Do Homes Sell From Holding An Open House?
Is your home currently listed on the market? Are you thinking of holding an open house to get extra traffic and feedback? Well, an open house never hurts, but will it actually sell the home? It is not completely unheard of, but it is highly unlikely that a sale will come out of it. The reasoning has a lot to do with the people who go to the open house.
Majority of the time, buyers who are seriously shopping for a home are already working with an agent and receive daily or weekly updates on new homes that hit the market. They are taken on showings with their agent and receive private tours. For the most part, by the time an open house is even considered, the house has already been seen by an interested buyer. Aside from an occasional serious home buyer, here is a list of candidates who attend open houses:
Neighbors. You will almost always have those nosey neighbors who want to see what your home looks like on the inside. And in some areas, the neighbors are the main people who attend the open house.
The Curious. Some people just love attending open houses on the weekends and imagining what it would be like to live in the neighborhood or community.
Passerby. These are people who are driving or walking by and notice open house signs all over the place and typically just want to pop in to see the home.
Future Home Buyers. First-time home buyers find this as a way to start looking into homes, seeing what is out on the market, and what kind of home they may want to buy. They are not ready just yet, but it gives them good ideas.
Robbers and Thieves. We hate to say it, but attending open houses is an easy way for potential thefts to see what items might be a good steal. During open houses, they are actually welcomed in by the seller and can see what items they want to steal when you are not at the home.
Most agents hold an open house for two main reasons:
To build the agent’s own business.
To make the seller happy.
Some real estate agents will go all out for an open house with balloons and multiple open house signs to attract attention. Most agents actually hope that neighbors stop by so they can figure out if the neighbors are interested in selling their homes, too. Meeting future home buyers and sellers that could potentially become clients is plus for the agent when holding an open house.
So, in the end, we urge you to talk with your agent about holding an open house and see if it is right for your situation. If you have more questions, reach out to us by emailing Info@MyriadAZ.com.
Source: The Balance