"Although vacant homes are easy for buyers to tour at their convenience, the fact that the sellers have already moved on is often a signal that buyers can take their time making an offer," said Redfin chief economist
Though vacant homes sell for less money in every metro area included in the analysis, the amount varies by location. Vacant homes come with the biggest discount compared with occupied homes in relatively affordable inland areas. Vacant homes still sell for less than occupied homes in expensive
"Whether occupied homes sell faster and for more money depends on a lot of factors, as everyone's tastes and preferences are different," said
Redfin agents suggest that although vacant homes tend to sell for less money and spend more time on the market before going under contract, staging or virtual staging can help vacant homes make a better impression with buyers. Staging involves hiring a company to bring and arrange furniture in your home to showcase its potential to buyers. Staging can be particularly impactful for homes with open spaces or unusual layouts, where buyers most often need help to see how the furniture could be arranged. Professional staging can cost several thousand dollars, depending on the number of rooms staged and the length of time.
"Staging a property can have a profound effect on both the sale price and days on the market, but the main challenge of physical staging is that it's cumbersome, costly and offers no flexibility to showcase various aesthetic stylings," said
Aarts added: "Virtual staging is a cost-efficient option that gives homebuyers an ultra-realistic view of what the vacant home will look like at its full potential. It caters to today's homebuyers who are increasingly demanding immersive services and mobile augmented and virtual reality tools that allow them to evaluate a property, often times without needing to physically set foot in the home."
To read the full report, complete with market-level analysis, methodology and virtual staging photos, please visit: https://www.redfin.com/blog/vacant-homes-sell-for-less-money.
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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