My relocating buyers were here for just two days to look at homes in the Franklin, MA area and of course several new to the market listings indicated that "showings start at the first open house." As both a listing and buyer agent, I can completely understand both sides of the argument on this topic but I have to share our experiences yesterday.
As I met the family at ten minutes prior to the starting time of the "first open house" I noticed, like everyone else, all the other cars pulling up. There were families, couples, Realtors and each was sizing up the neighborhood and this wonderful home. Since we had to remove our shoes and therefore pause at the door with many other people it provided an interesting opportunity to hear other conversations. Most people loved the home, its great condition and features. Most people were marveling over the beautiful neighborhood and fenced yard. Unfortunately what I also overheard was that many people were feeling scared off due to the likely competition for this home.
By the time we were getting ready to leave this home there must have been at least 30 cars parked out in front and many cars had already left as others were still arriving--this was within the initial 30 minutes of the start time. (Remember that there were still 1 1/2 hours remaining for the open house.) My buyers loved the home but clearly expressed their fears over the likelihood of a bidding war which could push them up higher financially than they would have liked. We discussed the fact that the bank's appraisal must come back at or above the sales price in order to avoid appraisal problems. I have to say that inside the home, down in the finished basement and walking the yard, I did overhear at least three other couples expressing similar fears at the overwhelming nature of the situation. Someone said, "It feels like a carnival, not an open house." Another woman commented, "I can't even think because I feel such pressure with all these people around."
Although as a listing agent, I understand the sense of urgency created for the home and the opportunity to get the home sold quickly with the least inconvenience to the sellers, however, after hearing the comments I did, I have to wonder if maybe this is not the best method...
I would love to hear your thoughts on this...
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