What is the Value of an Open House?

By: Joshua Campbell

What is the Value of an Open House?

Tags: Real Estate, renting, buying, selling, real estate tips, residential, rent, Ontario, tenant, moving, Newmarket, York Region, first time home buyers, knowledgebrkr, open house, home showings, add value to your home, home sales,


2 minute read. 

Open houses are a common initiative that home sellers utilize to showcase their property to potential buyers. While they can significantly increase the chances of selling a property, there are drawbacks that you may want to consider. The overall question is “how do open houses provide value?”
Here is a look at their advantages first:
Giving potential buyers access to your home gives them a great opportunity to stop by and check out what your property has to offer. It will give viewers the chance to get a genuine feel of the atmosphere. This same feeling cannot be duplicated by pictures and secondary sources of information. Additionally, homeowners usually prep their house that extra step for open houses which might be just what they need to attract the right buyer.

When you showcase your home to potential buyers, your real estate agent will need to book private appointments with different viewers at different times. Doing multiple viewings can make the process longer and requires more effort to maintain your house. With an open house, your agent can invite multiple viewers in at once and complete the process faster and more efficiently.

 New homebuyers don’t know where to begin when they first start looking at homes. Many do not even have a real estate agent yet and likely do not know where to look. When they see a sign or even hear about open houses going on in the area, they are easily attracted.
While we’ve examined some of the advantages of holding an open house, here is are some disadvantages:
During an open house, you will have strangers walking through your home. This can be a cause for concern with regard to your privacy and security. It can be easy for viewers to grab small items that they notice as they walk by or when the real estate agent is not looking. To mitigate these concerns, take the initiative to clean out your home and store your valuable items somewhere safe before the open house. 

5. Not Guaranteed to Receive Offers

You will likely be attracting a lot of first-time homebuyers who are new to the house-hunting game. Some of them are just starting the process and might not be serious about buying a home. Others might be thinking about buying a new home in the future but are not currently ready. All things considered, you are not guaranteed to receive offers at open houses. You can instead attract plenty of window shoppers who are just passing by.
So, do open houses provide value? The answer is yes they do. They provide you with the opportunity to showcase your home and its worth to a large number of people at once. If your home is especially sought after, open houses can cause more people to place competitive offers. Before you make any final decisions, speak to your real estate agent to discuss if an open house is right for your property.  

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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
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