Pros and Cons of Open Houses for Sellers and Buyers
Are you in the process of selling your home and wondering if you should host an open house? Maybe you’re thinking about buying a home and considering going to an open house. Put simply, an open house is a scheduled time for sellers to open up their home so that several potential buyers can stop by and examine it without needing an appointment. Here are some of the main advantages and disadvantages of open houses for both sellers and buyers, along with how you can find open houses in your area.
ADVANTAGES OF OPEN HOUSES FOR SELLERS
Attracts first-time buyers
One of the primary perks of holding an open house is that it can attract first-time buyers who may not be familiar with the home buying process. Just think about how potential buyers who spot a sign for an Open House may want to stop in and see your home. Thus, an open house is a good way for getting more buyers to look at your house.
Additional exposure and easier for buyers to see your house
Another benefit of an open house is that it can be appealing to buyers who don’t want to bother with setting up a private showing. As a result, your property can receive more exposure. What’s more, open houses tend to attract more potential buyers than listings.
Saves money on marketing costs
To have an individual showing, your listing agent has to spend money for several weeks just to advertise it. This can take a big chunk from an advertising budget compared to a single-day open house showing that can easily be successful.
Provides time to prepare your home
Anyone who’s ever had their home on the market knows the panicky feeling when getting a call from their agent that a potential buyer wants to see your home within the next half-hour. This can lead to a whirlwind cleanup job in which it can be virtually impossible to make your house look picture-perfect. But with an open house, you get plenty of time to present your home so that it looks as attractive as possible.
DISADVANTAGES FOR SELLERS
One reason that many sellers aren’t that excited about having an open house is that open houses usually don’t bring serious buyers. Instead, they seem to attract everyone from nosy neighbors to people who simply pass by your house. As a result, your time is wasted.
Less individual attention
Another con for sellers is that there are more people visiting an open house than there are realtors to handle them. Consequently, buyers who may be interested in your house won’t get the needed attention for asking questions. Even worse, other possible buyers may not be able to talk to your selling agent.
More potential for theft
Unfortunately, open houses can be calling cards for thieves. Consider how easy it can be for a thief to grab expensive items when no one is looking. To keep your valuables safe, you’ll need to keep them out of sight.
ADVANTAGES OF OPEN HOUSES FOR BUYERS
Less pressure from realtors
Most buyers prefer not to have a realtor breathing down their neck while following them around through every room. Instead, they want to thoroughly go through each room without the pressure of a realtor. Also, with an open house, there’s no need to schedule appointments. In other words, often buyers want as long as possible to look at a house at their own pace and leisure.
A chance to get a feel for the neighborhood
Part of deciding on a home is examining the neighborhood. With an open house, buyers get the chance to check out neighborhoods that they possibly would want to live in. Maybe they’re not totally sold on the home they saw at the open house, but they still want to take a tour of the neighborhood to see if they’re interested in another home there.
An opportunity to pick the right realtor
Going to an open house can connect buyers with realtors that may be a good fit for them. Often buyers visit open houses without having an agent to represent them. However, if they feel a positive connection with a particular agent at an open house, there’s a good chance they may want to use them in finding a home.
DRAWBACKS FOR BUYERS
Open houses seem to benefit buyers more than sellers. But probably the main con for buyers is that the realtor hosting the open house doesn’t have the chance to get to know your needs. With an open house, buyers don’t have the one-on-one attention that they would get from a realtor going through each room in a house. This is even more difficult when several people are visiting the home at once.
Looking for open houses this weekend? Visit the Open House section of browsinghome.com and check out the open houses in your area.