{"id":3615,"date":"2018-07-19T09:56:19","date_gmt":"2018-07-19T13:56:19","guid":{"rendered":"http:\/\/dankrell.com\/blog\/?p=3615"},"modified":"2021-11-23T17:11:41","modified_gmt":"2021-11-23T22:11:41","slug":"open-house-home-buying","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2018\/07\/19\/open-house-home-buying\/","title":{"rendered":"Open house and carry on"},"content":{"rendered":"

Open House Still Part of Home Buying Process<\/h2>\n
\"open<\/a>
Stats from NAR’s Profile of Home Buyers and Sellers 2017 (infographic from nar.realtor)<\/figcaption><\/figure>\n

The tradition of having an open house, like other real estate customs<\/a>, has recently become a source of debate over its value and effectiveness.\u00a0 According to Rachel Stults, the tradition began over one hundred years ago when brokers allowed prospective buyers to \u201cinspect\u201d the house by having it open to the public (A Brief History of Opening Our Homes to Total Strangers<\/em><\/a>; realtor.com; April 21st<\/sup>, 2015).\u00a0 The house was advertised as \u201copen for inspection.\u201d\u00a0 Of course, it was a much different time. Home buyers were not represented, and there was no home inspection as we know it today.\u00a0 Hence, the \u201copen house,\u201d as first conceived, served an important function for the both the buyer and the seller.<\/p>\n

As the housing industry evolved<\/a>, visiting an open house morphed into a Sunday tradition.\u00a0 Open houses were not just for home buyers, as it also became a form of Sunday afternoon entertainment for the general public.\u00a0 The internet changed the tradition by virtually opening the house to the public through pictures and tours and allowing buyers to identify the specific homes they want to visit.<\/p>\n

There is disagreement among real estate agents and other housing experts on the merit and effectiveness<\/a> of the open house.\u00a0 Additionally, home buyers have significantly changed how they use the open house over the last two decades.\u00a0 According to the National Association of Realtors\u2019 Profile of Home Buyers and Sellers (nar.realtor), twenty-eight percent of home buyers<\/a> surveyed in 1999 indicated they found their home by visiting an open house, compared to only seven percent<\/a> in 2017.<\/p>\n

Adding doubt is a recent study that indicates having a public open house actually decreases the probability of selling a home by about 6.1 percent (Allen, Cadena, Rutherford & Rutherford; Effects of Real Estate Brokers’ Marketing Strategies<\/a>: Public Open Houses, Broker Open Houses, MLS Virtual Tours, and MLS Photographs. Journal of Real Estate Research<\/em>: 2015, 37:3, 343-369).\u00a0 The authors indicated that having a public open house can increase your home\u2019s days on market up to twenty-five days.<\/p>\n

Although the open house may have lost its clout as a selling tool, it is still a major aspect of the home buying process.\u00a0 Open house data from NAR\u2019s 2015 Profile of Home Buyers and Sellers<\/a> indicated:<\/p>\n

-48 percent of all buyers surveyed used the open house as part of their home search process.<\/em>
\n-Repeat home buyers are more likely to find their home from an open house compared to first-time buyers.<\/em>
\n-The income bracket most likely to frequent an open house has a median income between $250,000 and $499,999.<\/em>
\n-Home buyers below the age of 65 (but older than 24) are more likely to frequent an open.<\/em>
\n-The Northeast and West regions of the US have more successful open houses.<\/em>
\n-Buyers seeking a new home visit open houses more than those seeking a re-sale.<\/em>
\n-Couples (married and unmarried) are more likely to visit open houses than single home buyers.<\/em>
\n-And, ninety-two percent of home buyers surveyed indicated that open houses were at least \u201csomewhat useful.\u201d<\/em><\/p>\n

If you decide to have an open house, put away your valuables and medications<\/a> so as not to tempt thieves who may wander into your home.\u00a0 Have a discussion with your agent about focusing on selling your home<\/a>, instead of trying to get more clients.\u00a0 And finally, don\u2019t distract from your home by having an \u201cevent,\u201d<\/a> which employs food trucks, bounce houses, and other open house gimmicks.<\/p>\n

By Dan Krell.
\nCopyright \u00a9 2018.<\/p>\n

If you like this post, do not copy; instead please:
\nlink to the article<\/a>,
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\"Protected<\/a>Disclaimer<\/a>. This article is not intended to provide nor should it be relied upon for legal and financial advice. Readers should not rely solely on the information contained herein, as it does not purport to be comprehensive or render specific advice. Readers should consult with an attorney regarding local real estate laws and customs as they vary by state and jurisdiction. Using this article without permission is a violation of copyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

Open House Still Part of Home Buying Process The tradition of having an open house, like other real estate customs, has recently become a source of debate over its value and effectiveness.\u00a0 According to Rachel Stults, the tradition began over one hundred years ago when brokers allowed prospective buyers to \u201cinspect\u201d the house by having … <\/p>\n

Continue reading “Open house and carry on”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[382,32,256,404,297,13],"tags":[912,921,797,517,507],"class_list":["post-3615","post","type-post","status-publish","format-standard","hentry","category-home-seller","category-home-selling-strategy","category-home-selling-tips","category-open-house","category-proactive-home-selling","category-real-estate","tag-home-seller","tag-open-house","tag-real-estate","tag-selling-a-home","tag-selling-strategy"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p1VZLf-Wj","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/3615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/comments?post=3615"}],"version-history":[{"count":9,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/3615\/revisions"}],"predecessor-version":[{"id":6244,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/3615\/revisions\/6244"}],"wp:attachment":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/media?parent=3615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/categories?post=3615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/tags?post=3615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}