Open houses used to be the main tool used to get a home sold. However, times have changed and the virtual world now allows for virtual open houses and other ways to house hunt.
While open houses may not be as effective as they once were, they are still an important part of the selling process. Here’s a look at some of the pros and cons of open houses.
Open House Pro #1 – Attracts Buyers Not Sure How to Start the Buying Process
Many buyers don’t understand how to start the buying process when it comes to a home. An open house may attract this type of buyer because they are curious and want more information from the Realtor hosting the open house.
Open House Pro #2 – More Exposure
While you don’t want to choose a real estate agent based on how many open houses they will hold, you do want one that will get you exposure. Open houses provide added exposure when selling a home through street signs, internet ads, newspaper ads and other promotional methods.
Open House Pro #3 – Less Pressure for Buyers
Buyers have the opportunity to look at your home without the same pressure as a showing. Open houses are very laid back, while a showing usually happens with a serious buyer. Taking the pressure out of the viewing makes it easy for a buyer to relax and enjoy your home.
Open House Con #1 – Not Much of a Chance for a Sale
Open houses don’t usually generate sales as only 2% to 3% of homes sell because of the open house. However, the open house could lead to a private showing for someone that found your home through the open house event.
Open House Con #2 – Attracts Unqualified Buyers
When you hold an open house, you may get some serious buyers, but you will also get unqualified buyers and others just wanting to take a look. Many will show up without a pre-approval for a mortgage just to look at the hone. However, those not truly in the market may share information with friends or family in the market, which could lead to a sale.
While there are both pros and cons of holding an open house, exposure is always a good thing when selling your home. You never know who may show up and who they may know that’s looking for a home like yours.
If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. 704-650-5707 | AnnaGrangerHomes@gmail.com