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This blog explores the realtor's perspective on the importance of home furnishings in the housing market. The research reveals that among buyers' estate agents, home furnishings have a significant impact on buyers' perception of their home. Nearly 60% of buyers' agents report that furnishings influence the majority of buyers most of the time. (Survey: National association of realtors)
The buyer's perspective as a real estate agent:
58% of buyers' real estate agents said that home furnishings influenced most of the time for most buyers, while 31% said home furnishings did, but not always.
81% of buyers' agents said that furnishing the home made it easier for buyers to imagine it as their future home. Furnishing the living room proved to be the most important for buyers (39%), followed by furnishing the master bedroom (36%) and kitchen (30%).
Among buyers' real estate agents, offering photos (77%), traditional physical furnishings (58%), videos (74%) and virtual tours (42%) were much more important to their clients. 20% of buyers' real estate agents said that furnishing a home increased the offered home value by 1% to 5% compared to other similar vacant homes on the market.
The seller's perspective as a real estate agent:
23% of seller's real estate agents said they furnish all sellers' homes before listing them, while 10% said they only furnish harder-to-sell homes. The most commonly furnished rooms were the living room (91%), kitchen (81%), master bedroom (81%) and dining room (69%). The use of a furnishing service was most common among seller's agents (24%). Seller brokers also said it depends on the situation (24%), and seller brokers also offered to personally furnish (22%).The average price value when using a professional furnisher was $600, while when a seller broker personally furnished a home, the amount was $400. When furnishing a home, 20% of seller's agents reported that the value of the home offered increased 1% to 5% over other similar homes.
27% of sellers' agents reported that furnishing their home slightly reduced the time to sell. Among seller's agents, providing photos (89%), traditional physical furnishings (44%) and videos (44%) were more or more important to their clients.
81% of respondents said that buyers had thoughts about where they wanted to live and what kind of home they had in mind (76%) before starting the buying process. 44% of respondents said that buyers generally thought the home buying process was neither easy nor difficult. A median of 5% of respondents said that buyers thought homes should look like they were furnished in television shows. A median of 10% of respondents indicated that buyers were disappointed with how homes looked compared to homes seen on television shows. A median of 20% of respondents said that buyers brought family members with them to view homes. A median of 30% of respondents said that buyers consulted with family members during the buying process. 24% of respondents said that television shows showing the buying process affected their business. 73% of respondents said that television programs showing the buying process influenced their business by setting unrealistic expectations or raising expectations.
Over the past five years, 51% of respondents said they have noticed an increase in the proportion of buyers planning to renovate their home. A median of 25% of respondents said that buyers who plan to renovate will do so within the first three months of owning their home. 56% of respondents said that buyers generally had no expectation of how many homes they would see before buying. Those who did have an expectation expected to see an average of seven homes on site and 12 homes virtually. 56% of respondents said that buyers' expectations of how many homes they would see before buying matched the market.
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