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  • Writer's pictureMatt Elakatt

Navigating Open Houses in Today's Real Estate Market

Open houses have long been a customary practice when selling a property, but recent trends suggest that they may not directly lead to offers. Despite this, open houses can still serve as a valuable marketing tool to generate interest.

At the Elakatt Group, we assess each property and our client’s situation to decide whether an open house is appropriate.

With the low inventory in many pockets of the Chicagoland area, we’ve been leveraging open houses for all of our properties to get maximum exposure in the first few weeks on the market.

The National Association of Realtors' 2023 Home Buyers and Sellers Generational Trends Report reveals that the majority of buyers, about 96%, begin their home search online. Only 1% of buyers rely on open houses as their first step, and 4% find their eventual home through this method. However, while open houses may not directly result in offers, they can still attract potential buyers and pique their interest.

Flexibility is a key consideration. If a seller has a flexible schedule and can easily vacate their home, hosting an open house might be a viable option. This allows multiple potential buyers to view the home within a specific time frame, making it easier to maintain cleanliness and presentation. However, serious buyers are more likely to request private showings for a thorough assessment.

Another consideration is the price range of the property and the type of buyer it attracts. Entry-level homes often appeal to first-time buyers who may find weekend open houses convenient. Luxury properties, on the other hand, tend to attract private clients who prefer discreet viewings. Thus, high-end homes are less likely to benefit from public open houses.

Timing is crucial. The majority of enthusiastic buyers usually appear within the first two weeks of a property listing. After this initial period, holding open houses primarily attracts casual visitors, who are not actively seeking to purchase. Private showings become more crucial at this stage in the sales process.

Open houses remain a popular and evolving practice in the real estate market. While they may not directly result in immediate offers, they can still be an effective marketing tool to attract potential buyers. Carefully considering the type of property, personal preferences, and the needs of potential buyers will help make an informed decision about whether hosting an open house makes sense for your situation.

If you’re considering selling your home, contact us and we can discuss open houses and the best strategies to sell your home!

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