NICK PATSIO
‘Fierce’ competition
With more and more homes coming on the market as the spring homebuying season swings into full speed, some sellers and their real estate agents are trying be more creative in promoting properties.
One local real estate firm searching for ways to sell homes faster and for more money recently started offering clients the services of designers who can prepare, or stage, a home for sale.
Century 21 West Realty in Watertown began providing sellers with a complimentary assessment report with photographs, diagrams and recommendations on how to perk up the appearance of their home last month. The detailed report, often totaling 20 pages, is completed by a company or designer who offers so-called home staging services.
In the reports, sellers are given advice on everything from painting a worn front door to replacing outdated kitchen light fixtures, removing clutter and repositioning furniture. Sellers can then follow the plan and suggestions outlined in the report or hire a professional to assist them.
Nick Patsio, who along with his brother George owns Century 21 West Realty, said the reports and staging services have made a dramatic difference in boosting the appeal of homes, and he credits the service with helping to attract desirable purchase offers for at least three homes his firm has listed for sale.
“The competition is fierce with so many listings on the market,” said Patsio. “We really wanted our clients to be out in front and this was part of our plan to get their properties sold for the highest amount of money.”
Patsio estimated his firm, which serves the Greater Boston area and currently has about 40 properties listed for sale, has spent between $3,000 to $5,000 in the last month to offer the complimentary service. But Patsio said the expenditure already has started to pay off – a condo in Watertown that Patsio’s office had listed for sale was sold for the full asking price only a day after it was staged.
Another buyer offered more than the asking price for a single-family home in Watertown just a few weeks after it was staged. And a million-dollar home in Belmont, which was previously listed with another firm for about six months, was sold within a week of staging, according to Patsio.
The ‘Wow’ Factor
Staging homes for sale to highlight their best features and minimize any shortfalls has been very popular in other parts of the country, including California. But over the years, staging has become more widely available in other states, including Massachusetts, as more and more Realtors and homeowners have become familiar with the service.
Televised home improvement programs and various Web sites also have made home sellers more aware that professional assistance can increase the marketability of a home.
Andover Realtor Bernadette Gibson said it has become more critical for home sellers to consider home staging now that the residential real estate market has slowed down from its frenzied pace and buyers have a bigger selection of homes to choose from in many Bay State communities.
In Andover, there were 145 single-family homes listed for sale as of last Monday, with 44 of those properties coming on the market within the prior week. In Boxford, which typically has 25 houses for sale, there were 75 homes available, according to Gibson, a Realtor with Coldwell Banker Residential Brokerage.
“It [staging] doesn’t affect the value of the house but it definitely makes it more sellable,” said Gibson, who often advises clients to hire a professional space planner or home stager. “When people walk into a house that’s nicely done they definitely get what I call the ‘wow’ factor, and it helps sell the house.”
A furnished home that is staged properly will sell faster than a similar home that has not been staged, said Gibson. Some experts even estimate that homes that have been staged can fetch 10 percent to 15 percent more than their original asking price.
More agents in the Andover area started recommended home staging to sellers as soon as they realized the real estate market had shifted about a year ago, said Gibson. But while preparing a home for sale is important, she added, proper pricing will still be the chief ingredient in how quickly a home sells.
Nelson Zide, senior vice president of Whitinsville-based ERA Key Realty Services, agreed that there is “some value” in using home staging, particularly for certain types of properties, but he said he hasn’t noticed many agents or sellers relying on home staging in Framingham and the other MetroWest communities he serves.
“I haven’t seen it out here,” said Zide. Home staging is more likely to be used in communities with higher-priced homes that have on been sale for longer periods of time, he added.
With 23 homes currently listed for sale, Zide said he has been in the real estate business long enough to offer basic advice to sellers about steps they can take to spruce up their homes.
“If the Realtor you are using doesn’t have a clue about how to help you as a homeowner get your home ready for sale, yes, then I think a professional home stager is worth your while,” he said.
For Patsio, offering the free home staging advice to clients has proven to be a good business decision so far. But Patsio isn’t sure whether more companies will follow his lead and invest in the service.
“I’m not sure what the trend is going to be. It is very expensive [to offer free home staging services],” said Patsio. “The small and mom-and-pops are going to look at it Â… but I’m not sure they’re going to be able to compete,” Patsio said.
