Buying A Home
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Do open houses work?
We are having our second open house this coming weekend. Last weekend was pretty much a bust because the weather was rainy and cold and only one potential buyer came through the open house.
I did some reading online and found that some people think open houses are mainly for the seller's realtor to pick up potential clients that might not have an agent yet or to meet neighbors that might be planning to sell their house down the road. I hadn't thought of this but I had wondered why our realtor was pushing for the open house so much. Now I think I know why.
What do you think? Are you holding open houses? If so, do they work? TIA
Re: Do open houses work?
I bought my first house after seeing it at an open house. Saw it on a Sunday and called my realtor to schedule a second viewing for the next weekend.
Our next door neighbor had an offer made during their Open House.
It really just depends on who comes and how attractive your home is (looks, location, and price). Nothing in our neighborhood lasts long and open houses are packed.
My Valentine Bookends (2~13~13, 2~15~09)
When we sold our house, our agent said this exactly. He said he'd only do one if we requested it. I find they are full of nosey neighbors, people who can't afford your house, people who aren't seriously looking, etc. I will say that while we were looking for a home, we did go to open houses that we really wanted to see/consider buying but I don't think that most people fall into that category. I think it's worth a try if it's the 1st or 2nd weekend on the market - the more traffic you get in those first few weeks the better.
I have no experience on the seller end, but DH and I must have been to a dozen open houses since we started looking. It's amazing how aggressive some of the sellers' agents were about signing us as clients -- like e-mailing us so frequently we had to block them.
We also found our own broker through an open house -- we happened to go to two houses she represented and started talking. One of those listings actually sold pretty quickly after the open house.
So I guess it might be worth a shot, but you probably will have foot traffic that isn't really interested in the house.
Ditto on this. I feel like our agent does a lot for us already, so if we're interested in a house and there's an open scheduled, usually we go unattended and give the agent her business card. We only go if we're legitimately considering the house, though I have seen neighbors and others who aren't really interested stop by.
I think they're best done the first or second week on the market or after a price reduction. I've also seen them done if another house in the neighborhood schedules one in hopes that anyone going to that one will also stop by the other.
Ditto the above. They can also give you valuable information. If you're priced too high or there's something that's turning buyers off (e.g., bright red walls). Your agent should be able to relay the information and let you know if it's a problem worth addressing.
DH liked being able to casually look at a house w/o scheduling with our realtor. We would often go to an open house and schedule a second look with our realtor the next day.
SIL is a realtor and says that open houses are more about the realtor gaining new buyer prospects as much as it is about selling the house.
Open houses are not a bad thing, but don't count on them selling your home.
My Pinterest
The Googlesites Paint Bio
Thinking of doing cosmetic updates to a dated home? These were our costs.
Our last open house we had 8 couples, who were legitimate buyers, come through. Yes, a lot depends on weather and whether or not there's a big sporting event on TV...
But, we got our offer from doing it, so in my mind, it was totally worth it.
And, even if your agent gets clients out of it, really, who cares? It could work to your advantage if that happened. Our agent was willing to cut her commission by 2% if she was working as a dual agent (representing us and a buyer for our home). We did have one couple who would have fallen into this category, but they ended up not being able to buy just then because they had to get some financial matters in order. But had they we would have been paying 5% instead of 7%. So, again it would have been worth it.
Honestly, it probably depends on your market. But, I sort of feel like it's your agent's JOB to sell your home and to do whatever is necessary, within legal bounds, to earn his/her commission, including doing open houses.
Our first house sold as the result of an open house. The guy was going to see his girlfriend, saw the sign, decided to stop in and had his realtor to set up a showing after.
Second house it confirmed what we were thinking - nice house, people liked it but felt we were over priced. We weren't willing to drop to the market price so we pulled it off shortly after.
my realtor actually is good at telling who is just curious and who is seriously looking for a house. She told us he was going to come back and called a couple of hours later to set up his showing. She said even just the curious neighbors are worth it though, you never know who has a friend looking for a house and if they see something they like and mention it - the more people who see it the better. She also said the nosy neighbors are more honest/free with their comments and some have good points.
So I say it's worth a try, don't expect much but I wouldn't reject the idea just because your realtor may pick up a few clients.
My sister sold her house to someone who first saw it at an open house, and liked it enough to come back for a second look.
My parents, on the other hand, held one or two open houses that resulted in nothing other than nosy neighbors poking through.
I am one of those nosey neighbors. I never miss a nearby open house and am honest when I walk in and talk to the realtor. I always tell them, I'm a neighbor down the block and wanted to see how my house compares.
Of all my IRL friends, none have ever bought after seeing a house at an open house. Granted that's probably only about 50 people I know who have bought in the last 5-ish years, but in my non-expert opinion, I think I agree that they are more for lookie-loos who don't have their finances in order than for people who are actively trying to buy.
Are you united with the CCOKCs?
It is a big debate in the RE community: do they work? Who do they work for?
Personally, I believe in them. You can't sell a house if no one can see it
For most people, it is easier to plan to be out of the house for a few hours on the weekend. Likewise, often buyers are more comfortable coming to an open rather than making special arrangements to see it.
It is definitely a time for Realtors to meet potential clients but it is a great way to showcase your property. This is also a great way for your Realtor to get very valuable feedback about the property. When asked what they think of a home, a buyer may say 'it is nice' and not tell you much more. When I am at an open and can watch a buyer go through the home...see their reactions to a room...watch where they spend their time thinking....see what they wonder about...I can get a much better idea about how the property is being perceived. What might need improvement? What are the selling points for a buyer and what is a turn off. None of that is feedback I can get from a call to the buyers agent. Buying a home is visceral, I need to see their reactions.
So, personally, I believe in open houses. I do them on every home and I always do them for the first few weekends (if needed). After about 3 weeks, I will reduce the frequency as I feel it becomes 'stale'. If we go much longer on the market, we reevaluate our strategy and price.
Hope that helps. Good luck!
Lighthouse State Beach, Santa Cruz.
My Blog:Through My Eyes