I'm selling my home- should I have my REALTOR to do an open house?
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:
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.
Homes with an open house get more eyes on the home, and draw in a bigger pool of potential buyers
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.
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.
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.
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