The Scoop On Open Houses

One of the most discouraging things I hear from potential buyers is how disappointed they are with the homes that are available. I ask them, “How are you seeing the homes you are interested in?” The answer is most often open houses. Open houses can be a great place to connect with a realtor and to get a sense of what kind of house your money will buy, but it’s not a substitute for a realtor’s expertise and access to the MLS.

In the most recent buyer survey conducted by the National Association of Realtors, only 3 percent of buyers reported finding their new home from an open house. So why do realtors continue to have open houses if it’s not leading to the house being sold? They host open houses to sell themselves. It’s not just for the buyer’s benefit—the second most likely person to visit an open house is a neighbor who is curious what homes like their own are selling for and it’s a chance for the realtor to make an important connection.

Plenty of people plan their weekends around open houses, but why not let a realtor do the work? For starters, there is no rule that a home for sale has to have an open house. If you’re waiting for an open house to see the inside, keep in mind that a well-priced home may sell before an open house can be scheduled. If an open house is scheduled after a few weeks on the market, you can bet it’s because the house isn’t selling—not surprising then that so many people who limit themselves to just open houses find nothing but over-priced listings staffed with over-eager agents.

The alternative? Give a realtor a chance. Buyers’ agents are paid by the seller’s agent, so the help is free. If you are serious about buying a home, the sooner you start working with a professional, the sooner you’ll have your weekends free.