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Open House Explained

Posted by Maria Vilcu on January 29, 2023

Today we are going to talk about open houses, I am going to show you a real life example, perhaps 2 examples, as we are doing 2 houses on the same street in this beautiful new neighbourhood right next to Atlantic Ocean. 

Let’s start with what is an Open House?

An open house is a version of window shopping. It’s an opportunity to sneak a peak at a neighbour’s home, and a chance to size up a potential house or neighbourhood. This is your opportunity to ask realtor questions like: Why do the sellers want to move? What’s the seller’s timeline? talk about local amenities and places to eat, learn more about the neighbourhood.

I live in this neighbourhood and try to get into Open Houses that are in close proximity, because I have more insights to offer for people interested in this area, my kids are going to local schools, I can talk to you about medical facilities, grocery stores, activities in the areas how the area changes in different seasons and much more.  And this is one of biggest opportunities open house offers, learn about the area you have on your radar, as it can help you take an informed decision for your next purchase. 

So how an open house works?

Each house is different, even if they are in the same neighbourhood or even on the same block. During an open house, you can enter and walk through the property at your own pace. The goal of an open house is to secure interest from buyers, you can  take your time looking at the house and surrounding property, rather than a shorter one-on-one appointment with an agent. Many open houses occur on weekends—Sundays in particular, and we have banners and  advertisement options to let you know about it in advance.

During an open house period,  you are going to be served snacks and beverage , at least thats a guarantee for my open houses, so if you are in the area stop by for coffee and chat ! Sometimes, we are combining several houses in the same area to give people more options, this is usually an opportunity with new builds, when a new neighbourhood is being established, today is a good example – here we have 2 houses on the same street.

What are the advantages and disadvantages of an open house? 

For people trying to sell their homes, an open house provides an opportunity to attract interested buyers to the property. A well-executed event can generate excitement about the home and potentially lead to an offer. It’s usually beneficial to have an open house the first weekend after the property goes up for sale. Even if the event does not get a buyer, an open house can still be beneficial. As visitors walk through the home, they are likely to discuss their perceptions of the home. This feedback can help identify issues that might be preventing the house from selling. Unattractive paint colors, for example, can be an easy fix that can boost a home’s selling potential.

So lets summarize what we learned

The Good

  • Attracts interested buyers
  • Alerts realtor to issues with the house through visitor feedback
  • May lead to an immediate offer
  • Is a great way to show the house to a lot of people at once instead of drawn-out one-by-one showings

Not so Good

  • Can entail more effort in organizing than its worth
  • Online listings can reach more potential buyers in a shorter amount of time
  • Usually, owners must leave their homes during all open houses
  • Open houses may be a potential for theft, especially if the event draws a large crowd

Here are some common questions about the open house

Can Anyone Go to an Open House?

Open houses are a way for potential buyers to see new homes on the market, but anyone can attend an open house.

Should You Go to an Open House Before Making an Offer?

You don’t have to go to an open house before making an offer, but it is usually a good idea to a property in person before making an offer.

What Should You Serve at an Open House?

You do not have to serve refreshments at an open house, but it might be nice to offer potential buyers coffee, tea, water, and cookies.

How Long Do Open Houses Last?

Usually 2 hours, but The length of an open house event varies depending on the property, the broker, and the seller. 

Reach out if you have any questions ! Looking forward to see you on the next open house ! Cheers

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