For many homeowners, holding an open house seems like a given when they list their home for sale. However, just because open houses are common, this doesn’t mean that they are an effective selling strategy for every home. It’s important to consider the pros and cons before making a decision about whether an open house can help sell your home.
Benefits of an Open House
Aside from the common feeling that an open house is a necessary part of selling a home, there are some substantial benefits to opening your home to potential buyers. An open house can:
- Increase initial visibility and potentially shorten your home’s time on the market.
- Make it easier for people who are just considering buying, or allow those who are looking, but not sure that your home or neighborhood is a fit, to easily take a look.
- Show off the advantages of your home over your neighbors’ homes and other listings on the market, if your home has been better maintained or has more features.
Disadvantages of an Open House
While there are benefits to having an open house, there are also disadvantages that many home sellers are not aware of, or fail to consider. These include:
- Open houses have not been linked to higher selling prices.
- There are theft and security issues associated with allowing strangers to go through your home.
- Because people visiting an open house do not have to be working with a real estate agent, an open house often attracts people that real estate agents sometimes call “lookie-loos.” These are people who are not considering buying a home and are simply curious.
These are only some of the factors to consider when deciding if you should have an open house for your home. It’s important to consult with your real estate agent to discuss the advantages and disadvantages of an open house before making a decision.