Do Open Houses Work?

After over thirty years of doing business in the local Real Estate market, my answer is No. Why is that? There are a number of reasons. First, homebuyers buying habits have changed. The internet basically allows potential buyers to shop from the connivence of their home. After searching online they can not only visually see both the entire interior and exterior, they can also search through sites like google earth and even examine the immediate area of the homes. If they prefer, they could actually do a drive- by since the addresses are also visible. Next, smart homebuyers have already hired their own agents, so if they are interested they can see any house on their own schedule. What I have found is that most often it’s curious neighbors who want to see how the open house compares to their home. Unfortunately, I have found that frustrated sellers will pressure their agents to hold open houses to try to increase the exposure to their homes, when in reality revisiting their position in the market place is most often far more effective in getting the house sold.