Home Selling in 19320>Question Details

Dorothy, Both Buyer and Seller in 19320

I've heard differing opinions on holding an open house. Some say it's a waste of time (mainly neighbors come

Asked by Dorothy, 19320 Tue Jun 24, 2008

to check out your house) while others say agents hold them to get new leads, not necessarily to sell your home. How effective is a broker's open house vs. a public open house? My house has been on the market since early April and since dropping the price in early May, we're averaging a showing a week. Strong interest, but no offers to date.

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It is highly unlikely that your home will sell from an open house but there is always the chance that it will. It's not bad to have neighbors come in, they may know someone who would like it, but most agents use open houses to find more buyers.
3 votes Thank Flag Link Tue Jun 24, 2008
Hi Dorothy!

Let me preface by saying that I am a local Realtor in your market (i.e., Coatesville) ... I primarily cover Chester County, my office is in Exton. I will tell you that I'm not a huge fan of open houses. NAR (the national assoc of realtors) have produced studies that show less than 1% of homes (I may be off by a percent or two) are sold as a result of an open house. Yikes! As for me, I rarely use this strategy to generate traffic. Nevertheless, I too have found open houses to be less effective -- a waste of the seller's time in prepping the property. And it's true, most agents embrace open houses because oftentimes it will generate buyer leads. Another factor to the success of an open house in addition to location/area is price point. In our local market, I have found that homes priced below $300K are better attended than those at the higher end of the spectrum. It tends to draw first time home buyers or "future" buyers. Most serious buyers (who will buy today if they find the right property or purchasing at the higher price point) have already aligned themselves with a Buyer's Agent and have the agent schedule a personal showing ... Not wait for an open house to surface. On the other hand, I have conducted broker's opens ... but rarely. Generally, a broker attending a broker's open will oftentimes not generate "the buyer" for the property. Because if the broker had "the buyer" in mind for this listing, they would have already made the appointment and showed the property. So again I say, opens of any kind are less effective in getting the house sold. This is just not "my opinion" -- but the stats prove it. However, on the other hand, i have find broker's open to be very beneficial in soliciting agent feedback on price and condition of my listings -- which has served as great feedback for my sellers.

Hope this was helpful!
2 votes Thank Flag Link Wed Jun 25, 2008
When it was a sellers market a couple years ago, No one did Open Houses because their listings sold before they could hold one. Now, in this buyers market, an Open House can be beneficial if only for the extra exposure. Believe me, neighbors are a good thing. If they can control who moves in near them , they will. They are a great sourse of potential buyers. The best of luck to you!

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
1 vote Thank Flag Link Wed Jun 25, 2008
I think that you need to sit down with your Realtor. You want to sell, right? So you need a buyer?
You will not find a buyer unless you have more traffic. The rule of thumb is 10-12 showings in the first two weeks or one offer, or you need to lower the price.

Ask your Realtor how many homes, like yours, have sold or entered escrow since your home hit the market. Open houses are only one tool out of many used to market homes. You hired a Realtor, now put them to work.
1 vote Thank Flag Link Tue Jun 24, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
Open houses certainly do not hurt to have as it is another form of exposure. However, if you are expecting to sell your home during an open house the odds are you won't. High visibily locations and new construction would give you the best shot at a sale. Otherwise, most agents such as myself use Open Houses to keep sellers happy and build our business through meeting new clients. Open Houses had there day, but that was prior to the internet which allows buyers to rule out or rule in properties based on virtual tours, photos, and arial photos. The average buyer looks at between 8-12 homes in person. The list is shortened by on-line searches and that is why your on-line presence is crucial. Good Luck!
0 votes Thank Flag Link Thu Jun 6, 2013
Never underestimate the power of an Open House. To sell means the house needs to be exposed to the hilt. Even if only neighbors come through to take a peek, one of them might have a friend or relative who may be looking to purchase.
0 votes Thank Flag Link Wed Sep 12, 2012
For all the pros and cons of an open house, open house do sell homes. We just got an offer from open house this past weekend. Agents do get new leads, neighbor to visit, but people do get offers from open houses. Funny story: I was looking at buying home in Alexandria, VA a few years ago, Before place an offer on the home I want to drive by the house one last time. The same day another home on the street had an open house. Which one did I buy? The open house home!
0 votes Thank Flag Link Wed Sep 12, 2012
It depends upon where you live. In Newport, lots of local residents and visitors count on being able to see Open Houses. Our company sold 4 homes from Open Houses in January alone. Personally I believe Open Houses are invaluable. I love holding homes open.

