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Open House - Worth It or Not?

Dated: 05/09/2019

Views: 288

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 and I’ll let you be the judge.

Cons of Open House

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

Curious Neighbors

   

This group will make up the majority of folks going to an open house.  With most open houses being held on Sunday somewhere during the “lazy hours” of 1-5 pm, it's the perfect time to just “drop by” without interfering with their day.

Required Prep

It’s either going to take time or money to prepare the house. The home needs to be clean (really clean) and in tip top shape. The best time to hold an open house would be the first weekend of your new listing. You just completed prepping the home for photos so hopefully everything is ready to go without much extra effort.

Security Issues 

Your neighbors won’t be the only ones stopping by.  

It's a good idea to remove all valuables!  Pack them up and take them with you. Remove all personal photographs (especially of your kids).  Do this for your personal security, but also so buyers can easily picture themselves living in the home.

Unqualified Prospects

 

Typically, people who attend open houses are “un-qualified lookers".  They’re at the beginning stages of their search, they don’t have an agent and probably not pre-approved.  In other words, they’re not ready to buy, and more than likely can't afford your price..  

Pros of an 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.  If your home has been on the market for a while, these may be some good things to consider and discuss with your agent to find out if it's worth it to you. 

Draws Attention  

From the yard signs, the balloons and the online advertising, 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 meets 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, consumer insights.  You get honest, direct feedback from potential buyers.  The person walking through your house will typically be honest with the 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... You can now use this information to make any needed changes and hopefully get an offer sooner.

So, is an open house worth the hassle?

That is the decision you'll need to make for yourself.  If you need the feedback from potential buyers, it may be worth the effort.  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 Bolinger

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

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