Selling Your Home? Forget the Open House
The fact is open houses do not make or break a sale of the home, and are not as advantageous to the seller as one may think. The sale of a home is determined by its price in relation to current market conditions. In other words, a home is sold because a buyer is willing to purchase it for an agreed upon price.
Why You Shouldn’t Have an Open House
Most buyers who are serious about buying a home start by selecting a real estate agent prior to seeing any homes. An agent is going to tell their clients to get a pre-approval to know how much they can afford so time isn’t wasted seeing homes outside their budget. Plus, serious buyers wouldn’t wait for an open house to view a home; they would book a showing as soon as possible.
With open houses, you are likely going to get many unqualified buyers through your home, because they don’t know how much they can afford. Even if they end up walking through your home and loving it, it will still take them several days to potentially put an offer in. They will likely need to speak to their bank and obtain an agent prior to making an offer. Serious buyers would already have this in place.
Since sellers don’t usually attend their own open houses, these events are perfect for nosy neighbours to tour your home without an invitation. Odds are they want to compare your home with theirs to see how much their home is worth, or they are truly just nosy and want to see, and possibly judge, how you live.
Your Time is Valuable
Open houses take time and force you to be out of your home for several hours, even if no one attends. Whereas with pre-booked showings, you can have a tighter schedule allowing you more time in your home on your schedule.
So Why Are People Still Having Open Houses?
Some real estate agents push sellers to have open houses because it is a great opportunity for the agent to meet new potential clients. Those nosy neighbours who don’t yet have an agent, but are planning on selling soon, are prime targets for a hosting agent to nab a new client with minimal effort. Open houses are of little benefit to the seller. As mentioned, if someone wants to potentially purchase your home, they will book a showing!
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