Considering An Open House?

We have all heard the term “open house” but what does it mean and more importantly, does it help sell the property at hand? Open houses can be extremely beneficial to both the seller and real estate agent. According to Merriam-Webster,open houses are “a house or apartment open for inspection especially by prospective buyers or tenants.” If you are contemplating whether to host open houses, here’s an explanation of why the pros outweigh the cons:

1. More Bang for your Buck In An Open House

An open house is an excellent way to get a ton of potential buyers to see your property on the same day. If you have ever sold a home in the past, you may know how inconvenient it is to constantly have private showings with potential buyers. If your house/apartment needs to be staged, open houses can potentially cut down on costs significantly.

2. Open House Competition

Think of open houses as a public auction. There’s a competitive spirit in the air because potential buyers think the other people at the open houses can make an offer at any moment. If you’re lucky, open houses can lead to a bidding war between buyers and you may get the selling price you’re looking for.

3. Less Pressure In An Open House

At the same time, open houses is less pressure on the seller and potential buyers. Open houses are not as formal as a private showing. Potential buyers don’t feel pressured to make an offer on the spot so they are more likely to attend that type of low key event because it’s less threatening. You may have RSVPs but an open house is also casual enough where you’ll see walk-ins. You never know; one of those walk-ins may be the buyer who takes your property off the market.

4. More Time to Experience & Get a Feel for the Property

The typical private showing usually lasts about 15 minutes. Open houses are usually hours in duration at a minimum. This allows potential buyers to “get a feel” for the home and to experience what life would be like living there. You can ask the real estate agent several questions and even come back later in the day if you need to ask another question.

5. The Proof is in the Pudding

Open houses have been proven to work in the seller and buyer’s favor. According to Inman.com, “The NAR 2013 study also reports that 45 percent of buyers said they used open houses as a source for information in their home search.” That’s quite a high percentage to ignore.