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  • Writer's pictureJohn Patrick

Setting the Stage for Selling your Home Successfully

Updated: Mar 19, 2023

Everyone is talking about real estate these days.

When is a good time to sell?

Will the interest rates effect my asking price?

Is the market over-saturated with inventory?

And the most important question...

How do I make the best first impression with as many potential buyers as possible?

Most real estate professionals prefer to list properties in the early Spring through the early

Fall months. According to the Real Estate Board of New York (REBNY), the Spring and Summer months offer the best weather. Good weather can be a major factor in the amount of traffic to your listing.

The current interest rate (March 17, 2023) for a 30-year fixed rate mortgage is 6.6%. That rate is subject to change based on income, credit rating, and in New York, location. There are certain areas of New York City that are offering 4.80% interest rates (BofA, FR and Citi) on homes purchased in specific neighborhoods (ask your real estate agent). As of the writing of this blog, Silicon Valley Bank in California and Citizens Bank and Trust and First Republic Bank in Illinois are in jeopardy of failing. This will have an effect on interest rates, predictions are for lower rates, good news for buyers and sellers.

The current inventory of homes in the New York City Metro area changes daily, which is a great segue into how to make the best first impression with as many potential buyers as possible...

Home Staging, or Real Estate Styling is your key to success. Staged homes sell 20% faster than non-staged homes. The reason for this is that when the listing photography showcases a property with a strong and thoughtfully curated interior design identity, it stands out from the other listings. This results in your property getting in front of more buyers. In today's market, more buyers are looking at listings online, and then contacting their real estate professional for an appointment, or to visit an Open House. The more attention the listing receives, the higher the possibility for a quick sale, multiple offers, and offers over the asking price.

There are many benefits to staging, in addition to the higher rate of return and fewer days on the market, here a few...

  1. Staging your home prepares you for their next move. Lots of sellers have lived a long time in their home. Clearing out unused or unwanted items helps the potential buyer to see all of the space. Buyers want to see a clean, well-designed home. Clutter and bulging closets can give the immediate impression that there is not enough storage space, or that the property is too small. Sellers, clear out your closets, and clear off kitchen counters.

  2. Staging highlights the best features in your home, and can help to distract from the less favorable. Examples... A large rug anchors your room, adds warmth, and hides any minor wear and tear on the flooring underneath. Opening all of the blinds, and turning on all of the lights before showings will make the home feel more open, and bright.

  3. All of the money invested in preparing a home for sale will reduce the amount of obligation on your Capital Gains tax after the closing. A property that is listed for 30 days without showings or offers, usually receives a price correction/reduction of between 5% and 10% lower than the original list price. These price corrections are still money out of your pocket, and they are not tax deductible. The seller pays all of the maintenance, property taxes and mortgage while waiting for the closing. Excessive days on the market can also give a buyer the impression that there is something wrong with a property. The cost of staging upfront is usually 1.5% to 2.5% of the target asking price, and regardless of the final selling price, the cost is fully Capital Gains tax deductible.

For more information on how to best style your home for sale, we are offering virtual consultations. Several appointments are available this week...

John Patrick Designs is currently accepting consultation appointments for listings coming to Market in 2023. We have successfully staged over 500 properties since 2003.

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