Many homeowners think that they need to have open houses when they put their properties on the market. Although open houses are common in the real estate industry, they are not always an effective selling strategy.
Let’s discuss some benefits and drawbacks of an open house viewing.
Pros of An Open House
An open house allows a home seller to increase the visibility of their property and attract potential buyers. Hosting an open house also enhances awareness among prospective buyers that your property is on the market.
If more people are aware that you’re selling your house, it increases the chances of receiving an offer and reduces the amount of time your property stays on the market. Homes on sale for a longer time decrease in value, so an open house might help you get a faster offer for your property.
An open house also means that you can show off the best features of your home and increase the likelihood of getting a better price. People who come to your open house will be able to inspect your property visually.
Moreover, during an open house tour, you can also list the advantages of buying your property, such as access to nearby facilities like gyms, schools, parks, etc.
Cons of An Open House
However, there are also certain disadvantages to hosting an open house. A primary concern is the security risk that it poses for the homeowners. Many people with ill intentions pose as prospective buyers to take a free tour of the house and later break in and steal the owner’s belongings. Surveys have shown that vandalism and theft are more common after an open house, especially if the owners are showing a vacant house to potential buyers.
Also, theft frequently occurs during an open house when many people are walking to and from rooms at the same time, and it’s difficult for a real estate agent to keep an eye on all of them.
Research has shown that open houses are not associated with a higher selling price. Hosting an open house doesn’t contribute to the probability of sale. In fact, private viewings for serious buyers are more beneficial than hosting an open house for strangers who are just passing the time or don’t actually have the financing to back up their offer.
Instead, it’s better to have scheduled showings for buyers who have been financially vetted and are more likely to make an offer if they like the property.
Lastly, open house viewings are exhausting, and it takes a long time for a deal to close. If you want to sell your house fast, it’s better to accept a cash offer. Get in touch with us at Integrity Residential Solutions LLC. We buy houses for cash in Ohio. Contact us today and sell your home fast in Akron, Canton, or Cleveland, Ohio.