It’s a rare buyer who will purchase a house sight unseen. It is important for people to see how elements of a house come together, how rooms flow, how straight the floors are… seeing is believing! An open house is simply a block of time during which potential buyers can view your house without having an appointment. Should you host one of these events?
Let’s find out. Here’s a look at the pros and cons:
On the downside:
You have to think about security. Anyone can come, and this can be a problem. If you live in a desirable (wealthy) area, the less scrupulous may come to see what they can get their hands on (and fit
in their pockets).
Your house may not be not “perfect.” Think of open houses like dinner parties – except everyone’s going to be super critical! This is a chance to show off your house, warts and all. If you’ve got a few more warts that you’d like and no time to fix them, an open house may not be the best method by which to sell your house. One-on-one showings enable you to explain your house’s eccentricities in a positive light.
They can attract “tire-kickers.” These are people who are just nosy or want to check out your property. They have no interest in buying, but perhaps too much interest in your complementary cheese and crackers. This can be discouraging, not to mention a waste of your time.
On the other hand, an open house can help you sell your home:
They increase exposure. Some people are more comfortable viewing a house in a group; they feel that there is less pressure. If they are interested after seeing it, they can schedule a one-on-one with you.
They increase appeal. When potential buyers see that others are interested in the house, it increases the urgency they feel. It can prompt them to make an offer or at least schedule a follow-up for an individual showing.
You can highlight features that don’t photograph well. Sometimes it is difficult to capture the real essence or feeling of a home in 2D photos – or even 3D renderings. In this case, an open house allows visitors to see what makes your house so special, whether it is a
cosy reading nook perfect for nap-lovers or a finished basement ready for gym equipment.