging?
Staging is the process of preparing a condo or loft for sale by increasing its appeal to a wide range of buyers. Staging isn’t as involved as a renovation, and can involve decluttering, depersonalizing and deep-cleaning; painting the walls in a fresh, neutral hue; updating hardware and lighting; rearranging existing furniture or renting some new pieces to help show the unit in the best possible light. When a buyer can see your unit as their home, they are more likely to make a competitive offer.
Since the majority of buyers start their hunt online, it’s important to make a good impression through your digital listing photos. Buyers will weed out the listings that don’t meet their criteria, and then proceed to showings of the units that they are seriously considering.
Decluttering and depersonalizing the unit of family photos and other personal items can help. Also consider that potential buyers need to think beyond what their eyes are showing them. Staging helps them to visualize themselves living in and using the space.
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at firstname.lastname@example.org
“Toronto’s Condo Authority”