Do real estate open houses sell homes faster?
Every seller is wondering if hosting an open house will be their big chance to sell. It’s impossible to say it’ll guarantee a sale or even an offer . However, what we do know is that an open house can’t hurt the chances.
While it’s not unthinkable to sell your home at an open house, it’s pretty unlikely. So why does everyone make so much noise about this notable event in the real estate industry? An open house can effectively reduce time consumption, inconvenience, hassle, and stress for everyone in the buying or selling process, which is why more and more agents are recommending this to their clients.
Who goes to open houses?
The truth is most buyers who are seriously looking for a house are working with a real estate agent . They get new listings from agents as soon as homes hit the market. Their agents take them out to look at homes, and they get private tours of the property. So by the time an open house is held, a serious buyer has already considered the property.
So if active home buyers aren’t making up the bulk of the crowd, who is going to these things? At an open house, you will find a good, healthy mix of attendees–plenty of nosy neighbors, casual passersby, other real estate agents, and future home buyers. Unfortunately, these events also have the potential to draw in thieves or robbers. You must remember, an open house is essentially an open invite to a group of strangers into your home, giving them an easy shot at things items in plain sight. You can easily avoid this situation by tucking all valuables away in a safe place so that everyone’s focus funnels toward the qualities of the property, not the goodies inside your jewelry box.
At times you’ll see an agent will put a home on the market with instructions that no showings are permitted before the open house. That strategy is not the norm and applies more to seller’s markets .
Do open houses sell homes?
The open house offers benefits felt on both the buying and selling end. Sellers love the benefit of convenience. It takes a ton of time to accommodate individual viewings. With a family and a full-time job, private showings can become very inconvenient as they require a deep clean followed by a vanishing act–all at a moment’s notice. An open house sweeps aside all the uninterested candidates in one go. It saves time, increases the chance of a quicker sale, and opens the door for multiple bids, which means there is potential to make more money.
Buyers might not make up the bulk of visitors, but many still love open houses. It gives them an opportunity to ask questions and find many answers with the freedom to independently explore the home. And since there are bound to be some of those nosy neighbors lurking, buyers have the opportunity to get an honest feel for the community.
However, unless the open house is in a popular neighborhood near a busy street, it’s unlikely that an open house will draw much attention. Since most of these people are not on the market for a home but are just merely curious, it’s easy to doubt the benefit of holding an open house in the first place.
Will your house sell from an open house?
Is your home going to sell after the open house? The answer is probably not. You will not be pulling the “For Sale” sign out of your yard at the end of the open house.
Since they don’t typically lead to a sale, there are plenty of arguments against the open house. If the homeowner is living in the space at the time of the open house, it is quite a hassle to prepare for the event. Arrangements need to be made, personal and valuable items need to be removed–it’s a boatload of prep work , even if you’re agent is doing most of the actual showing!
Living in the age of the internet, many people are wondering what is the point of an open house anymore. Most properties are up on the web before the first open house is even scheduled. Potential buyers can view photos and information about the property and contact the agent if they are interested. For many people, this makes the open house completely irrelevant.
The reasons are for and against publicly showing your home are multilayered. An open house provides an opportunity to pull in buyers, as well as weed out the lookie-loos, and should not be ruled out of the selling process entirely.
Hosting an open house can be difficult. With help for a Clever realtor, it is easy! Let our highly qualified, full-service realtors do all the work. Call us today at 1-833-2-CLEVER or fill out our online form to get started.