Across the country each week thousands of open houses from coast to coast, are held by our fellow Real Estate Agents and Brokers, but why do we do this?!
For starers, an open house places the focus on the benefits of homeownership. Owning a home is a great Investment for for individuals, families, communities and our nation’s economy. Each home sale puts approximately $20k into our economy!
If you walk into one of our open houses, we will be able to answer questions about the home buying and selling process. It's also a great way to get an idea of what you can afford in certain neighborhoods, as well as a taste for what is on the market.
There are various types of Open Houses:
o Brokers Open: Local Real Estate Brokers come through your home
o Neighborhood Open: Inviting your neighbors to come see your home
o Regular: Anyone from the public may stop in
Things we do when holding Open Houses:
o Place open house signs near and at the home
o Turn on lights and make sure blinds/curtains are pulled up or back for natural light
o Bring flowers, drinks, finger foods, etc. to create a welcoming atmosphere
o Post the open house day and time on Central Oregon Multiple Listing Service (MLS) which then feeds to our Brokerages site (Fred Real Estate Group), Zillow, and other housing websites!
o Advertise on Facebook and Instagram
o We can even create an email flyer all the Central Oregon Brokers
Real Estate Brokers hold an open house for two reasons…
1. Make the seller happy!
Most buyers who are seriously shopping for a home are working with real estate Brokers and they get private tours of homes. Typical open house guests are "Lookie-Loos", but it never hurts to allow your home to be held open! They may know someone who IS in the market to buy!
2. Build our business...open houses are prime opportunities for us to meet people...Visitors could be prospects for other properties somewhere down the road
Brokers will sometimes put homes on the market with instructions that no showings will be allowed before the date of the open house, but this happens more in seller's markets. It's not the norm and we don't do this.
Many first-time homebuyers start by touring open houses to figure out which neighborhoods they might prefer and what kind of house they might want to buy. It gives them good ideas for when they're ready
Thieves—The Worst-Case Scenario
Although we will be present during the entire duration of any house we hold open, we can't be in every room at once. We recommend you tuck away certain items of property if you're contemplating opening your home to the public.
You'll obviously want to remove anything that's valuable, but don't overlook things like prescription medications and any paperwork that includes your identifying information, particularly Social Security numbers.
National Associates of Realtors (NAR) profile of home buyers and sellers for 2018 showed that 53% of all buyers use open houses as one of the sources of their home search process. This figure suggests the value of open houses even with the Internet being the #1 source for buyers.
Interesting enough, women are more likely to use open houses than men...probably because we like to socialize and buyers who were not born in the U.S. or whose primary language is not English.
NAR also reports that older buyers rely more on open houses than younger buyers. This may be because the Elderly don't all use the Internet the way younger generations do.
Lastly, buyers with higher incomes are also more likely to visit open houses. This may be because they are going to be spending quite a bit on a home.
We as a team visit hundreds of homes with our clients each year, and have a unique understanding of what buyers can afford in our local market. We are happy to attend open houses with you, but we can get you in for a private tour.
Remember that homeownership helps builds financial security over the long term. It’s an investment in your future, as well as the future generations to come!