Monday, August 3, 2015

Selling Your Home: Is the Open House an Outdated Concept?

As I drive around the central Brevard County, Florida area on weekends I see fewer open house signs out.  Are real estate agents really doing fewer now than in previous years?

Maybe.  Maybe not.

One explanation could be fewer open house signs may be an indication of a market with lower inventory and more buyers.  Knowing the favorable market why would a seller want an open house?

Some sellers do not want an open house.  They do not want a bunch of strangers running loose in their house.  [Hosting real estate agents try very hard to supervise all people coming to an open house however it is not foolproof.   Your real estate agent most likely will not know any of these people.]

Many sellers believe an open house is more for the listing agent to try and get buyers to sell another house to later than for them.  While most open houses do not result in a buyer walking in to buy the home that day it could happen - especially in this market.

Could it be real estate agents know that with the median days on the market in Brevard County hovering around thirty days it is not necessary for them to sit an open house when they could be on the golf course?  I doubt this is an accurate explanation for most real estate agents.

Could it be that not all properties are suitable candidates for an open house?   The short answer, yes.

Not all properties are suitable for an open house (location not convenient to major traffic, price point too high or low, property does not show well, circumstances of sale (illness, death in the family), etc.)   

Another explanation for fewer open house signs on the weekend could be the open house was conducted during the week.  There are some properties that, based on location and afternoon traffic, may be well suited for a during the week open house.   If the most likely buyer is a retiree or second home buyer, then a weekday or afternoon open house may work fine.

So, is the open house an outdated concept for selling your home?  No.

Is it a worthwhile effort for you and your real estate agent?  It all depends. The key is with the right property, success can happen.

Discuss the pros and cons of the open house, including the best day of the week, when interviewing real estate agents to sell your Viera, Florida home.

Considering selling your Melbourne, Florida home?  Call me at 321-693-3850 for a market analysis. If you prefer, send me an email.