Does Holding an Open House Help Sell It?

An open house is a great opportunity to meet many potential buyers in a short period of time. Many owners rely on such events to give visibility to their house in hopes that it will sell faster. Is holding an open house a strategy that works?

A study conducted in 12 U.S. cities from a sample of 250,000 homes sold suggests that, yes, they do make a difference. Holding an open house when putting a house on the market increases your chances of selling Owners who hold an open house during the first week of putting their house on the market have a better success rate after 90 days.

Let’s take a look at the results of the study:

– Homeowners who have organized an open house in the first week of listing their home have a success rate of 55%.

– The success rate after 90 days for those who didn’t hold an open house is 42.5%.

– The success rate after 90 days for those who have hosted an open house after the first week stood at 29.4%.

The effort invested counts more than the open house

Does this mean that the open house is a surefire way to sell quickly? It’s not quite that simple. While the success rate is much higher, the study also suggests that owners who put in more effort in selling their house see faster results. On the contrary, those who hold an open house later in the sales’ process often do so in desperation when they find that their house is getting little interest.

Principal advantages related to holding an open house

Here are some of the key benefits to holding an open house:

– There are several visits at the same time (which saves time); – You meet potential buyers who may not necessarily visit under other circumstances

– It shows potential buyers that the property generates interest

– It improves the visibility of the property in the neighbourhood

– It gets more visitors to notice about the property

If you’re ready to buy or sell a home, visit today.

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