How to Stage Your Home for the Current Market
Over the past six months, more and more people have found remote work to be a viable option. In this way, the COVID-19 pandemic has completely shaken up the residential real estate market. Prospective homebuyers are switching up their priorities. Many are moving towards homes with outdoor spaces and additional dwelling units in the suburbs instead of trendy apartments in cities. With a changing culture and a market in flux, homeowners looking to sell also need to adjust, especially when it comes to marketing. As such -- unsurprisingly -- one of the best ways to determine how to stage your home is to look into recent home-buying trends.
Researching what buyers are looking for in your area and staging your house accordingly can make your property more competitive. You should also look into demographic changes in your area and pivot your home staging plans to echo the neighborhood's new makeup. If more young professionals are relocating to your state or city than ever before, you might want to play up your home office. If short-term rentals are popular where you live, you might consider spending a bit of money furnishing your guest bedroom accordingly. If your area attracts retirees or multi-generational families, consider focusing on living spaces and extra bedrooms. If you have an ADU (accessory dwelling unit), be sure to furnish it in a way that will attract buyers in your area. Follow below for three major home-buying trends -- and how to stage your home for the current market.
Emphasize Extra Multi-Use Space
According to Realtor.com, buyers in the West, South and Mid-Atlantic are prioritizing extra bedrooms and ADUs in their searches. The article notes that “topping the list of most popular home features are the makings for man-caves, she-sheds, workshops and granny pods.” With more people working from home than ever before, playing up extra space for a variety of activities might secure a higher offer. With the number of multi-generational households increasing across the US, it should come as no surprise that buyers are searching for extra space.
Jim Dalrymple II writes in his article “Multigenerational households are on the rise” for Inman that more homebuyers are hoping to accommodate extended family. Particularly, he explains, a striking number of homebuyers have made senior-friendly spaces a priority. Dalrymple writes that “today, up to 41% of Americans who are buying a home are also considering accommodating a family member from another generation." Dalrymple notes that the majority of these additional family members are either "an elderly parent or adult child.” Homes with enough space to accommodate an aging parent may also receive higher offers because more people could be chipping in.
However, accommodating an elderly relative is not the only reason prospective homebuyers are seeking out homes outfitted with ADUs or extra bedrooms. Many prospective homebuyers -- especially millennials -- purchase with renting out a room or ADU to bring in extra income in mind. Karen Gilchrist writes in “The housing trend that’s getting millennials on the property ladder” for CNBC that millennials prefer properties ripe for rental income. Gilchrist writes that “today, more and more young people are choosing to defer buying their own homes." Instead of buying, many millennials are "instead jumping straight into rental investments.” However, home purchases amongst millennials have risen in recent months as remote work pushes younger people away from expensive cities. As such, staging your home to emphasize potential rental spaces could widen the demographic reach of your property. In short, additional bedrooms, a finished basement or a multi-use ADU can all attract buyers -- especially if staged well.
Move the Master Bedroom to the First Floor
According to the Realtor.com article “What features are home buyers searching for?” 12% of US states reported a first-floor master bedroom as their top home feature. The article explains that with "baby boomers reaching retirement age, America has fallen out of love with having to climb stairs.” The article notes that prospective buyers across nine states reported wanting nothing “to do with multi-level homes.” If you have a multi-level home with bedrooms on the ground and upper floors, consider making it more usable for older folks. Make the property more accessible by staging a ground room as an actual bedroom -- rather than an office or living space. Move your office, game room or laundry room to upper floors instead to attract a more diverse group of potential buyers.
Play Up Indoor-Outdoor Living
Bill Lewis writes in “Home buyers want outdoor spaces — and they're willing to pay” for The Tennessean, that “outdoor features" have become increasingly popular. Lewis writes that "outdoor features of all kinds...are being installed in backyards everywhere.” This includes "everything from pools to fireplaces to complete living rooms with furniture designed to stand up to the elements." Throughout the 2020 home-buying season -- especially with so many Americans stuck at home due to remote work and “stay at home” orders -- interest in indoor-outdoor living has skyrocketed. Quoting Joe Raboine of design services company Belgard, Lewis writes that biophilic interiors and exteriors are a major draw for today’s homebuyers. Raboine explains that in recent months, “nice outdoor spaces have become an expectation.” People have turned away from traditional, formal living rooms and turned towards spaces that offer new, connected experiences.
Homebuyers are searching for indoor-outdoor living “‘with expectations of the experiences they’ll have…[in] spaces that foster connections.’” As such, staging your home to “integrate nature [and] meld the indoors and outdoors” could be the key to a better offer. Accomplish this by emphasizing large windows or sliding glass doors with breezy curtains and sheer liners. Place indoor furniture near these points in the home to emphasize the relationship between indoor and outdoor spaces. Consider blurring the line further by adding a few wicker or rattan pieces. Though these materials are traditionally used for outdoor furnishings, they work well indoors too. Consider adding a couple in your breakfast nook or other areas of your home that bathe in natural light. Trade in the typical neutral wall colors common in home staging for organic shades. One of our favorites is Behr’s mossy green 2020 Color of the Year “Back to Nature.”
Just like any other market, real estate also goes through ups and downs. At present, the market is transitioning from the seller’s market to the buyer’s market. By following these three tips, you can ensure your home will attract both more diverse and more targeted interest across demographics regardless of market condition.
