Open houses are an important part of the house buying process. 48% of buyers say they have attended an open house as a part of their search process. In this article, we will talk about some of the advantages and disadvantages of an open house so you can decide if one is right for you.
What Is an Open House?
An open house is an event that real estate agents or sellers put together to attract potential buyers. It is an informal event that allows people to look around the house and can be a critical first step for a home buyer. People may come and go as they please, as it is open to everyone, and refreshments are usually served. An open house generally lasts for around two hours, giving people plenty of time to come and go at their leisure.
Advantages of an Open House
Many people may see open houses as outdated in the age of Zillow and Realtor.com, but having one does come with advantages.
One of the main advantages is that an open house is just that; open. Anyone and everyone has the opportunity to come to one which can significantly increase your pool of potential buyers.
Another advantage is the convenience. There is no obligation to attend and potential buyers may stop by whenever works for them (in the allotted time). This can take the pressure off of some people who prefer a no strings attached way of shopping for a house.
Disadvantages of an Open House
Every strategy has its cons and open houses are no exception. Here are some of the disadvantages of an open house:
-They often do not translate to sales despite their popularity. While many people attend open houses as a part of their search process, the chances of them buying that house are particularly low.
-An aspect that turns a lot of people away from the idea of holding an open house is the amount of time and work required to put one on. Staging the house can be tricky enough. This requires cleaning, placing furniture, providing refreshments, and just making the house presentable.
-Another con is that holding an open house can leave you vulnerable to theft. Because your house is essentially open to the public, anyone can find their way in. People with no intention of buying your house may show up just to get their hands on some pricey silverware or other small items.
Is an Open House Right For You?
In determining whether an open house would be beneficial in your situation, it is always best to talk to your real estate agent. They are experts and will know exactly what your house needs to sell.
Let Combined Associates Sell Your House
If you are thinking about selling your house, let the experts at Combined Associates guide you through the process. Our decades of experience and thorough knowledge of the industry are at your service whether you are shopping for a new home or selling your old one. Give us a call or fill out our contact form so we can guide you through the process!