Will Having an Open House Help You Sell Your Home?
As I was driving home last week-end I noticed there were more open house sings than usual. A quick bit of market research confirmed my suspicion. On a two block section in central Toronto I counted nine open house signs.
This is a clear sign the Toronto market has begun to slow down.
The question I am often asked by my clients is¦are open houses effective and will it help sell my house? The answer is yes and no. Having an open house will create awareness about your property with neighbours and passers by.
Some of them may take the initiative and pass this information on to a friend or relative who would like to live on that particular street or in that neighbourhood.
The odds are very low that any of those potential buyers are first of all ready to buy right now.
The open house is probably not exactly what they are looking for, the price may not be within their budget and all the terms and conditions being asked by the seller may not be acceptable to them.
What many real estate agents may never tell you!
So why do some many agents still hold open houses? Truthfully, in the majority of cases having an open house is of greatest benefit to your agent, not to you.
Your agent gets to meet potential buyers for other homes. She also talks to neighbours who visit your open house who are there to get an idea of what is being offered, since they are also planning to sell their home.
Consider also the risk of having total strangers walk through every room in your house. If more than one person walks in your agent can only keep an eye on one or two visitors. The others are completely out of sight and thefts of personal belongings do happen.
If your home is located on an interior street away from traffic, having an open house may help give it some exposure. The National Association of Realtors has been conducting surveys of buyers and sellers for more than forty years. Their statistics over the years show that less than 3 percent of buyers find the home they buy through an open house.
Some food for thought!