These days, more and more empty nesters are selling their homes in exchange for smaller, maintenance-free living spaces--senior apartments and condos for rent or for sale, for example. Relinquishing a large, multi-bedroom single-family home and downsizing can be a significant physical and emotional undertaking. This is the home in which you raised your family; it’s been painted and remodeled and built onto and torn out. And loved, in some cases, to pieces.
When selling, you want to present the home in its best light. Does the typical homeowner have the perspective and the design sensibility to do this? In my case, the answer would be a resounding “NO!”. Yes, I watch HGTV. I also watch police dramas but that doesn’t make me a cop.
Staging Empowers Downsizing Homeowners
Enter the home staging consultant. This is a person who can view your home space in as objective a light as possible, noting its standout qualities (great exposed brick, warm hardwood floors) and taking measure of the elements that need to be adjusted (fuchsia accent wall in bathroom, worn pathway in the living room carpet from front door to easy chair). For downsizing homeowners, the staging consultant can help expedite the sale of the home, and optimize the sale price.
We interviewed Nancy Dreyer, ASPM, IAHSP, one of the two “Nancys” that owned and operated Staging Columbus, a Central Ohio staging, interior design and remodeling consultancy. The credentials may not be familiar to some readers, so here are the acronyms, spelled out:
- ASPM-Accredited Staging Professional Master
- IAHSP – International Association of Home Staging Professionals
Both she and her partner Nancy Edwards both hold these credentials, and both have spent over a decade in the home staging business. The two joined forces in 2014 and employ other Accredited Staging Professionals (ASPs) to execute their transformations. Nancy Dreyer was kind enough to share some of her knowledge of staging, as well as some industry building blocks with us.
“Our Mission: Empowering homeowners to receive maximum profitability for their home! The basics of staging are accentuating the home’s architectural features so that they jump out to the buyer. Staging maximizes the value of the home, and this value transformation has enabled us to help homeowners sell their homes quickly,” explains Dreyer. She adds, “97% of our homes sell in three to five days, and they sell over their list price.” She added that this has been the case since 2004, a strong indication that staging helps sell homes and maximize value in a variety of market conditions.
“Staging is an absolute necessity, no matter how the market is performing, in order to optimize the value of the home,” says Dreyer. Much of our business involves doing “lipstick remodels” on homes—refreshing the paint to current color trends, along with lighting and the carpeting updates, making sure the home is as clean and clutter- free as possible.” In other words, no major remodels take place. This reduces the cost of the staging and provides value to the seller.
"A message to buyers –staging your home is worth the expense and the effort, and results in achieving a higher selling price." Dreyer says, “On average, our homes sell for 17% more” than comparable homes that have not been staged. Every home is different, and professionals help sellers in determining which elements need to be improved, in order to maximize the sales potential.
Who Are the Buyers? Millennials, That’s Who
Another key element, says Dreyer, is knowing what buyers want. And this can vary, depending upon market, and upon the age of the buyer. But by and large, the professional 30-somethings in the Millennial generation are the demographic group most focused on home purchasing today. While many Baby Boomers are still into living in the single family homes they raised their families in, many desire a downsized lifestyle in an active adult community or in 55+ senior apartments. Luxury apartments or condos for rent offer them something special—a maintenance-free lifestyle. And while Millennials may have heard horror stories about home ownership from their Baby Boomer parents, the lure of owning a home for, say, a 30-something couple who wish to start a family is strong.
“Millennials are the first generation to have come up using technology, and their judgements are very quick and photo-oriented,” says Dreyer. They want clean looks, open spaces, and they don’t want to get involved in a major home renovation right after purchasing. “Today’s buyer is credit rich and cash poor,” Dreyer says, “but they do have specific tastes.” She explains that elements such as dark, wood kitchen cabinetry can delay a home sale, because today’s buyers want clean, white or light-colored kitchens. Renovating a kitchen with new cabinetry is out of the question to them. But a coat of paint can remedy this, helping buyers see their own tastes in the home. Again, “lipstick remodels” are invaluable to stagers and home sellers alike.
Organizations like Staging Columbus can be invaluable to empty nesters looking to sell their home quickly, and for the right price. Professionals like Nancy Dreyer and Nancy Edwards can help homeowners understand their buyer better, and can convey that buyer’s expectations into the home’s décor. Empty nesters who may be so close to the home emotionally may have trouble doing the renovations needed to sell the home expeditiously. Dreyer explains, “That 65-year-old who wants to downsize was raised in the generation that improved the home step by step. Today’s market is not like the market they were in when they were purchasing. We want to let them know we’re teaming with them to get a great result.”
Key Elements for Today’s Home Sellers to Remember
We asked Nancy Dreyer to name some of the key elements of staging a home. While she notes that the whole home is important, there are a few areas and quick tips that home sellers should keep in mind:
- Kitchens and bathrooms – clean, white or light colors are good. Buyers are most afraid of tackling these after purchasing a home.
- Light, painted kitchen cabinets; few buyers these days want dark wood cabinetry
- Hardwood or laminate flooring is popular
- Color but only in accessories, not on the walls
- Clean, simple aesthetics, not the heavy, carved woodwork that previous generations admired
- Open floor plans
Today’s buyer-the Millennials-are money conscious. Dreyer notes, “I don’t recommend that young people purchase older homes as their first homeowner project. There are always surprises with these homes.”
Tools for Creating Great Spaces
In addition to a sense of what buyers want and a talent for creating attractive spaces, the women of Staging Columbus have other tools handy. “We have a 7,500 square foot warehouse full of furniture at our disposal.” One of the catch phrases of the business is ‘Dated furniture makes any home appear dated.’ Gearing the home to the age group of buyers is critical, she adds. “Millennials lack confidence in our real estate market, after witnessing what their parents went through during the housing crash. They are uncertain, and whatever we can do to make them see the home as potentially ‘theirs’ helps.”
So, even though the Columbus market is one of the “hottest” in the country, home buyers remain cautious. This is another great reason to hire a staging company to help the process along. The professionals at Staging Columbus also will not hesitate to have a home re-carpeted. “We get great deals on carpet, because we buy a lot of it,” she says with a laugh.
And those who would balk at re-carpeting their home right before putting it on the market must understand: An investment in a few rooms of carpet (at rock bottom prices thanks to your staging company!) in a subtle color achieves a clean, new look and makes the good features of the home (beautiful views, an open floor plan) stand out even more.
Nancy puts the philosophy in a nutshell: “The investment in staging is always less than the sellers’ first price reduction.” Thinking on this, sellers may do well to look up a professional staging company, even in Central Ohio, where homes are not staying on the market for long. “It’s about selling the home, but selling the home and getting the best price possible for the home,” she says. “The biggest thrill that we get in this business is seeing the bump in the sale price that we’ve helped sellers achieve.”