The five most common open house myths are widely believed by home sellers and buyers alike. Not surprisingly, technology has much to do with changes in how real estate is bought and sold. For instance, data compiled by the National Association of Realtors shows in 2003, the first steps to finding a home occurred online 42 percent of the time. However, in 2014, the first step in a home search occurring online increased to 80 percent. Yet, sellers still host open houses and there are good reasons why this is smart.
5 Most Common Open House Myths
So, why are open house still a part of the selling process? Because these events present opportunities which greatly benefit sellers. For instance, the majority of house hunting begins on the internet, where information is readily available. Although it's said a picture is worth a thousand words, images won't answer questions. An open house provides sellers with an opportunity to answer specific buyer questions.
Homes rarely sell to buyers who visited them during an open house. Agents like open houses because it enables them to find additional customers who are looking to buy or sell homes. If you or your agent choose not to have an open house, it probably doesn't hurt your sale chances – although holding a broker's open house for other agents may be worthwhile. --US News and World Report
It's also a great time to share firsthand information about nearby amenities with buyers. Moreover, an open house is the perfect time to take your time to guide informal tours, unlike scheduled showings, which are generally brief. In such a casual environment, everyone is more relaxed and this promotes open communication. In addition, it's a great opportunity to introduce neighbors who drop by to potential buyers. To spite these benefits, some homeowners still believe the following five most common open house myths:
- An open house is just too much work. It's understandable you'd prefer to avoid the preparatory work but it's completely necessary. When you decide to sell your home, it must be in top condition. Otherwise, it won't make a good impression on buyers. An added benefit of preparing for an open house is you'll see minor flaws previously overlooked.
- Hosting an open house in my area won't work. Practically no matter your home's location, an open house will provide you with many benefits. But some sellers believe because their properties are off-the-beaten-path, so an open house is a waste of time. But the very people who are interested in your location are interested in houses for sale in your area.
- An open house is simply an invitation to nosy neighbors. Okay, there's a very high probability your neighbors will stop by when you host an open house. But, it's an opportunity to show them all the great features. After all, word-of-mouth is another marketing tool and when they tell others about your property, those great features will be described in detail.
- The local market is so hot, there's no need for an open house. Even if the local market is a red-hot seller's market or currently favors sellers over buyers, an open house still provides opportunities which simply do not exist online. A buyer's personal experience cannot be understated.
- It's an opportunity for the listing agent to drum-up more business. While your listing agent might make a connection or get a lead, it is in their best interest to sell your house. It is also an opportunity to show the home to agents currently working with qualified buyers.
If you are selling your Russell Ranch home located nearby North 181st Avenue, around West Denton Road, by North Citrus Road, or elsewhere in Litchfield Park, give us a call to learn about the latest market trends and conditions.