By Dian Hymer
Sometimes the neighbors who visit a listing on a Sunday afternoon far outnumber the serious homebuyers. And many of the buyers that do show up aren't right for the house. So, if you can't control who comes through, why go through the ordeal of throwing your home open to the public?
Having your home held open is a way to get the word out that your home is listed for sale. Neighbors frequently know people who want to move into the neighborhood.
It's true that open houses can draw buyers who aren't a good match for the house. This is because many buyers who attend a Sunday open house are drawn to it by the open house signs. Buyers often don't know the list price or the bedroom and bath count until they walk into the home.
Serious buyers may be drawn to an open house by a newspaper ad. These are better-qualified prospects because the ad usually gives some information about the property.
Some buyers who attend an open house are sent there by their real estate agents. From a buyer's perspective, attending open houses is a good way to gain a quick overview of the market. It allows you to preview a sampling of the available housing in an area and gives you an insight into home prices.
However, it can be difficult to see a home you might be seriously interested in at a busy open house. The other people present are distracting. If you're really interested in a property, make an appointment with your agent for a private screening.
Open houses serve other functions besides merely selling the home in question. Many buyers and sellers shop around for an agent by visiting open houses. This is why agents like to hold homes open: to make connection with prospective buyers and sellers that they can work with in the future.
Some sellers worry about the risk of having their home held open to the public. Although criminal activity at an open house is rare, it's best to safeguard valuables. Also, put valuable breakables away. It's more likely that something will be accidentally broken than stolen.
First Time Tip: Open houses have a useful place in the home sale business, but they can be abused by both buyers and sellers. Buyers who only look at homes that are open on Sunday afternoons will miss a segment of the market. Some homes are never held open. Some listings sell before there's an opportunity to have an open house.
Sellers can abuse open houses by having them too frequently. A home that's open every week gets shop worn. It can get a bad reputation: always open but never selling. Treat a public open house as a special event to be used when the home is new on the market, when there's a price reduction, or when it hasn't been open for awhile.
Buyers who never visit open houses and sellers who never have their home open could be missing an opportunity. Sometimes buyers find the home they want to buy at an open house. One couple fell in love with a home they saw at a Sunday open. Their agent hadn't told them about the listing because she thought it wasn't a style home her buyers would like. But they loved it.
The Closing: Agents sometimes make the mistake of screening the listing inventory too carefully for their clients. In this case, an open house might be the only way a buyer gets exposed to a listing.
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