Does an open house really sell a home?
This seems to be the perpetual question for many sellers. Simple answer: Probably not. And that’s the big myth. Here’s the truth: Open houses are not needed to sell your home.
It used to be, and sometimes still is, a “tradition” for agents to hold one or more open houses to help an owner sell a home. And that’s alright, as long as the agent informs his/her seller that it’s quite rare for a serious buyer to walk in and make an offer on the spot.
Some sellers prefer their agents to spend more time marketing the home to serious buyers as opposed to holding an open house, hoping people show up to view the home. And, depending upon where you live, the weather certainly can affect the turnout.
Additionally, many buyers–51% according to the National Association of Realtors –now do the bulk of their home browsing online. Perusing of different types of homes and neighborhoods online helps buyers narrow down the features they really need or want in their next home.
To add another component to the open house myth, some listing agents enjoy holding open houses in order to attract new business for themselves, and not necessarily to satisfy their sellers. Open houses give a listing agent an opportunity to chat with individuals who walk in the door and to inquire if the attendees need agent representation for a purchase or perhaps a listing agent to sell their own home.
Let’s Get Serious
One statement is quite clear: If you are serious about selling your home, you want to attract serious buyers. That’s not to say serious buyers won’t browse local open houses; however, when a buyer is ready to buy, he/she prefers a private showing of the home(s) that are most desirable to that buyer. Some buyers have a deadline as to when they need to be moved into their new place.
A private showing gives the buyer uninterrupted time with his/her skilled agent to carefully consider the specific features of the home, ask the agent specific questions, and the agent isn’t pulled away by other open house attendees who may walk in the door. Plus, every seller wants a true, qualified buyer meaning serious buyers generally are already pre-qualified for a mortgage.
As a seller or a buyer, is it wise to consult an experienced real estate agent about open houses or any further questions regarding such an important decision.
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