The end of the Open House?

According to the National Association of Realtors only 3% of potential home buyers visited an open house in 2018. This is down from 68% twenty years ago!

Moreover, many realtors are advising their clients not to feature an open house saying it is “out of date” or “utterly worthless.”

The rise of the Internet has changed home buying, of course, and 92% of potential home buyers view properties first online. Email alerts allow buyers to see changes in price etc. instantly.

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The Truth About Open Houses

Open houses are generally considered an excellent way to generate potential buyers for a listing but a recent report by HomeFinder states that only 6.3 percent of all all listings nationwide hold an open house.

Not surprisingly, Sunday is the most popular day to hold an open house while a house is on the real estate market for an average of one week before holding it’s first open house. 77 percent of open houses are for single-family homes while the median listing price for a home holding an open house is a shade under $340,000.

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