There has always been a lot of debate on whether someone who is looking to sell their home should have an open house or not. Do open houses allow for a better, faster deal on your home? Ultimately, having an open house is a great way to showcase your home and allow potential buyers to see exactly how it would feel if they were to live in it. However, it is good to know both the pros and the cons to open houses so that you can make the best decision for you and your family.
If you are on the fence about having an open house, we have laid out some of the most important pros and cons to look at and consider before deciding to host one.
- Pro #1: You will attract first-time buyers. For people who have never purchased a home before, sometimes open houses are a great way to jump start the process. By hosting an open house, you will attract many people who are just starting out on their house-hunt and are not sure how else to approach the process.
- Pro #2: You’ll remove the pressure for buyers. Open houses are often a much more relaxing way to search for a home, as potential buyers do not feel as pressured to make a purchase on the spot. This is a great way to draw in people who prefer a more leisurely process, versus having to make a big decision immediately. Plus, open houses are really fun for those on the hunt for a home, and it is a great way to meet and mingle with people who may end up living in your home!
- Pro #3: You will gain great exposure. Not only will you gain exposure within the neighborhood, but you will also gain a lot more exposure from the general public, especially people who may just be passing through the area. By hosting an open house, you are opening your doors to anyone who is interested, not just those who are already tied to a specific realtor. If you plan to host an open house, make some signage to hang around the neighborhoods so that people are aware that it is happening and can stop by if they are interested!
- Con #1: There may be some security issues. While opening your home up gains more exposure, it also heightens the chance for there to be some security issues, such as break-ins. While you want everyone to be able to see and learn more about the space, it is important to be cautious at the same time.
- Con #2: There is a potential for theft. With so many people in and out of the home, there is the potential for theft. While you will be sure to put away your prized possessions, some of your belongings will still be showcased throughout the home, so there must be an eye kept on them. Other than the general décor in the home, try to put away any important personal belongings or really expensive items.
- Con #3: There is a smaller chance for sale, and potential for unqualified buyers. Because open houses are such a quick, in-and-out process, there is a smaller chance for sale on the spot. Many people will take a look at the property and go home to think more about their decision. Additionally, you may even run into some unqualified buyers who are checking out your home but are not financially stable or qualified enough to make a purchase.
Ultimately, when it comes to hosting an open house, think about what works best for you and your family as well as the selling of your home, and go for it!