If you’re looking to sell a home, an open house in Spokane may really be bogging down your mind. You’re likely occupied with thoughts of finding a listing agent and figuring out the market. You’ll be tidying things up and maybe even hiring a professional stager so your home will look its best to prospective buyers. Then there’s the hassle of scheduling showings – you want to be accomodating of buyers’ schedules, but yours is packed full, too!
Another big event on your home-selling agenda might be hosting an open house in Spokane. But, are open houses really worth the investment of your time and energy? And will hosting one really do all that much to help you sell your home?
This is a hotly debated topic in the realm of real estate, with plenty of strong opinions on both sides.
PLEASE SEE How The Corona Virus is Impacting Real Estate as Open Houses, along with many other aspects of Spokane Real Estate have changed dramatically. We will do our best to keep that post updated and relevant.
There are a few reasons you might choose to host an open house in Spokane or the surrounding areas.
Home buying is not an intuitive process, nor is it one that most people are particularly familiar with. Most people looking to buy a home, especially first time home buyers, might need a considerable amount of hand-holding throughout the process. An open house can draw in hesitant home buyers and give them a chance to get more information from you and your agent. Assuming these buyers are qualified, not just confused, attracting them to your open house may be valuable.
Buying a home can be an intimidating process. Many buyers appreciate the chance to look at home in detail without the pressure of someone hovering over their shoulder. An open house gives them just that.
Open houses in Spokane are typically very relaxed events. Buyers are able to tour the home and look at all of its components in detail, with little to no pressure. This gives buyers a much better idea of whether they’re just excited to buy a home, or they’re interested in buying your home in particular. If they do approach you wanting to buy, they’ll then be more informed about what they like and don’t like about your home. This can also provide you with valuable feedback about what real, current buyers in the market like and dislike about your home.
If you’re selling a home in Spokane, you’re likely already trying to advertise that fact wherever you can. For someone to buy your home, they have to be able to find it. Hosting an open house can give your home even more publicity. Whether you choose to use newspaper ads, street signs, internet ads, social media posts, or some combination thereof, promoting your open house event is a good way to get more people interested in your home.
Hosting an open house in Spokane doesn’t just offer benefits for you, but for your realtor as well! Anyone interested enough in buying a home to come out to an open house event is potentially a good lead for your realtor. Even if they don’t end up wanting to buy your home, this gives your realtor a chance to strike up a conversation, learn what type of home they’re looking for, and have the beginning of a relationship already established when they eventually are looking to buy.
An open house is an opportunity for your realtor to market not only your home but themselves as well.
Of course, open houses don’t come with just perks. There are many reasons you might not want to host one.
While hosting an open house may be a great way to give your home more exposure, draw in inexperienced buyers, and pad your realtor’s portfolio, there’s no guarantee that it will actually result in a sale. In fact, the percentage of homes that sell as the direct result of an open house is extremely low, hovering somewhere around 2-3%.
Part of the reason for the low sales percentage resulting from open houses is the type of people that these events might attract. A qualified buyer is one who has already obtained mortgage pre-approval, likely at the very beginning of their home buying process. Demanding to see a pre-approval from everyone who shows up to your open house would be unreasonable; unfortunately, this means that many of your guests may be unqualified as buyers.
In addition to underfunded folks who can’t actually afford to buy your home, another type of open house guest might be the nosy neighbors. Most everyone has someone in mind when they hear that phrase: the neighbors who show up unannounced ‘just to chat’, or always seem to be peering out of their windows while you’re trying to get your yard work done. Well, hosting an open house is akin to inviting these ‘friendly’ folks to inspect every aspect of your home!
Not only is this annoying, but these people aren’t any more likely to buy your home than the unqualified buyers. In their case, it might not be due to a lack of qualifications, but rather to lack of interest. They aren’t really there because you’re selling, they’re only there to snoop. Of course, some people argue that this is a “pro” as it allows the neighbors to “get it out of their system”, and there’s a good chance they might know someone that they would love to have moved into their neighborhood and they might help get the word out for you!
In a worst-case scenario, hosting an open house could give criminals a chance to check out a potential target. Theft and vandalism after an open house are not overly common, but also not unheard of.
When deciding whether or not to host an open house in Spokane, you’ll need to weigh the potential benefits, such as publicity and a low-pressure environment for buyers, against the cons, including inviting in unqualified buyers and nosy neighbors. When you work with a realtor you trust, he or she will be able to help you make the right choice for your situation.
Thinking about selling your Spokane home? Send me a message now to get that process started!
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