Home sellers and real estate agents often debate over whether or not to have an open house, a scheduled period of time that allows several potential buyers to view the home. Many people believe it’s the best way to sell a home quickly, while others think it’s not worth the effort.
In today’s blog post, let’s take a look at the pros and cons of hosting an open house as a home seller. We’ll also consider the benefits of attending an open house as a home buyer.
The Pros of an Open House
The number one benefit of an open house for home sellers is exposure. The more people who know your home is for sale, the better chance you have of selling it! Just the marketing for an open house alone —whether it’s yard signs, community ads, or online announcements — can cause a bump in prospective buyers. With increased exposure comes more home buyers. And more buyers is a positive for any seller, as it can lead to a bidding war and ultimately drive up the selling price.
An open house also gives you more time to prepare. Buyers can book last-minute showing appointments, which means you may have to clear the clutter and leave your home at a moment’s notice. With an open house, you’ll have time to plan ahead. This approach ensures that buyers see the house as its best.
It’s important to note that the chances of actually selling your house at an open house are slim — less than three percent, in fact. Still, it’s a chance for many potential buyers to step inside. Who knows! Even if the right buyer doesn’t attend, they may know someone who’s interested. Word of mouth is an effective marketing tool too.
All Coldwell Banker real estate agents are trained in how to properly conduct an open house. From determining the best day and time frame to host the event to preparing your home and gathering information from prospective buyers (including feedback about the property), I will ensure that you benefit from your efforts!
The Cons of an Open House
One con of an open house is that not all attendees are qualified buyers. After all, it’s impossible to do a screening of guests as they walk through the front door. Some visitors may not even be in the market for a new home — and that’s okay! Just remember the perks of increased exposure (mentioned above).
Of course, it’s important to be aware of potential security issues. An open house allows visitors to walk through your home unsupervised. Make an effort to hide your valuables in a safe or hidden space.
I’m a Home Buyer — Should I Attend Open Houses?
As a new home buyer, open houses are a great way to get started in your real estate search. If you feel overwhelmed at the thought of making such a big purchase, attend a few open houses in your top choice-neighborhoods to get a better sense of what you want in a future home. You can see what is available within your budget and create a realistic list of must-haves.
Open houses are a great way to network. You may have the chance to meet a few curious neighbors who can give you a sense of the community, schools, and more. Better yet, you might meet a real estate agent who ultimately helps you find your dream home! Attending open houses may have future pay-off too. Even if you’re not serious about any of the houses currently for sale, you’ll already have an understanding of the comps (housing comparables) should a home you’re interested in pop up for sale.
Regardless of what type of buyer you are, an open house is a low-pressure environment. You can stay for as long or as little as you like. These laid-back events allow you to tour the home at your own pace. If you prefer to stand in a room and really envision your belongings in the space, you can do it without feeling rushed. Or if you walk in and know right away that it’s not for you, you can head out the door!
Let The Urban Dog Group help you with your real estate needs. Contact Christine Elias at firstname.lastname@example.org.