Should I Host an Open House?
January 22, 2025 | Posted by: Sherry Corbitt
An open house is when potential buyers come into your home to view it when you are selling. When you are ready to list your house, one of the first things you need to decide is to have an open house. To make the right decision, it is essential to go over the advantages and disadvantages.
Advantage: Wider Audience
When you host an open house, a wider audience of people will view the house. When you only list your property online, a much smaller amount of people will see it. Having more people see your property can lead to more interest in buyers. When more buyers are interested, there is more chance of your home selling. It can also help speed up your selling process if you have a variety of buyers to choose from.
Disadvantage: Attract Non Buyers
An open house can attract many people, yet it can attract many non buyers who are not interested in buying. Non buyers can include those who have seen your open house in the area and want to browse casually. It can also include your neighbours, as they certainly will see that you have an open house up. They most likely may want to jump on the opportunity and come to compare your house features to theirs. You, of course, cannot pick and choose specific people for an open house; it is pretty open to the public. So it is vital to see if you can handle non-buyers in your home and if it will be an issue.
Advantage: Buyers Feel Less Pressured
Buyers will undoubtedly feel more relaxed at an open house. They can freely come to view the house in person and see if it works for them. There is no pressure for them to buy, as it is mainly for buyers to view. When the buyer is more at ease, they can feel more comfortable with the buying process. It can also persuade them to feel more eager to purchase the home once they have evaluated it.
Disadvantage: Potential Theft or Vandalism
During an open house, there can be up to dozens of people at your property. With so many people there at once and you showing buyers around, you will not keep an eye on everyone. There is a chance of vandalism or theft, which can quickly happen. You may unfortunately not even notice the incident until after the open house, so you may unfortunately not catch who did it. It indeed is wise to consider the possibilities of such occurrences and if you are willing to take the chance of it.
Advantage: Having the House Prepared
An open house can help alleviate a lot of your stress when getting the house ready. A regular house showing usually does not offer you much time to get your house ready, as numerous buyers can schedule appointments with short notice. With an open house, though, you schedule the date whenever you want. As a result, you can schedule it with lots of time to make your home look perfect. As a result, your house may attract buyers more than at a housing showing.
Disadvantage: Having Less One One Time With Buyers
As stated earlier, an open house can have dozens of buyers. With so many people at your property at once, it is very difficult to speak with everyone, let alone meet everyone. Unfortunately, those who are serious about buying your property may not even have a chance to express their interests. Of course, they may contact you at another time, yet the open house offers a comfortable setting for them to get to know you.
Overall, hosting an open house can have a handful of advantages and disadvantages. Knowing what will be best for you and your family, along with your house, can help you make the right decision.
If you have any questions or concerns on mortgages or hosting an open house, please reach out to me!
Sherry Corbitt, Mortgage Broker
Sources
-Gassett, Bill (2017). Pros and Cons of a Real Estate Open House. Realty Times. Retrieved from
https://realtytimes.com/advicefromtheexpert/item/1005368-pros-and-cons-of-a-real-estate-open-house
-New Venture Escrow (2021). Open House Pros and Cons: What You Need to Know. Retrieved from https://newventureescrow.com/open-house-pros-and-cons/
-Paul, Karen. What’s the Advantage of an Open House? Karen Paul and Associates. Retrieved from https://www.karenpaul.com/whats-the-advantage-of-an-open-house/
