Worth it or Not? Open House Anxiety
Home owners and Realtors often debate whether having an open house is beneficial or not. Some sellers will insist that having an open house is the best way to sell their home, while others will want nothing to do with having potential buyers traipse through their home. Real estate professionals have different views on this topic as well. Some swear by open houses and feel they are critical to sales, while others never hold them and some just have them occasionally.
So, the question remains…if you are selling your home, should you hold an open house? Here is a list of pros and cons to help you make that decision:
Pros to holding an open house:
- Attract buyers who may not know how to start the home buying process. Purchasing a home is a process that many people are not familiar with, especially first-time home buyers. People new to home buying will need a significant amount of guidance and advice. A positive that may result from having an open house is the possibility of a buyer who doesn’t know where to start coming to see your home. You may also get the attention of potential buyers who just happen to drive by and see the sign for the open house.
- Additional exposure. One of the most important jobs of a Realtor representing sellers, is making sure their clients’ home is getting ample exposure. Open houses can give extra exposure through promotional advertising such as street signs, newspaper ads and internet ads.
- Allows buyers to look at house without feeling pressured. With the laid-back atmosphere of an open house, prospective buyers will feel more comfortable looking around with little to no pressure from the Realtor or seller. An interested buyer might want time to analyze the home in detail without someone looking over their shoulder. It also provides the buyer time to look at specific details of the home that will help them decide if it is the right house for them.
Cons to holding an open house:
- Slim chance of a sale. The truth is that a very small percentage of homes sell as a result of open houses. Honestly, the person that benefits most is the realtor. Open houses provide the realtor with potential clients. Private showings of your home are much more likely to result in a buyer than open houses.
- Unqualified buyers. One of the first steps in the home buying process is obtaining a Mortgage Pre-Approval. Getting a mortgage pre-approval is essential for knowing what you can afford when buying a home. At an open house, you may find many people walking through your home who can’t afford it. It is a waste of time for you and your realtor to have people looking at your home when they cannot afford to possibly purchase it.
- Nosy neighbors and Looky Loos. Open houses often attract inquisitive neighbors who simply want to see your house and compare it to their own. They also might just want to see how you have your home decorated. Looky loos are people who go to open houses with no intention of buying a home. They just like to look!
The pros and cons of having an open house should be carefully considered before deciding whether to have one. With today’s technology and social media, there are a lot of other ways for people to see your home, but with the right Realtor holding the open house, it can still be the best way to impress potential buyers. If you’re thinking about putting your home on the market, contact Desi Sowers and let her explain how an open house can be beneficial for you. Call her today at 540-320-1328!