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Open House - Worth It or Not?

Dated: 05/09/2019

Views: 164

Do Open Houses sell homes?

Open Houses typically draw strong opinions with sellers and agents. 

Some Agents refuse to hold them, while other Agents love them.

Some Sellers demand that the Agent have them and some Sellers refuse to have strangers unaccompanied walking through their house. 

So who’s right? Well, we’ll talk about the Pros and Cons of an Open House here and I’ll let you be the judge.

Cons of Open House

Small chance of a sale – According to NAR (National Association of Realtors) there’s only a 7%* chance a buyer will purchase a house based on an open house visit.

Report from NAR : https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics

Nosy neighbors –  This makes up the majority of folks going to an open house.  With most open houses being held on Sunday somewhere during the “lazy hours” of 1-5pm, it makes a perfect time for others to just “drop by” without it interfering with their day. It’s after church and brunch hours while not quite interfering with Sunday supper.

Required prep – It’s either going to take time or money for you to prepare. It needs to be clean (really clean) and in tip top shape. Check out our  Open House Checklist - you should remove pets and pet odors, have your house professionally cleaned if possible, and depersonalize.

Security issues – your neighbors won’t be the only ones stopping by.  I don’t want to put any fear in your heart, but here are a few things to consider. Remove all valuables – and this doesn’t mean hiding them in a drawer. I would actually pack them away and take them with you. Also, similar to recommendations for professional photos, remove all personal photographs (especially of your kids).  Do this for your personal security, but also so buyers easily picture themselves living in the home.

Unqualified prospects – Typically, the people that go to open houses are “unqualified” lookers.  They’re at the beginning stages of their search, don’t have an agent and aren’t pre-approved.  In other words, they’re not ready to buy and may not be in your price range.  

Open House Checklist

Download the FREE checklist that clearly shows what you need to do to prepare for an Open House and showcase your home it it's best light.

Pros of Open House

After reading the cons it may seem as if hosting an open house is just not worth it, but there are some benefits.  Here are some things to consider to find out if it's worth it to you. 

If your home has been on the market for a while, these may be some good things to consider and discuss with your agent.

Draws attention  From the yard signs, balloons and the online advertisements, an open house can draw a lot of attention.  If no one knows you’re selling it’s hard to get an offer.  Not much more to say about this benefit.

The Agent gets to meet potential clients – some people say this is only good for the agents.  Here’s another perspective: your agent will get good feedback about your house. Not necessarily the “we love this house and we want to buy it now”, but good feedback as in valuable feedback.  The kind big companies pay for, and it’s called consumer insights.  You get honest and direct feedback from potential buyers.  The person walking through your house will typically be honest with your agent (they have nothing to lose).  They like the cabinets, they hate the carpet, they think it’s priced too high, but the view is amazing.  This helps you because, up until now, you didn’t have this type of information. You can use this information to change your approach and hopefully move your home closer to getting an offer.

So, is an open house worth the hassle?

That is the decision you'll need make for yourself.  If you need the feedback from potential buyers, it may be worth the effort to prepare your house.  But if you’re in the first few weeks of your listing, having good activity or in a seller’s market, you might just save yourself the headache and see what happens naturally.

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Sandy & Bo Bolinger

If you’re looking for a North Texas real estate team to help you negotiate the details of buying or selling a home, then look no further than Bolinger Realty Group. As knowledgeable local REALTORS....

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