Selling Your House... When Should You Do an Open House?
There's no yes or no answer to the issue of whether or not to hold an open house. Agents use every conceivable tool to sellt a house. This is just one.
What you've got to think about are: market conditions, kind of neighborhood, area traffic, customs of the area, price range, etc. Nevertheless is a property is not seen, it will not be sold. The more eyes on it, the better. If it gets more buyers to see it, that's good.
I work in century-old area of Houston, selling renoveted Houston Heights homes and Heights new construction homes. There are lots of open houses in my neighborhood every Sunday afternoons, and buyers flock to see them. It's similar to a home tour, there are that many. It's a neighborhood custom; we are centrally located so lots of traffic, the market is good here... all these contribute to good attendance. If it is in this neighborhood, an open house will bring in prospective buyers. Just put up signs and snag the traffic driving by.
However, if you're in a neighborhood where open houses aren't common, traffic will be rare. You can't rely on drive by traffic. You should publicize it. The local paper and real-estate websites like Realtor.com, Zillow.com, Trulia.com, and your local MLS will help bring in buyers.
Do you mind buyers tromping thru your house? If the house is empty, why not? If occupied, then that is a different question. Some people are minimalists. They have little to put away and make the house showable. Other sellers are collectors; their place is full of knick-knacks. The cluttered look never makes a good open house. I've never had anything stolen in an open house, but if there had been a lot of stuff out, I wouldn't do it. Vacant homes are better.
Will a home sell due to an open house? This is hard to answer. I've had somebody walk into an open house, instantly fall in love, and write an offer that day. Many times people like the house, and then call their realtor to show it again along with others. Probably half my listings sell to people who first saw it during an open house. I ALWAYS hold them open.
Now, are open house attendees real ? My experience is that half the visitors will be lookers. They are looking for decorating ideas, they're looking to see some cool looking kitchens, they're curious neighbours, and so on. New homes are particularly known for lookers. The other half are real home buyers. This group is 50% immediate buyers and 50% future buyers. Therefore about a fourth of your visitors are true immediate home buyers. I think these are good percentages.
Therefore is an open house worthwhile? If a house shows well, in a neighborhood where buyers are driving around looking for open houses... give it a try. If it's a washout, you haven't lost anything. Use the time to plan your goals for the following week.
There's no yes or no answer to the issue of whether or not to hold an open house. Agents use every conceivable tool to sellt a house. This is just one.
What you've got to think about are: market conditions, kind of neighborhood, area traffic, customs of the area, price range, etc. Nevertheless is a property is not seen, it will not be sold. The more eyes on it, the better. If it gets more buyers to see it, that's good.
I work in century-old area of Houston, selling renoveted Houston Heights homes and Heights new construction homes. There are lots of open houses in my neighborhood every Sunday afternoons, and buyers flock to see them. It's similar to a home tour, there are that many. It's a neighborhood custom; we are centrally located so lots of traffic, the market is good here... all these contribute to good attendance. If it is in this neighborhood, an open house will bring in prospective buyers. Just put up signs and snag the traffic driving by.
However, if you're in a neighborhood where open houses aren't common, traffic will be rare. You can't rely on drive by traffic. You should publicize it. The local paper and real-estate websites like Realtor.com, Zillow.com, Trulia.com, and your local MLS will help bring in buyers.
Do you mind buyers tromping thru your house? If the house is empty, why not? If occupied, then that is a different question. Some people are minimalists. They have little to put away and make the house showable. Other sellers are collectors; their place is full of knick-knacks. The cluttered look never makes a good open house. I've never had anything stolen in an open house, but if there had been a lot of stuff out, I wouldn't do it. Vacant homes are better.
Will a home sell due to an open house? This is hard to answer. I've had somebody walk into an open house, instantly fall in love, and write an offer that day. Many times people like the house, and then call their realtor to show it again along with others. Probably half my listings sell to people who first saw it during an open house. I ALWAYS hold them open.
Now, are open house attendees real ? My experience is that half the visitors will be lookers. They are looking for decorating ideas, they're looking to see some cool looking kitchens, they're curious neighbours, and so on. New homes are particularly known for lookers. The other half are real home buyers. This group is 50% immediate buyers and 50% future buyers. Therefore about a fourth of your visitors are true immediate home buyers. I think these are good percentages.
Therefore is an open house worthwhile? If a house shows well, in a neighborhood where buyers are driving around looking for open houses... give it a try. If it's a washout, you haven't lost anything. Use the time to plan your goals for the following week.
About the Author:
Rich Martin is a broker/associate with Better Homes and Garden Realty, in Houston Heights. The specialty of this Houston Heights Realtor is selling these century-old homes, and the homes in surrounding 1940's areas like Garden Oaks, Oak Forest and Timbergrove Manor.Visit his Heights Blog to read about house styles, prices and price trends of these older Houston neighborhoods.
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