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July 10, 2019

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I'm selling my home- should I have my REALTOR to do an open house?

June 12, 2019

In short answer- maybe  

 

Open houses are proving to be advantageous to sellers- especially in certain metro areas. Not only do homes that feature an open house sell for more money, but also spend fewer days on the market.  Here’s more from a recent Redfin analysis:

 

Benefits of Homes with Open Houses:

  1. Nationwide‚ listed homes having open houses sell for an average of $9‚046 more than those that do not. Not only does this benefit the seller, but it can also boost the REALTORS commission on the sale.

  2. Homes with an open house get more eyes on the home, and draw in a bigger pool of potential buyers

  3. San Francisco properties holding an open house during the first week on the market sell for 7.9% more than homes with no open house. San Jose (5.2%) and Raleigh (4.6%) are next.

  4. In some areas‚ open houses result in faster sales. Miami properties with open houses are under contract in 27 days – 11 days faster than those without one.

  5. Interestingly‚ Baltimore is the only metro area where properties with open houses sell for less money than those without

 

Las Vegas Metics of Open Houses

Featuring an open house in the Las Vegas metro didn't indicate to be as advantageous as other metros. However, if your home has certain key desirability features that should be pointed out to buyers, then you should certainly ask your Realtor to highlight these key items.  Some items might include walking distance to shopping, schools, parks. Structural or upgraded features that aren't easily recognizable should also be highlighted: such as windows, insulation, or energy-improvements.

 

 

Difference Between Average Sale-to-List Price Ratio for Homes With vs. Without Open Houses (Percentage Points)

  • Las Vegas --> +.1pts

  • Nationally --> +2.1pts

 

Average Sale-to-List Price Ratio: Homes with Open Houses

  • Las Vegas --> 98.9%

  • Nationally --> 100%

 

Average Sale-to-List Price Ratio: Homes without Open Houses

  • Las Vegas --> 98.8%

  • Nationally --> 97.9%

 

Difference Between Median Days on Market for Homes with Open Houses vs Without Open Houses

  • Las Vegas --> +1 Day

  • Nationally --> -7 Days

 

Median Days on Market: Homes with Open Houses

  • Las Vegas --> 39 Days

  • Nationally --> 24 Days

 

Median Days on Market: Homes without Open Houses

  • Las Vegas --> 38 Day

  • Nationally --> 31 Days

 

Share of Total Home Sales That Had an Open House in the First Week .

  • Las Vegas --> 9%

  • Nationally --> 24%

 

*To read the entire Redfin analysis, including a look at various metro areas, please click here.

 

Looking to Move?

If you are needing to relocate or move to a new home,  contact me today for more information!  If you're shopping or remodeling a home in Nevada, California, Colorado, Arizona or Texas, but are not sure where to begin, give me a call and get a free mortgage quote.

 

Our team's dedication to helping our clients prove how we stand out from our competition. Read our past client reviews and testimonials here.

I'm here to help- call me today!

 

Franco Manueli

Branch Manager & Residential Mortgage Loan Originator 

NMLS #332420

2580 St. Rose Pkwy., Suite #230

Henderson, NV 89074

Office: (702) 420-2250 

Fax: (855) 689-6691

franco.manueli@spmc.com

Some products and services may not be available in all states. Programs, rates, terms, and conditions are subject to change without notice. Subject to verification of borrower qualifications, property evaluations and credit approval. Terms and conditions apply. This is not a commitment to lend and not all borrowers will qualify. Sierra Pacific Mortgage Company, Inc. may not be the lender for all products offered. Some loans may be made by a lender with whom Sierra Pacific Mortgage has a business relationship. Sierra Pacific Mortgage Company, Inc. NMLS #1788 and 988320. Nevada Commissioner of Mortgage License #3268, dba Sierra Pacific Mortgage Services, Inc. Not Licensed in New York. Texas License # 1788 and 11060-48154. Additional license info available at: www.nmlsconsumeraccess.org. Equal Housing Lender.

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