An open house is a great way to draw attention to a
home through ads online and in the paper as well as additional signage pointing
to the house. A couple of decades ago open houses were one of the few
ways buyers could see homes for sale. But the Internet changed all of that,
making it easy for buyers to search and view homes online. As a result, open
houses have become a less powerful selling tool.
According to the National Association of
Realtors, only 9% of buyers found the home they purchased at
an open house in 2014. That’s a 16% decline from 2004.
The number of buyers that include open houses in their search stood at 44% in
2014, down 51% from 2004.
The stress related to the entire affair and the
amount of time and money it costs to prepare for and host an open house has to
be weighed against the expected outcome. Do not rule out an open house but it
is important to be aware of the pro & cons before holding one.