Are Open Houses Necessary To Sell A Home?
Q: Gerald, We are selling our home. Our Realtor wants to do a Sunday open house—with 3 small children a dog and a cat, it’s a real inconvenience but I don’t want to get in the way of selling our home. How important is holding an open house to selling a home? (Are open houses necessary?) Maryann, Bethesda, MD
A: Hi Maryann, that’s a great question. Realtors normally just do open houses to please home sellers or because they just buy into the misguided conventional wisdom that open houses are effective. Open houses are normally a huge waste of time. The truth is that houses sell primarily based on 2 factors: 1) a home buyer’s preference and 2) a home buyer’s budget. Open houses can attract foot traffic—people may show up to your open house if they see a realtor sign and balloons—unfortunately, those people are usually window shoppers and tire kickers, not the serious, paying buyers that you need to sell your home. Effective pricing is the key to selling a home, not how many open houses you have. Thanks for your question, Maryann and good luck. For more real estate tips and for information on my real estate coaching program, visit performanceproperty.com. I’m Gerald Lucas and I’ll see you again soon.