To Hold An Open House Or Not
(Selling a house in a slow market can be an excruciatingly painful task.)
Not only is there increased competition between sellers, but it seems as if attracting a potential buyer is impossible.
One way to increase the amount of people who may be interested in your home is to hold an open house.
Open houses are a great way to generate a “buzz” amongst people in the real estate industry, both buyers and sellers alike. There are various reasons as to why you should hold an open house as well as reasons as to why it may be a better idea just to list it.
An article by Elizabeth Weintraub of about.com, “Open houses – How to hold a successful open house,” looks into the various reasons why, or why you shouldn’t hold an open house.
Although it may sound strange, some real estate agents actually advise against holding open houses.
“The professional real estate community appears split on whether it's a good idea to hold open a house for sale; although, I don't really understand the negative thoughts. It doesn't make sense to blatantly announce that no house should ever be held open, yet agents say it. Why would an agent want to restrict market exposure for a listing? Common sense says it's smart to expose your home to the largest number of buyers, and getting buyers inside to preview a home is a huge hurdle to jump. It's like keeping the house for sale a secret and saying, ‘Sshh, let's not tell anybody about this house or invite them over to see it because it just might sell!’”
In the market atmosphere of today, anyone wanting to sell a house but not tell anyone about it would be deemed absolutely insane. But there are some very sound reasons why an open house could actually hurt a sale. One is if the house is too cramped or messy, which could actually detract buyers immediately.
Another reason an open house may not be the best option for your situation is if you live in a track-housing situation and every single house looks the same. Also, if your home is off the beaten path or in a condominium complex that is hard to find, an open house probably is not right for you.
If your home is nice and tidy and in a high-traffic area, an open house could be the solution to your selling nightmares. The key to a successful open house is in advertising it and drawing people in.
“Advertise in your daily newspaper. Write colorful, descriptive ads and place them in picture classifieds or open house directories. Include a regular ad in the Sunday newspaper.”
“Map Your Open House Signs: Attach strings of balloons to each open house sign, find the busiest intersection closest to your home and put an open house sign at that corner and the arrows should point buyers in the right direction then place a sign every few blocks until you end up at your house.”
Selling a home is not an easy task to take on, but if you plan properly and have the appropriate property type, an open house can be the answer to all of your problems.
