Home improvement shows often tout the benefits of holding an open house, but it might not be the best way to sell your home. An open house does not necessarily lead to a sale and could even lead to money loss. If you are on the fence about holding an open house, here are some pros and cons to consider.
Why Should You Hold an Open House?
One of the best reasons to host an open house is that you have a chance to bring in more potential buyers. With the right marketing and connections, your real estate agent can get far more exposure of your property. More exposure could potentially lead to more interested parties showing up to look through your home.
Open houses are also ideal if you do not want potential buyers to feel pressured into making an offer on the home. In most instances, buyers are allowed to assess the home without facing a sales pitch. The atmosphere tends to be more relaxed than an one-on-one tour with a real estate agent.
An open house can be convenient for you and your family. Instead of having to prepare your home for each individual tour that your real estate agent schedules, you only have to worry about those few hours the home is open to the public.
Why Should You Skip the Open House?
Unfortunately, everyone who shows interest in your home during the open house is not qualified to purchase it. Some buyers show up to the open house without first going through the pre-approval process with a lender. If they do make an offer and cannot secure a lender, you have to keep fishing for a buyer.
Another problem you can face is theft. There are people who show up to open houses with the sole purpose of stealing. Personal possessions or those rented from a staging company could easily walk off while you are distracted by other buyers.
Open houses do not guarantee a sale. It is quite possible that you do not receive one offer on your home. If that happens, you not only still have to worry about selling your home, but you wasted time on the whole process. Your real estate broker or agent can help you determine if an open house is a reasonable option for selling your home. If not, he or she can explore other tools to help sell your home.