Thursday, 29 June 2017

The Great Open House Debate

Written by Posted On Friday, 03 January 2014 15:43

With the spring real estate market just around the corner, more homeowners are thinking about putting their homes up for sale. And with a potential influx of new properties hitting the market, it’s an important time to think about how you can make your home stand out from the rest.

There is an ongoing discussion of whether it benefits a seller to hold an open house. These days, virtual open houses are the norm, with real estate websites featuring virtual tours that give a more nuanced and dimensional view of a home for sale without the effort of heading out to every property that shows promise. Some agents feel that this technology is replacing the need for actual feet-on-the-ground open house visits.

Other arguments against holding an open house include the arrival of nosy neighbors to go through your home when you’re not there (but does that really matter if you’re moving away?) and worries about security. The quick fix for security concerns is to remove all items of value (both financial and sentimental) from the property before the open house. These concerns aside, many agents feel there are very few drawbacks to staging an open house. In fact, there are quite a few reasons that an open house might be a good option for you when you list your home for sale. Here are four:

Exposure. Even a casual or unmotivated prospective buyer can drop by an open house without having to go to the effort of booking a showing. A quick walk through of your home might pique an interest for further visits in the future. Additionally, open houses receive added attention via signage and classified or Internet ads. More eyes on your home could translate into an offer.

Convenience. With an open house, you get to decide on timing, meaning that in contrast to the tedious daily effort of keeping your home “show ready,” you can have it looking exactly the way you want prospective buyers to see it. You can add in fresh flowers, cookies straight from the oven, and other small touches that are harder to pull off on a daily basis when you’re not sure whether to expect a showing. Your house will come off feeling like a true home.

Comparison. On any given weekend, prospective buyers will likely have a number of different open houses they can visit in your community or area. Being able to compare yours directly to others may give you a slight edge over the competition – particularly if a buyer is motivated to make an offer and get into a new home quickly.

“The Lock. For a buyer who is already interested, holding an open house might just be the tipping point on the road to an offer. An open house gives an interested party the opportunity to check out the house more thoroughly and without feeling rushed, even if they’ve already had a private showing. A prospective buyer might even bring friends or family along to get an opinion about the house. And that could be just the nudge a potential buyer needs to take the plunge and make an offer.

Remember, it only takes “one person” to be interested and make an acceptable offer.

 

While holding an open house might not be necessary in order to make a sale, it certainly can’t hurt. With the increased attention that an open house can draw to your house, it might just be the difference between landing an interested buyer or increased time on the market.

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Lillian Montalto

In May of 2000, Lillian established Lillian Montalto Signature Properties.

Lillian has been the #1 Agent in New England for the past 19 years. Lillian is the founder, broker and principal of Lillian Montalto Signature Properties at 34 Park Street, Andover MA.

Lillian has closed over $1.5 Billion dollars worth of real estate in her career. She also personally coaches several of America’s top real estate agents. Lillian has also been recognized by the National Association of Realtors as America’s #1 Female Real Estate Agent. She is active in several community activities including the Andover Montessori School, North East Builders Association. YWCA, YMCA, and North Andover Lions Club. Lillian is only one of 67 real estate associates nationwide to have achieved 8 educational designations. Her firm also is a member of Leading Real Estate Companies of the World, the #1 relocation company internationally.

Lillian has been a Brinton Super Star, a member of Bill Barrett's Top 50 and has been a keynote Speaker at NAR, the National Association of Realtors annual conference, and numerous Real Estate and Business seminars around the world, including Bali, Canada, Australia, New Zealand, South Africa, and the United States. She and her husband Bob, were recently recognized by Art and Antiques Magazine as being one of America’s Top 200 Art Collectors in 2 different categories; Primitive Art and Decorative Arts. Their home was recently featured in Boston Magazine, Art and Antiques, and the North Shore magazine. Their collections have been featured in Art and Antiques, Veranda, Shelter and various Wood Art Magazines.

www.andoverhomes.com/

1 comment

  • Comment Link Phil Amodeo Saturday, 04 January 2014 23:45 posted by Phil Amodeo

    I agree with you 100%, Lilian. Any exposure a home gets is a good thing. After all, it's a numbers game. About half of my business comes from open houses, although I usually only sell 1 or 2 each year that I hold open.

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