How do Realtors and Agents Really Feel about Open Houses?

The opinions of Realtors/agents are as diverse as sellers when it comes to doing the Open House. One agent said people attend open houses to compare the house to the one they really want to buy, to gain a better understanding of what is on the market before making a decision, to see what their neighbors house looks like and finally to get decorating ideas. Since none of these is valuable to the seller he recommends avoiding the hassle of open houses.

So what are other agents saying about holding an open house? I found the following agent comments on the internet in various articles. "I do not see any need for open houses right now, houses are selling quite rapidly and sellers can focus on other items of importance." Another agent says she "very rarely" has open houses now because buyers shopping on the Internet can see pictures or take virtual tours of homes. But then there is this, “The open house is the best way to market a home, the more people we can get to look at their house, the more opportunity they have to sell the house and get top dollar for it." Here is one agent who says it pretty straight, "I don't believe in Open Houses. They rarely bring buyers." Here are a few more, "The more potential buyers you can get to view your home, the better chance you have to sell it” and “Open houses can provide instant feedback to sellers, as well as word of mouth once neighbors know it's on the market.” And finally "I hold an open house when I have a nice house in a nice area; I don't like to hold them for homes when people are still living in them. I don't want to have to watch their stuff."

Check back tomorrow and I will share the research I have found about open houses and make a few final comments of my own.

In other news, Housing Tracker reported yesterday there were 8,066 homes on the market in their defined Sacramento market. This is up 1.4 percent from the previous week and 4.5 percent from one month ago. They also reported the median price of a home on the market is up in the past week by $900 to $389,900. The Mortgage Bankers Association reported today that despite increases in rates applications increased last week. See the full story on the California Association of Realtor website.