Open houses can be a bit of a controversial topic in the real estate world. Some professionals insist that they are necessary, others want nothing to do with it, and some are in the middle, having open houses occasionally. Holding an open house when selling your home can have some great benefits, but they also have disadvantages. Being aware of the advantages and limitations of open houses can help you decide what you want and what risks you want to take on.
Pros of Open Houses When Selling a Home
Attract Buyers at the Start of the Homebuying Process – Buying a home is not a process that everyone is familiar with, and open houses can be an easy first step. Especially for first-time homebuyers who may not know where to get information or whom to contact when looking for a home. Open houses can be a way to attract new buyers, which is helpful for any home seller.
Additional Exposure – Exposure is the name of the game when selling your home. Having a solid marketing plan to get as many potential buyers’ eyes on your house is the key to getting a good offer. Open houses can be an excellent way to get additional exposure and advertising.
Reduce Pressure on Buyers – Open houses are often very low-pressure environments where buyers can tour the home with little to no pressure. Some buyers like to analyze a home in detail without having a time constraint or someone showing them around.
Show Off Your Advantages – If you have put considerable time and energy into upkeep in your home, an open house is a great way to show off those features. Visitors will appreciate the unique features of your home or just the general upkeep. This could help your home stand out on the market or over other listings in your neighbourhood.
Cons of Open Houses When Selling a Home
It May Not Sell Your Home – The percentage of homes that actually sell due to an open house is less than 2-3%. While you may get a good turnout, open houses aren’t necessarily going to attract buyers who are at the offer stage yet.
Attracting Unqualified Buyers – Anyone can attend an open house, whether they are financially capable of buying a home or not. Not everyone that attends the open house will be qualified to put an offer on it.
Possible Theft – The reality of an open house is that you will have strangers coming through your home, and you don’t know their intentions. It’s always a good idea to put away any valuables or objects you don’t want to lose.
When considering whether or not to host an open house when selling your home, it is essential to weigh the pros and cons and decide what is best for you. An open house can be a great opportunity to better market your home to buyers. Still, it isn’t for every seller, and it’s not necessary for selling your home. If you are unsure, talk to a local real estate expert about your situation and goals. And, of course, you can always contact me if you have any questions or need any advice!