Image is Everything: Creating a Positive First Impression is Key to Selling Your Home
– Men (41%) more likely to put a premium on decor than women (30%) –
TORONTO, February 16, 2006 – The old adage that you only get one chance to make a first impression rings true for sellers showing their homes in today’s competitive market. With the spring market quickly approaching, many homeowners are wondering what they can do to help get their homes ready to sell. A poll of potential buyers released today by Royal LePage Real Estate Services, found that sellers ought to do more than just look after required renovations before showing their home. In fact, décor improvements help make a strong impact on buyers and can ultimately affect a home’s market value.
The 2006 Royal LePage House Staging Poll (conducted by Maritz Research) revealed that renovations can often boost a home’s value but sometimes too much of a unique style can be detrimental when it’s time to sell. Thirty-six percent of potential buyers said that they would be willing to pay a premium for a home with updated décor. Surprisingly, more men than women viewed décor as a necessity with 41 per cent of men versus 30 per cent of women claiming they were willing to pay a premium for this feature.
“First impressions are key in real estate as buyers often make up their minds about a home within the first few minutes of entering the front door,” said Dianne Usher, senior manager, Royal LePage Real Estate Services. “As the real estate market begins to moderate in many markets across the country, the need to impress buyers becomes even more crucial. A combination of the right renovations with modern and tasteful décor is the best way to do that.”
Usher added: “A contemporary and minimalist space with neutral coloured walls and a limited number of personal items appeals to most buyers and ensures the best results when selling a home.”
When asked which home improvement they would pay a premium for, 79 per cent of buyers indicated that they would be willing to pay more for a home with a renovated kitchen. However, when asked if they would still pay a premium for a renovated kitchen if it was done in a style that was not to their taste, less than half of those (42%) who originally said they would pay a premium responded favourably (score of seven or higher on a scale of one to 10, with 10 meaning “very likely to still pay a premium”).
| Per cent of buyers that would pay a premium for the feature |
Renovated kitchen | 79% |
Renovated bathroom | 73% |
New windows | 70% |
New flooring | 62% |
Updated décor | 36% |
In addition, while 47 per cent of buyers said that the need for major renovations would most negatively influence their buying decision, a significant proportion of buyers (11%) thought that décor requiringmajor changes had the most impact on their decision. Only six per cent of buyers said that the need for minor renovations would most negatively influence their buying decision.
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