Tailor open house to market conditions

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

People attend Sunday open houses for all sorts of reasons. There are curiosity seekers; neighbors might stop by to see a house if it hasn't been on the market in years; and some come in search of decorating ideas or to check out prices in the neighborhood. In other words, most people who walk through an open house aren't really buyers. This fact infuriates some sellers who feel that public open houses are a waste of time for everyone except perhaps the agent holding the house open who might pick up a client. However, in an area where listings are in high demand, public open houses can be an effective way to drum up buyer interest. When there aren't enough homes for sale to satisfy the need, buyers gravitate to the limited supply that is available. An active open house can create a sense of urgency. This is particularly the case when a listing is new on the market in a sought-after neighborhood. During the hot seller's market of a couple of years ago, public open houses were a useful ...