open house

Should I have an open house?

You may be eager to sell your home and willing to do whatever it takes to close the deal. This includes decluttering your rooms, rearranging your furniture and maximizing your curb appeal. Has your agent suggested an open house? If not, you may be wondering if he or she has forgotten this time-honored step in the home-selling process. On the other hand, if your agent has suggested an open house, you may want to know if it is worth the effort and risk.

Open houses, especially in this era of high concern for health and safety, may no longer reap enough reward to balance the risk. While it is exciting to think that a prospective buyer will come to your open house, fall in love with the home, and offer your asking price or more, the odds are against that scenario. In fact, it’s a good idea to learn the pros and cons of having an open house before you decide whether it is right for you.

Who comes to open houses?

The point of an open house is to allow many people at once to view your home, ideally increasing the chances that one of them will buy. However, many who visit open houses admit that they are merely curious about what the house looks like inside. They may be neighbors, people offering comparable homes for sale or homeowners looking for decorating ideas. For some, visiting open houses is a form of Sunday afternoon entertainment.

If potential buyers do come to your open house, they will likely be those who are just starting the process, perhaps before they have even spoken to a lender to see how much they can afford. These buyers are simply trying to get an idea of what kind of homes they might find at certain prices points or in various neighborhoods.

Is it right for you?

The most nefarious visitors to open houses are thieves. Taking the opportunity to walk through your home without supervision, would-be thieves can discover the weaknesses in your security as well as scoping out your valuables, including any prescriptions in your medicine chest. If you opt for an open house, take special precautions against this issue.

This can sound discouraging, but there are also some benefits to having an open house. For example, other real estate agents often come to open houses. They like to see if the house for sale might meet the needs of their own clients. This could lead to a sale. Additionally, open houses that lead to sales typically result in a higher sale price. Nevertheless, whether to host an open house is a step you and your agent should discuss and decide together.