Open Houses Don't Sell Homes

Every Sunday, there are plenty of open houses for people to come and see in Northborough, and surrounding communities.  But if you're looking to sell your home, and are considering an open house, you could be wasting your time.  

Here's why:

Less than 2% of homes sell via an open house.  That's a fact.  Very few open houses lead to sales transactions.  

They benefit realtors more than sellers.  There are two types of open houses. There's the traditional ones we see every weekend where anyone, who sees the sign, or reads an ad promotion, can come and see homes that are currently for sale.  Very few of these buyers are actually interested in buying your home, but they could be interested in buying other homes.  Real Estate agents know this, and use this opportunity to develop "buyer" leads.  Like I said, it benefits the agent, but not the home sealer.  

Another type of open house is the broker tour/luncheon.  These are often held during the week.  In Northborough, and surrounding towns, they often occur on Tuesdays and Thursdays.

The theory is that by opening up the home to let brokers see what's new to the market, they'll be motivated to show your home.  

In most cases, however, these are nothing more than social gatherings for agents.  In addition, most of the more productive realtors, don't even go, because they're too busy taking care of clients.  These events are a waste of time and money in my opinion, unless you're a real estate agent looking for a free lunch.    

Security.  Scheduled showings bring pre-approved buyers accompanied by agents.  Open houses, however,  can often bring lot of people who may not be qualified.  And some of them may be more interested in stealing valuables.  It happens, and it's a huge risk for homeowners.    

Because open houses have been occurring for years, many sellers believe that this is an important part of the home selling strategy, and expect their agents to hold them.  

While it's understandable, for home sellers, to want to use every method available to sell their home, there are other strategies likely to produce far better results.  

Want the latest analysis of the Northborough Real Estate market?

Go to:  http://www.NorthboroughMassRealEstate.com.