For many people listing their homes, one of the first questions they ask me is, "will you be doing an open house"? Very often, we will hold off on hosting an open house right away. The truth of the matter is, that very rarely will hosting an open house result in their home being sold to one of the visitors. Most people who are seriously shopping for a home will be looking on the internet to view the pictures, and will call to make an appointment to view the home, rather than wait for an open house. Often, the visitors to an open house are neighbours who are curious about the house, and are not necessarily the most serious buyers. But, does that mean it never happens?
Absolutely not. I can say that with complete certainty because I myself purchased a home that I first saw at an open house. I bought it quite accidentally, walking past the beckoning sign on my way to meet a friend for lunch, and stopping in to check it out on our way home. I wasn't even looking to buy a home. In hindsight, it may not have been the best impulse buy I've ever made, but that mattered little to the Seller who was happy to have a firm offer in place. For potential buyers who may be on the fence, an open house also allows them to really check out the house in a leisurely fashion, without the pressure of feeling as though they've inconvenienced the Sellers. Sometimes, an open house can also be a valuable part of an effective launch of an exclusively listed property- generating excitement about a newly listed property in order to elicit offers immediately after the open house. So what if some of the visitors are "nosy neighbours"? They may have friends or family members looking for something in that neighbourhood. Furthermore, if your house looks great, then the neighbour will only have good things to tell others. Other people will wander in, at the very beginning of their home search, before they really know what they are looking for, and they come in to get an idea of what is on the market. Many of those buyers will end up working exclusively with us, the realtor they first met at the open house, which ultimately benefits a home seller at some point, even if they don't buy the original open house that first caught their eye.
So, under the premise that "any publicity is good publicity", open houses can indeed benefit a Seller; it just shouldn't be the only plan for marketing exposure.
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In our area the more common question from the Seller is: "You're NOT going to want to hold an open house are you?"
My response is always "No, because less than 1% of all home sales come from an Open House."
Personally, I do not feel it is safe to hold houses open any longer; safe for the property or safe for the Realtor. I know other Realtors swear by them but I think it is just for the possibility of collecting names of future Buyers.