Experts suspect that 2024 will be a buyers' market. Potential buyers may see slightly lower mortgages and an increased housing inventory.
This puts you at something of a disadvantage. Homebuyers have the upper hand because they have more homes and lower mortgage rates. So, what will you do to attract people to your home?
Open houses allow people to view properties; it's a way to show off what makes your home better than other sellers. Open houses may bring buyers to your home, but will they help make the sale? Read on to find out.
What Are Open Houses?
An open house is where listing agents take people on scheduled tours through your property. Homeowners are often gone while the tour happens.
The idea is to display the best parts of your home. You want to make would-be buyers more interested in your property than others.
Open houses let homebuyers take their time and peruse the home and surrounding property. Most open houses happen on weekends - specifically Sundays - so more people can check out the home.
The owners clean and stage the house to coax people into viewing. They also serve cocktails, hors d'oeuvres, cookies, and coffee for guests.
Of course, you don't have to allow people into your home to host an open house. Homeowners can opt for live viewings, where the listing agent broadcasts a live tour of your property.
Do Open Houses Sell Homes?
The answer to whether an open house will sell your home is complicated. You can sell a home by putting on an open house, but there is no assurance.
Although some may find the house so impressive, they'll give you an immediate offer. Open houses are a great way to show the house to many people instead of one-on-one showings.
Realtors can also discover issues with the home via a guest book. A guest book is a sign-in log where visitors can:
- Leave contact information
- Express gratitude for the home tour
- Problems they've spotted with the home
The feedback allows the homeowner to repair or improve whatever is wrong. However, an open house can be more trouble than it's worth if you don't make a sale.
There is no promise of offers because you show potential buyers your house. Other disadvantages of open houses are:
- They can be slower than online listings
- Homeowners often must leave the home
- The idea is for buyers to imagine themselves in the house
- Which can be difficult with the original owners around
- Open houses can lead to property theft
- Large crowds can make it hard to spot visitors up to no good
Should You Host an Open House?
Homeowners should host open houses depending on if they think it's worth the effort. It may increase your chances, but you may not receive offers.
Open houses are quicker than one-on-one showings, but potential buyers may find online listings faster than your property. The PMI Indianapolis team can help if you're unsure how to proceed with your home sale.
We're a full-service real estate brokerage and property management company with over 20 years of experience. Contact us today so your property sale goes off problem-free!
