Do Open Houses Really Work?

Roanoke Real Estate Podcast with Damon Gettier

There are a few things you need to know about open houses, and whether they are truly worth it. Want to Sell Your Home? Get the Value of Your Central or Southwest Virginia Home Looking to Buy a Home? Search All Homes on the MLS A question my team and I often get is, “What happens when my agent meets a buyer at my open house?” The first thing to know is that nationally, less than 7% of open houses sell. In fact, the purpose of an open house is not typically to sell. The point is to acquire buyers. To tell the truth, open houses don’t work as well now as they used to for one simple reason: the internet. Most people find a large portion of their information about a given home online. With things like the floor plan, 3D images, and videos available, physically visiting the home often doesn’t come until the point where a buyer is fairly serious about making an offer. “DON’T PUT TOO MUCH STOCK IN THE BUYERS WHO SHOW UP TO AN OPEN HOUSE.” But where they lack in successful selling power, open houses are still effective in attracting buyers. Along with those buyers, though, an open house can also draw out a lot of nosy neighbors. So if your agent does do an open house, don’t put too much stock in the buyers who show up there. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.