What’s an open house?
Open houses are a way to bring in potential buyers to your home. There can be several open houses on any given day, so you want to make sure your home stands out among the others. Make sure it’s clean, and the outside is polished.
Here are some of the pros and cons to having an open house.
Attract First Time Buyers
- Open houses tend to attract those who are just starting out in the home buying process.
- Open houses open your home to more buyers in the market.
- The chance of selling a home without maximum exposure and a strong marketing system is greatly reduced.
- In general, open houses can give additional exposure to a seller’s home, whether it be through street signs, newspaper ads, or internet ads. More exposure increases the odds of the right buyer seeing your home.
- Open houses are laid back events, allowing the buyer’s to tour the home with little to no pressure.
- Open houses give buyers the option to view a home without the added pressure of a realtor or seller, and allows them to analyze a home in detail without having a time constraint.
Small chance of a sale
- The majority of homes are sold when a buyer has a private showing. The percentage of homes that sell as a result of an open house is less than 2-3%.
- Open houses tend to bring unqualified buyers.
- Break-ins and vandalism are unfortunate possibilities with an open house, especially if you’re selling a vacant home.
- Before an open house, make sure to remove all valuable items. The possibility of theft is heightened during an open house since possible buyers are allowed to walk through the house at their leisure.
Open houses are not necessary for the sale of a home. Carefully weigh the pros and cons of an open house before bringing the public into your home.