Are Open Houses Necessary When Selling a Home? Part 1
Open houses are a common method used in real estate to entice eager home buyers. Many sellers assume that hosting an open house is a necessary step in the home selling process. However, with the advent of the internet, open houses may no longer be a viable marketing tool for selling a home. If you’re thinking, “I need someone to buy my home now in Raleigh, NC,” read on to determine if an open house is right for you.
Does an Open House Benefit the Buyer or Agent?
Once your home is listed, you and your agent will probably discuss hosting an open house. Whether or not an open house benefits you depends on a number of factors. It’s up to you to decide if the benefits outweigh the disadvantages.
How they benefit agents: A lot of real estate agents view open houses as a valuable tool. Your agent benefits from open houses because it allows them to gain business exposure and gives them the opportunity to meet prospective buyers who need a real estate agent of their own. Open houses also give your agent the opportunity to network with other agents.
How they benefit you: Open houses are another way to market your home, get feedback about your home, and hopefully find a buyer. According to the National Association of Realtors 2017 profile of home buyers and sellers, although 50 percent of all buyers attended open houses as part of their home search process, only 7 percent of buyers found their home through a yard sign or open house sign.
Is an Open House Really Worth It?
Can an open house increase your chances of selling your home? Of course, but it’s highly unlikely. You will likely be investing money into a home staging only for a few vaguely interested prospects to show up. Your agent will likely benefit more than you. If you’re still on the fence and wondering “Can someone buy my house now in Raleigh, NC, read part two of our article to learn about some of the advantages and drawbacks of hosting an open house.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.
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