Are Open Houses Being Underutilized?

A new study by HomeFinder.com reveals that open houses are held for just 6.3 percent of listings nationwide, even though they can generate a significant amount of buyer traffic. According to the study, open houses are most common on Sundays and are held an average of seven days after the home goes on the market. New York, Los Angeles, the District of Columbia, Chicago, and Baltimore have the most open houses, and single-family homes account for 77 percent of all open houses. Experts say agents should host open houses to create a more personal experience for prospective buyers, allowing them to see in person the neighborhood and the lifestyle offered by the home; obtain feedback to persuade sellers to adjust their asking price; and network and meet potential clients. | Read More