Five Urgent Reasons to Conduct an Open House © 2012 by Wayne D. Lewis, Sr.

If you are interested in putting your home on the market, you maybe dreading the part where your home is opened to strangers to see it, inside and out, and cast possible dispersions on your wonderful home.  Necessitate it to say, that an Open House may be a dreaded aspect of selling your home, but there maybe several reasons why it maybe necessary. 

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It is possible that your home may not need to be on public display, but that depends on some of the very same factors as to why should.  Let’s look at 5 reasons why your home should be featured to potential buyers in order to sell, especially if there is an urgency on your part to sell.

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1. The market is slow-There are a number of times when the market is slow in general.  Holidays, unusual market trends (interest rates, mass layoffs, or environmental factors (winter freezes, floods, etc).  Suggestions: A. Allow listing to expire; B.  Relist when the market improves or, C.  Lower the price

 

2. Your home’s price is higher than other homes in the area-While your agent may have given you an idea of how much your home could sell for, it’s possible that you may have opted for a higher amount, hoping to fall close to the suggested price.  By doing so, it’s possible that you have placed your home outside the scope of homes selling at the recommended price.  Even if your home is 3 to 5 % over that recommend amount, your home could sit on the market for awhile.  Suggestion: lower the price

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3. Your home is a cookie cutter house-If your house in a subdivision where there are at least 4 or 5 homes that all have a cute little wrap-around porch, painted in a Fawn-like color and double-car garage with a barn door design, chances are, buyers aren’t going to be moved one house over the other.  Buyers can easily be  convinced that each house that is similar in design has a similar floor plan.  Other factors that may count against you in such a subdivision if your home isn’t near the front entrance .  If  buyers see the 1^st house, they are practically convinced that the homes are very much alike.  Suggestions: Your home doesn’t have to be the highest price, work to make sure your home is closely priced if not lower than the other homes in your subdivision.

 

4. You want to sell your home quickly-For whatever reason that you may have an urgency to sell your home, an Open House is a must.  But your home cannot be priced above market value.  An Open House is an important part of your master plan to make sure that the price you set is practically too good to be true.  Suggestion: Just to be fair to potential buyers, allow them to see literally what is the bargan that is your home.

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5. There are a number of other homes on the market in your area.  Even if there are other homes on the market that do not exactly look like yours, or that aren’t even near your home, there is still an issue that must be addressed:  Price.  Location not withstanding, pricing your home below market is a sound indicator of your need to sell.  I often say, don’t give it away, but in order for your home to be in the running, it should be priced to sell.  With that said, make sure that anything in your home that you believe would make the house too easy to sell, such as chandeliers, expensive appliances, or freshly painted rooms, should not be  used to entice potential buyers only to take them off of the table.  Suggestion: Remove any items that may complicate the negotiations, or, do not perform any major repairs, unless contractually agreed upon.

An urgent sale could be the result of a job transfer, or a change in the family structure.  It could be for any number of reasons, short of a major disaster, in which case, you can read my blog Do Disaster Impacted Homes Recover their Value-

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Any urgency in the sale of a home requires doing all things necessary to make that sale necessary.  Do not under estimate the need to conduct an Open House.  That urgency should still reflect a home worthy of the price, in an area worthy of living, and worthy of the buyers investing their hard earned money.  Prepare your home for the next Open House and best wishes.

 

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