Days on the market, or DOM as real estate agents know it, is one of the key indicators of the health of any Real Estate Market. The average DOM for a home in Marin has gone from 81 DOM in November 2007 to 135 DOM in November 2008. It’s taking over 50% longer to sell a house, yet some places are selling in under two weeks. Why?
Gail Dunnett, Principal of Studio D Home Staging, along with expert stager Shannon Mitchell, a featured designer on HGTV’s “Curb Appeal” reveal four of the key reasons below:
- Presentation
As Marilyn Monroe once said, “It is better to be looked over than it is to be overlooked.” Staging is vitally important for all homes, whether a full staging, a partial staging using key pieces of the homeowner’s or a simple consultation. And not all staging will garner the same results. Not only must staging de-emphasize flaws and highlight architecture, the staging must sell the dream. Research has shown that staging can increase your selling price by 10-15% and reduce your days on market by half.
- Location
Homes in the better locations are most definitely selling faster than homes in the average locations. So make sure you highlight why this home is in such a great location. And if it’s not, then highlight the good things about the location…close to shops, views, short commute, etc. Savvy agents know how to market the location.
- Price
You want to price your home to move quickly, as the longer it sits on the market, the tougher it is to sell. People begin to wonder what is wrong with the home, and eventually it is no longer top of mind with real estate agents.
- Financing
Financing can make or break a deal, so knowing what different types of financing are available to different buyers is crucial. In addition, knowing if there are any liens on the title, if the mortgage is assumable, and if there are any special loan programs available to potential buyers can really make or break a sale.
The following case studies demonstrate how presentation in conjunction with location, price and financing made all the difference in the sale in this extremely competitive market place.
Case 1 – 9 Cecilia Court, Tiburon: Studio D staged August 28th, 2008, listed September 2nd, $3,695,000, accepted offer in November approximately 63 days on market. Listing agent Susan Ferrington from the Coldwell Banker attributes the home, location, views, and staging as key elements to the sale of this home.
The professional stager, studio D came in and chose new paint colors for major rooms, hardware was updated, new carpets were installed, landscaping done, front entry re-tiled, and dry rot repaired.
The Best Presentations require a labor of love, from the attractive paint colors to furnishings with exactly the right scale for the room to live plants, homes are transformed in a day to sell the dream.
Tiburon
Case Study 1: 9 Cecilia Court, SOLD! $3,200,000, 5 bdrm, 3 bath, staged, 63 DOM
The entry way and colors throughout the home wererepainted to a cooler more sophisticated color pallette. The hardware was changed out and the rug was removed, artwork hung, and staging furniture brought in.
More Marin projects can be seen on our website at http://www.studiodhome.com/home-staging/portfolio/california/marin
The average DOM for a home in San Francisco has gone from 33 DOM in November 2007 to 58 DOM in November 2008.
San Francisco
Case 2 - 1455 15th Ave, San Francisco: Studio D staged Nov 17, 2008, listed on MLS Nov 18th, accepted offer in four days for over the asking price. Listing agent Theresa Collins from the Paragon Group attributes the staging and a small ocean view as key elements in addition to a special loan program that was to expire on Nov. 30.
The home was empty so we staged the rooms which helped the presentation of the home. Here is an example of the living room and one of the bedrooms. They were staged in a light, fresh style which was neither too traditional nor too modern.
Case Study 2: 1455 15th Ave, $899,000, 2bdrm 1 bath, staged, accepted offer in 4 days!
More San Francisco projects can bee seen on our website http://www.studiodhome.com/home-staging/portfolio/california/san-francisco
Addtional projects in the East Bay can be seen at http://www.studiodhome.com/home-staging/portfolio/california/oakland
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