In the fast-paced world of real estate, home staging isn’t just about decorating and decluttering anymore. It’s a strategic investment in maximizing property value and appeal, for the buyer who is most likely to purchase. As someone who has been deeply immersed in the industry for over two decades, I have witnessed first-hand the evolution of the service from a simple add-on service to a vital marketing component of the real estate landscape. When utilized fully it is a powerful tool for unlocking a property’s full potential, helping the seller secure optimal equity from its sale.
Drawing from my 25 years of corporate experience and subsequent journey as a staging entrepreneur, coach, and educator, I have come to understand the critical importance of expertise and professionalism in this field. I’ve always taught and advocated for staging professionals to operate at a level of expert consultant, delving deep into industry knowledge & techniques as well as how people want to live in homes, rather than skimming the surface with superficial solutions based on decluttering, making do and no budget.
The Staging industry has faced its share of challenges, particularly in bridging the gap of understanding between real estate agents, sellers, and amateur stagers. The misconception that staging is merely about sprucing up a space for a better impression persists, even after 25 years; the truth is far more profound- it’s about readying a property for a buyer to live in, maximizing equity return for the seller and facilitating a seamless home selling process.
In today’s rapidly evolving landscape, fueled by technological advancements and shifting lifestyle preferences, the role of home staging has never been more pivotal. The COVID=19 pandemic served as a wake-up call, highlighting the importance of living our best lives, making, and enjoying the most of our homes while we can. As a result, the concept of “lifestyle living” has gained prominence, shaping the way we perceive and utilize our living spaces.
Amidst these shifts, many major real estate trends have emerged which will significantly impact the staging industry, long term, at a consultant level. Let’s take a closer look at five which are reshaping the real estate market.
- Interest Rates & Property Availability: Every day for the next six years, 10,000 people turn 65. These older adults, referred to as the Silver Tsunami, are influencing housing demands in several ways. They look for transitional residences (LINK to RTS) to accommodate aging in place, like barrier free entryways, single-story layouts, full bath on the main floor (80% of buyers want this), wider hallways & proximity to healthcare. Finding them lacking in numbers, it is leading to them invest in the necessary renovations to make their current home more suitable for aging in place. This will drive the need for remodeling services LINK (residential renovation project management) while influencing property values in their neighborhoods. They stay in their homes longer, there is and will continue to be reduced turnover in the housing market, affecting inventory levels, potentially leading to increased competition for available listings. The other aspect of this is phenomenon is a temporary holding for listings to hit the market. Many of this group want to relocate to sunnier climates and are waiting for the interest rate to lower before bringing their house to market. The savvy stager can outreach to help them prepare in the meanwhile instead of waiting until the last minute.
- First Time Home Buyer Relocating: For the first time, N.A.R survey shows this group willing to relocate up to fifty miles from family, for affordability reasons. A Stager would advise a seller to make changes to their property to lure those seeking affordability by highlighting value for money features like spaciousness, peaceful neighborhood, connectivity, WAH, and luxury lifestyle amenities in the large yards.
- INVESTORS: With about 30% of properties last year being bought by investors in Canada & USA a staging consultation would recommend strategies to appeal income-generating property buyer. Example features to appeal to tenants or future buyers, even short-term rentals such as updated kitchens and bathrooms, low maintenance landscaping, energy saving and security features. In the NAR report 63% of agents said water & energy efficiency reference in a listing was very valuable.
- Demand for Multi-Family Homes:
The rise in non- traditional households, including singles, young professionals and multi-generational families has contributed to the demand for properties to make life easier to accommodate. Flexible layouts, ample storage, shared amenities to accommodate diverse needs and preferences. Noise management can be a big issue to address and make recommendations for when consulting/remodeling. Separate toilet from bathrooms for accessibility also the installation for hygiene a self-cleaning toilet/bidet.
Each of these trends presents unique opportunities and challenges for staging professionals, underscoring the importance of staying informed and adaptable in today’s dynamic market. Learn of more bathroom trends click here:
Are you ready to embrace the future of home staging? Let’s navigate these trends together and unlock new possibilities for your business success. Stay ahead of the curve by registering for one of many professional development workshops, from leveraging Universal Design principles, senior move, renovations, decorating, Feng Shui, Color and staging to landscaping a 4-season garden. Explore actionable strategies for capitalizing on the ever-evolving real estate market place.
