A lot of clients ask about hosting an open house. Actually, it is what we do every day. Once your home is on the market – we are hosting an open house for anyone interested in seeing the home – anytime.
There was a time when an open house drove traffic to the area and more people came to see a home. Today, unless you are in a highly populated area, an open house may not work the same.
Today’s buyer is using a Real Estate Agent most of the time in their home search. The second most popular tool the buyer is using is yard signs – believe it or not! People still like to drive around neighborhoods and look for homes for sale. The mobile marketing tools and open house statistics for 2013 were real near the same – which was a surprise to me. Most of the buyers I work with have used either a Realtor or Internet Searches to find homes.
Home Buyer Statistics:*
- First time home buyers: 38%
- Repeat buyers median age: 52
- Median Age of first-time home buyers: 31
- Information sources used in home search:
- Real Estate Agent 89%
- Yard Sign 51%
- Mobile or Tablet Website Application 45%
- Open House 45%
- Mobile or Tablet Search Engine
- Print Newspaper Advertisement 23%
*Source: National Association of Realtors Guide to Quick Real Estate Statistics for REALTORS®
The great debate continues – open house or not? My experience – even when heavy advertising has been done – is that they have been poorly received. Most of the time if we get one person at an open house we celebrate.
If you really want to sell it – drive more traffic to your home by having a quality product in a great location with a fair price. That’s it! If you are missing one of the main elements, make up for it with one of the other. For instance, if your home is not in a great neighborhood, perhaps a lower price would do the trick. In the National Association of Realtor’s 2013 Community Preference Survey, 78% of home buyers responded that neighborhood quality is more important than size of home. If you are in a great neighborhood, make sure the home shows well by keeping it maintained in and out. And do not overlook the pricing – overpricing can be deadly. Check out the neighborhood and what the sales have been. Make sure you are not pricing yourself too high and missing a buyer.
For more information and tips on buying or selling a home visit my website or contact me! Happy shopping and selling