Transformed: The Power of Updating and Staging Your Home
Have you ever wondered what a few home improvements would do for your resale value? Most people have that thought at some point during homeownership. Depending on the circumstances, taking the time to evaluate what updates might add value to potential buyers can really pay off. Case in point – a well-maintained contemporary-style home in Bedford, MA. The sellers believed the house was in the condition to yield a successful transaction as is. In an uncertain market amidst a global pandemic, there was no such guarantee. In an interview with Becky Venuti, Director of Staging & Design, we dive into the transformation that ultimately yielded 7 competitive offers after a successful re-launch of the property.
Suz & Co: Becky, can you tell us a bit about the homeowners and their reason for selling?
Becky: The long-time owners had lived in their home for more than 40 years, settling on Bedford to raise their kids in a great school system while having an easy commute to work via Route 2. Along the way, they invested in many updates and improvements to make the home perfect for their needs. Once the kids were grown and starting families of their own, they realized they wanted to move closer to their grandkids.
Suz & Co: What was the condition of the house when Suzanne, Listing Agent, first met with the sellers?
Becky: The house is really great – lots of usable space and desirable attributes. There was evident pride of ownership in the updates and maintenance that had been done over the years. There were some spaces that hadn’t received a facelift in many years. Furthermore, their décor and style were fit for them, but not ideal for the buyers we are seeing in the market today. They did a bit of tidying up for the listing photos and open houses and felt good about the state of the property. And like I said, there was nothing WRONG with the house! It was just very owner-taste-specific. As I tell people, you design and decorate to your liking for living; you stage and create a fresh feel for selling.
S&C: But the market didn’t respond favorably?
Becky: No. There was a lot of interest in the neighborhood and the town, but the house just wasn’t resonating with potential buyers. The sellers strategized with Suzanne on next steps. They ultimately decided to remove the listing and tackle some small projects to give the house a bit of a facelift. It was at this point that Suzanne put them in touch with vendor partners who painted, put in new vanities, and did some other minor yet impactful improvements.
S&C: What were some of the recommendations?
Becky: As I tell people, you design and decorate to your liking for living; you stage and create a fresh feel for selling. A fresh coat of paint can go a long way, so we started there. Helping pick out paint colors is just one of the many services we provide! Some of the feedback provided from potential buyers indicated that the master bathroom and some of the carpeted floors were areas that needed some attention. We guided the homeowners through the decision-making process and the team helped secure and schedule vendors.
S&C: Those types of projects sound costly. Do you offer any assistance to your clients?
Becky: One of the deciding factors in aligning with the Compass brokerage was their Concierge program. It’s an incredible program to help sellers tackle projects that will improve their home’s performance in any market. Essentially, Compass aligns with a financial institution that offers a no-interest loan to homeowners that is paid back at closing. There are a handful of criteria and limitations, but it’s an easy and successful solution for most sellers. The sellers of this home elected not to use the program, but many other clients have found it to be extremely helpful.
S&C: Tell me more about the projects that transformed this property.
Becky: The homeowners moved forward with nearly every project we discussed: painting the entire interior, updated the carpeting throughout and replaced the vanities and toilets in the bathrooms. The updates were all tasteful and gave the home the fresh feel that it needed. We also encouraged the sellers to let us stage the home, to truly show off the potential of the various spaces. We furnished the main living areas in the house. We even used some of the owners’ furniture just repositioned furnishings to open up the space more. Check out the before and after photos!
S&C: Did the projects yield the intended end result?
Becky: Absolutely! We re-launched the property a couple of months after removing the listing. Because of all of the work that had been done, we increased the price by $20,000. The response was nothing short of astounding. After the open houses, the sellers ended up with SEVEN competitive offers, all above asking price. They accepted an offer that was more than 12% over the list price
If you’re thinking about selling, but feeling uneasy about the “readiness” of your home, give us a call at 781-275-2156 to talk through our Concierge program and staging services!