Regarding your home not selling last year, that is a different question. Here, if your home is well priced, that is the whole thing. You can have a high price for a prize, staged or model perfect home, but if yours does not fit in that category, deduct at least 15%...

Wishing you all the best in selling your home. Hope this helps you.
0 votes Thank Flag Link Tue Feb 15, 2011
Open house for Brokers and Sales Agents is fine, it gives them first hand knowledge of you home and allows them to then say to customers that they are familiar with your home when they have interested buyers for you type and style of home. As for Hopen House for the sake of the public, spot on when they say all the neighbors that wanted to see what the inside of your home looks like will be flocking to the door!
0 votes Thank Flag Link Tue Feb 15, 2011
Dear Dorothy,
Our statistics indicate that most homes are sold by other agents with buyers. Im sure homes also sell by being exposed during Open House as well. In my professional opinion, we should do everything we can to market the home which includes Open Houses, Broker's Opens and other types of marketing.
0 votes Thank Flag Link Tue Feb 15, 2011
How do you know there is strong interest? And what can you do to make the inerest stronger? Ask your agent that.
0 votes Thank Flag Link Sun Aug 3, 2008
Hi there,

As for public open houses I would guess it depends on your location. I live in Chicago, and in the actual city. The current condo we bought was a result of an open house. Also a few years ago, our condo sold from someone coming by during an open house, and lastly, our neighbors who have their place on the market received an offer from a couple that came by during an open house.
0 votes Thank Flag Link Wed Jun 25, 2008
Hi Dorothy –
I think the effectiveness of a broker open house varies by area. They are a good idea in our area, since they tend to be pretty well attended, but that may not be so in all areas. Also, many times the agents don’t necessarily have buyers at that price point.
It’s true that public open houses don’t generally sell the house. But I have sold some homes through open houses. One contributing factor: These homes had an attractive exterior but even nicer interior. They really benefited from the increased traffic.
So if you do have your agent hold an open house, really go the extra mile with staging and cleaning, fresh flowers, etc. Make your home a really nice SURPRISE when people walk through and you will increase your chances of success.
One other note is the timing of the open house, which can be tricky. In our coastal town, if it is a very hot day, we don’t get good attendance since everyone goes to the beach instead. Also, we have had a slow few weeks while many people were busy with school ending, graduations, etc. So work with your agent to figure out your best local open house times.
It’s worth a try and good luck to you
0 votes Thank Flag Link Wed Jun 25, 2008
Yes it is true that the odds of the buyer for your house will not come during an open house. However it is better to have a realtor conduct the open house, there is alot of advertising that goes into preparing for an open house. Neighbors are good because they may know a buyer and that is free advertising because love to tell when houses in their neighborhood are on the market. Your agent should be following up with those who show interest in your property and that is hard to do when you try to do it yourself. People who might be interested in your house are less likely to discuss things with you.
0 votes Thank Flag Link Tue Jun 24, 2008
In the time I have been a Realtor, I have had only one sale because of an open house. A very good bit of leads, and mostly neighbors.

Broker's open house is very good, so that the other agents can come by to see what your home offers.

In today's market, you MUST have the home priced correctly and have some incentives kicked in for the buyer's agent and/or the seller.
0 votes Thank Flag Link Tue Jun 24, 2008
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