ARE OPEN HOUSES WORTH IT?
Before Covid-19, open houses seemed to be a Sunday staple activity for would-be homebuyers. However, as the pandemic put a halt to almost all in-person activities, the number of open houses dwindled—sellers didn’t want strangers in their homes, and buyers didn’t want to be in the company of too many people.
Although just 4 percent of buyers purchase their homes through open houses, 41 percent still visit open houses as their first step in the home-buying process. To overcome this hurdle, REALTORS® began providing virtual open houses for their clients. And due to the lack of inventory during these past two years, it surprisingly became more commonplace for buyers to purchase a home sight unseen.
As of July 2022, the number of existing homes sold fell for the fifth consecutive month. This slowdown has impacted the number of days a home has been on the market forcing price reductions, which has resulted in an increase in available inventory in some real estate markets. Additionally, 44 percent of agents have reported that with this increase, they have observed a downturn in bidding wars. Hence, buyers who had been sitting on the sidelines waiting for a shift for more favorable market conditions are now beginning to return to the home buying process, and REALTORS® realized the need to conduct open houses on a more regular basis.
Making the Most of Open Houses
With busy schedules and day-to-day juggling activities, attending open houses may be more suitable for a buyer’s lifestyle as they begin the homebuying process. The flexibility it offers to view homes at their own pace is often a desirable option. Open houses are great tools for homebuyers to obtain as much information about a home in a more relaxed, stress-free environment.
The benefits of having an open house will increase the overall foot traffic into your home and create more visibility. The more exposure your home receives, the more likely you’ll receive multiple offers, possibly driving the sales price higher.
To make the most of an open house remember:
Buyers should come prepared with questions to ask their realtors essential information about the home and take notes for later review to help in decision-making.
Staging and elevating the home’s curb appeal is critical to creating a lasting positive first impression which has been shown to increase the sale price by an average of 7 percent.
IF YOU ARE THINKING ABOUT SELLING your Bay Area property, it is important you hire a real estate team of professionals with an extensive portfolio of home sales, a significant list of happy clients and a history of excellence.
The Laugesen Team has the experience, connections and creativity to list and sell your distinctive property successfully.
OUR INNOVATIVE AND PERSONALIZED APPROACH
• Pricing for Success
• Prepare for Top Sale
• Impressive Marketing
• State of the Art Technology
• Network with other High-End Agents
OUR RESULT-FOCUSED SERVICE
• Always available to show qualified buyers and agents.
• Schedule Open Houses and Broker’s Tour
• Follow-Up Quickly and Consistently
• Immediately respond to all leads.
• Encourage serious buyers to make serious offers.
• Facilitate the closing process to ensure a successful, competitively priced, stress-free sale.