The average price of a home in Wales has decreased to £239,378 for the first time in 10 years. Prices have also fallen year-on-year with 2 consecutive drops this year or between 1-4% below their respective levels compared to last year. However, the housing inventory is constrained, and the supply of properties is 10% lower than the same time in 2019 according to the Regional Property Market Update report. Rightmove says that houses are selling more quickly, but homeowners are seeing cuts of over 5% to asking prices. One possible way to maintain or boost the listed price is to stage a home properly and attractively. It highlights the property’s strengths, creates an attractive impression, and allows buyers to envision themselves living in it.
Enhanced Perception
Although there were 10,000 transactions during the third quarter which represents an increase in the previous 2 quarters, total sales are still down by 20% compared to 2022. The slowdown in activity can be attributed to the high interest rates and cost of living over the past year as buyers feel the uncertainty of taking up mortgages. In September, the Bank of England maintained the base rate of 5.25% which has resulted to better mortgage deals overall.
But Shaun Middleton of Principality Building Society said that the downward pressure on housing prices has continued due to economic pressures and higher interest rates which have impacted affordability for many buyers. Hence, sellers can take a proactive stance and prevent further price decreases by staging their listed property. Statistics indicate that 95% of staged homes in the UK sold faster than those that were not prepared whilst research by Rightmove showed that staged properties sell for 8% more than non-staged ones.
Cost-Effective Upgrades and Alterations
Before putting up a property for sale, it is vital to check which modifications you can do that would give your property a better chance of getting the asking price. It’s also recommended to speak to a realtor about the features that make the most impact when selling in your area. To illustrate, interior decoration plays a crucial role in enhancing visual appeal, highlighting key features, and creating a lifestyle narrative. The choice of colors, furniture, accessories, and décor can create a cohesive and visually pleasing look that makes a home more appealing to buyers. For example, placing picture frames on the wall serves both practical and aesthetic purposes. Picture frames display artwork and other optical elements enhancing the visual appeal of their contents that also contribute to the overall décor of the room. In addition, they create a focal point and set the tone or style of a room.
Thus, redecorating is the most popular home improvement that can be easily achieved by adding a lick of paint. It is also an inexpensive or affordable upgrade that yields a high return. Painting your home can improve its value by 2% according to HomeLogic UK. It fixes superficial defects such as dirty walls. Moreover, you can also declutter, improve heating and lighting, and spruce up gardens as part of home staging.
Preparing a home prior to selling can help increase or maintain the selling price of a property. Whilst it is not a guaranteed outcome, the impact of staging might encourage homebuyers to take the plunge if they see a home that feels move-in ready and is aesthetically pleasing.
