Do Open Houses help sell homes?

Do Open Houses help sell homes?

Should I have an open house to help sell my Nanaimo home? This is a question that pops up more and more often these days.

My husband and I found and bought our first home at an open house.  We attended the open house and made an offer that night.  However, in the years since I have been a Realtor, I have never sold a house through an open house.  I have held many open houses and have met many people; some of whom have become clients.  

When my clients ask about open houses, I tell them that I am open to doing one for them but I also suggest that they not expect that we will necessarily find a buyer that way.

An open house is a great way to draw attention to a home through open house ads online and in the paper as well  as the additional signage pointing to the house.  Open Houses often attract the neighbours; many of whom are just curious but some may know of someone who is looking to move into the area.

The internet is proving to be the perfect source for pre-shopping homes.  One thing I have noticed at open houses recently is that many of the people who are attending the open house have looked at the home on the internet first.  Open houses are listed on many sites including MLS.ca allowing people to thoroughly check out the home before they go to the open house.  It is my observation that those attending the open house are more qualified now than they were in the past.

The most recent National Association of Realtors survey on Open houses, back in 2005 found that  51% of all sellers were using open houses, though not all agreed they were effective. Some 45% of sellers found open houses only "somewhat useful" and another 12% didn't consider them useful at all, according to the NAR.

I would not rule out an open house but I think it is important to be aware of the pro & cons before holding one.