Every weekend you see them. Those real estate open house signs dotted throughout your neighborhood bringing the news that a house is up for sale nearby. There is typically a good handful in every neighborhood. Who goes to those? Who are they intended for?
Here are a few points to ponder the next time you see an Open House sign:
Real estate open Houses are a great convenience for the sellers of the home. This allows the home to be shown to groups of potential buyers over a weekend, instead of one at a time during the week, usually during dinner or rare family time at home. This also allows the sellers to prepare in advance to have their house shown, instead of frantically tidying up for last minute viewings.
Another advantage for sellers having open houses is that all those people meandering through can create a slight sense of unspoken competition. This could result in a better selling price.
All you need to sell a home is one buyer; hence it is important to provide home viewing opportunities to as many people as possible.
This is also a great way for potential buyers to “test drive” a home on their own, and take time to check out the house without feeling pressured. If they are really interested, they can contact their own realtor, or ask questions of the listing agent holding the open house.
Neighbors often know of an acquaintance or relative who might be interested in the home. It’s a great way of networking on a neighborhood basis.
An open house is not only a great way for serious buyers to be able to investigate the house inside and out. It’s also a great opportunity to talk with neighbors and ask about children in the area, schools, crime, demographics, parks and other relevant information.
The agent holding the open house is able to gauge the likes and dislikes of those viewing the home. They can also highlight sellable home features that are not obvious to visitors, such as existing permits to add a bedroom/bath and or new and existing home additions or upgrades.
A large percentage of homes sold were viewed by the actual home buyer during the open house for the 1st time or during a 2nd visit.
An open house is a great way to bring out the neighbors socially, and to show what homes similar to theirs can sell for, or how they are decorated and painted.
An open house is an excellent opportunity to be able to ask a licensed realtors questions. Realtors don’t just know about buying and selling homes. They are a wealth of information on a huge variety of subjects, including the economy, interest rates, neighborhood trends, or even the best restaurants in town.
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