Is Holding an Open House Effective in Real Estate Today?
An open house seems like part of the experience of selling a home, and most sellers expect that it will be part of the process. But in 2020, that isn’t necessarily true. Lately, consumers are moving more of their interactions online, and that can even include their home buying experience. Many real estate professionals are wondering if the open house is still effective, and still worth it in today’s market.
Benefits of an Open House
There are situations where an open house is a smart idea. If you are in a seller’s market, pricing your home well and holding an open house as soon as your home hits the market can be a successful strategy. A listing agent may use the neighborhood as an additional selling point, depending on where the home is located, and an open house will allow that feature to become apparent to buyers. An open house gets people in your home and actively looking around, which is what you want. Even if your home doesn’t sell immediately, your agent will have a list of potential buyers to follow up with. An open house also won’t cost much. Some balloons, cookies, and an afternoon out of the home is all it will take.
The one who will always benefit from an open house is the agent. Even if this particular home isn’t right, an open house will introduce the agent to plenty of buyers who don’t yet have an agent themselves and are in the market for a home.
Drawbacks of an Open House
When looking at the data, open houses don’t usually lead to a higher price or a quicker sale. Now that most of home discovery happens online, buyers can look at high quality pictures and videos, ruling out houses they aren’t interested in and identifying which houses they’d like to see in person. Most online listings offer the opportunity for a direct booking. Buyers can immediately set up a time to view the home. An open house requires plenty of preparation on the part of the buyer and buyer’s agent after the initial staging and photographing. Staging your home to sell is a time-consuming process.
What to Consider When Staging Your Home to Sell
When staging your home to sell, the most crucial part is getting your home to photograph well. It is well worth the investment for the seller to work with professionals during this part of the process. An expert in home staging will know exactly how to set the home up for success, and a quality photographer can focus on the best features and make them stand out. Since over ninety percent of homeowners start their search online, a strong online presence that puts your home in the best light is far more important than holding an open house that may not be well attended.
An open house may not be the foregone conclusion it was ten years ago, but that doesn’t necessarily mean that all sellers should rule it out. It comes down to the market, the area, and the advice of your agent. Having an agent you trust to help you sell your home will guide you toward the quickest sale at the best price, and will be able to offer advice about whether or not an open house would be a good idea for you. If you’re ready to buy or sell a house, contact Amberwood Real Estate to talk about the best strategy to get your house sold or find the home of your dreams.