Rising Interest Rates: How can home staging protect the value of your property?
The hot real estate market we saw throughout the pandemic has dipped to a bitter below zero. The rising interest rates in Canada has affected everyone. There are those who were looking to purchase a home, now sitting on the sidelines, waiting for the cost of borrowing to drop to an affordable rate. Others who purchased a home recently, at likely an incredibly high price, may be reconsidering their options, and perhaps even look to re-list their new home.
What does this mean to sellers?
With interest rates at an all-time high, demand is low. That’s the reality. The pool of hungry buyers looking to purchase a new home is being depleted by the skyrocketing rates. Now more than ever, that property needs to be worth it.
According to Global News, the value of homes is looking to decrease almost 20% in Ontario by the end of 2023.
How do you protect the value of your property and maximize your profit on the sale?
Without a doubt that property is now competing with the several others on the market, all looking to entice a buyer to walk in and make an offer.
The human mind is said to make a decision about a person within the first 15 seconds of meeting them.
We can likely say the same about the first impression on a home. Chances are, the house that looks, feels, and smells the nicest, will likely have the most chance at selling. As a seller, we need to make the most of that sale, especially when we’re in a market that now is leveraged by buyer pricing. Protecting the value of that sale, means maximizing our profit.
Home staging is even more important today than before. Until now, even a home with obvious repairs required, would still fetch multiple offers and a pretty hefty price. Today, that’s not the case. If your home does not show well, you will be negotiating that price down with the buyer. That just means a lower profit for you. A professional home stager can help you turn this around.
From consultation services where they provide suggestions and recommendations on what you can do to improve the value of your home, to full staging services using either existing or rented furniture, or a combination of both.
You may even find some professional home stagers who include professional photography of your property to enhance your online listing and perhaps even assist with marketing of your property through various media outlets.
All this is done for one common goal: to protect the value of your property and in turn, maximize your profit on the sale.
Ultimately, the return on your investment to stage your home professionally, will be well worth it!