Should you stage your home for the market? Why or why not? October 2018   
  Real Estate Staging News

Real Estate Staging

Cathy Tarrant CCSP
ST. JOHN'S, Newfoundland
(709) 341-7115

Selling your home involves many important decisions, one of which is determining the right asking price. This month's article explains why overpricing your home can potentially lead to disaster.

The latest NL Real Estate Report is out.  Read it here!

Hallowe'en is soon upon us.  Why not make some witches Fingers for those little ghosts and goblins that come knocking at your door.  Check out the recipe here.

Why should you care about staging your home for the market?  Find out here.

Thanks so much for checking out this month's newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate staging in general -- we would love to hear from you!


In this issue...
NL Real Estate Market Update 

Newfoundland and Labrador home sales down year-over-year in September

The number of homes sold in the region serviced by the Newfoundland and Labrador Association of REALTORS® totaled 325 units in September 2018. This was a decrease of 16.7% from September 2017.
On a year-to-date basis, home sales totalled 2,811 units over the first nine months of the year. This edged down just 2.3% from the same period in 2017.
Residential activity in St. John’s was down 23.3% on a year-over-year basis in September 2018, while activity in the rest of the province fell 14.4%.
Single detached home sales in St. John’s were down 22.2% from levels recorded in September 2017.
Nationally, home sales activity was down 8.9% from year-ago levels in September 2018.
The average price of homes sold across all of Newfoundland and Labrador in September 2018 was $253,175, up 0.8% from September 2017.
The more comprehensive year-to-date average price was $252,065, down 0.4% from the first nine months of 2017.  The national average price, by comparison, edged up 0.2% on a year-over-year basis to $486,917 in September 2018.
The dollar value of all home sales in the province for September 2018 was $82.3 million, decreasing by 16% from the same month in 2017.  There were 955 new residential listings in September 2018, rising 5.6% on a year-over-year basis.
The overall supply of homes on the market remains historically elevated.  Active residential listings numbered 5,490 units at the end of September, up 4.9% from the end of September 2017.
Months of inventory numbered a record 16.9 at the end of September 2018, up from the 13.4 months recorded at the end of September 2017.  The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
See the full report here.


The Principles of Pricing 
Your asking price can either make or break your sale.

Pricing your home correctly is critical to a successful sale as it will help ensure that your home sells for the most amount of money, in the shortest amount of time.

Determining a home's asking price involves comparing similar homes in nearby areas that have recently sold while also taking past, present and future market trends into account.

Although you may have your own personal opinion of what your home's worth, it's important to be unbiased and realistic. At the end of the day, it’s the market that determines your home's true value.

There's always a huge buzz when a new property hits the market but if the price is too high, it will quickly become stale and there won't be any incentive for buyers to make a swift, strong offer. Worse yet, if it sits on the market too long, it’ll develop a stigma. We’ve all walked past a home that’s sat on the market for ages and wondered, “what’s wrong with it?”

Having your property sit on the market is also very inconvenient as you'll constantly have to keep it in a show-ready state which can be extremely stressful, not to mention exhausting. Furthermore, carrying costs such as mortgage interest, insurance, taxes and utilities will quickly add up if you get stuck carrying two homes at once.

Overpricing your property will actually help your competition as buyers will see other homes in your area as much better deals since they're less expensive. If, on the other hand, your home is priced close to fair market value, those same buyers will consider your home much more seriously.

Pricing a home is part art and part science. Market factors such as the economy, time of the year and interest rates can all make a huge difference. Your home only gets one chance to make a great first impression so it's important to enlist the services of a highly-qualified real estate agent to help you get things done properly from start to finish. Please don’t ever hesitate to ask if you have any questions!

Witches Fingers 
Witches Fingers 60 servings, 68 calories

  • 1 cup butter, softened
  • 1 cup confectioners' sugar
  • 1 egg
  • 1 teaspoon almond extract
  • 1 teaspoon vanilla extract
  • 2 2/3 cups all-purpose flour
  • 1 teaspoon baking powder
  • 1 teaspoon salt
  • 3/4 cup whole almonds
  • 1 (.75 ounce) tube red decorating gel

Prep 35 min  Cook 20 min  Ready in 1 h 15 min

1.  Combine the butter, sugar, egg, almond extract, and vanilla extract in a mixing bowl. Beat together with an electric mixer; gradually add the flour, baking powder, and salt, continually beating; refrigerate 20 to 30 minutes

2.  Preheat oven to 325 degrees F (165 degrees C). Lightly grease baking sheets.

3.  Remove dough from refrigerator in small amounts. Scoop 1 heaping teaspoon at a time onto a piece of waxed paper. Use the waxed paper to roll the dough into a thin finger-shaped cookie. Press one almond into one end of each cookie to give the appearance of a long fingernail. Squeeze cookie near the tip and again near the center of each to give the impression of knuckles. You can also cut into the dough with a sharp knife at the same points to help give a more finger-like appearance. Arrange the shaped cookies on the baking sheets.

4.  Bake in the preheated oven until the cookies are slightly golden in color, 20 to 25 minutes.

5.  Remove the almond from the end of each cookie; squeeze a small amount of red decorating gel into the cavity; replace the almond to cause the gel to ooze out around the tip of the cookie


What is Home Staging and Why Should You Care? 


PS Check out my FAQ's page  for everything you need to know about home staging!

Not meant to solicit clients already under contract.