There are a lot of factors that go into selling your Durham house successfully. Some of these factors may be obvious while others are a little more obscure. You must develop a strategy that works fast and allows you to sell the house as close to your quoted price as possible.
One of the strategies that can help with a Durham house sale is an open house. But this strategy is not for every seller and every property. In today’s post, we explore the pros and cons of an open house and if an open house is right for your Durham house.
Pros and Cons of an Open House in Durham
Pros of an Open House:
An open house is not a surefire way of finding a buyer. But it sure creates a lot of buzz in and around the neighborhood. During an open house, a lot of people would visit including many of your neighbors. They may not be buying themselves but they might know someone who is. Thus the information about your house travels further in Durham via word of mouth and maybe even social media. If you print some handy flyers and pamphlets to distribute, you should be able to catch even more eyeballs. The more your property is talked about, the faster it can get sold.
Buyers Can Inspect the Property at their Leisure:
Private showings often have an element of urgency and sense of closing the deal attached to it. Especially if you take the help of a Durham agent to handle the showing. During an open house, buyers can take their own sweet time strolling across the house. This gives them ample opportunity to weigh the pros and cons of your property and visualize themselves as owners of the house. Also, during an open house, you should expect all sorts of people to show up. Some might be there just to see the house and decide later while others are ready to make a sport offer. This creates subtle peer pressure and good buyers might be moved to make an offer if they see a bunch of people interested in your property. Hence this acts as a win-win.
Cons of an Open House:
Handling the Security:
An open house attracts several known and unknown people who freely walk around in your house. It is not uncommon to get valuables stolen or property defaced during open houses. Sometimes criminals might use open house events as stake out options for later operations. Hence it is important to lock all your valuables and if possible pack away most of your personal effects. Even if you have an agent present at the event, he may be overwhelmed by the response. So at least one of your friends should be present at the venue to ensure safety and security. If you are planning to be present during the open house, read the next point.
The Stress of the Event:
It is no easy task to organize an open house. Seeing a myriad of people walking around in your house checking every little detail of it can bring about great stress. Potential buyers also get stressed out if the owner is present as they are apprehensive of discussing any potential issues or scrutinizing in greater depth. Hence to avoid mutual awkwardness, most house owners stay away during the actual event. They clean the house, stage everything, set up the event and then leave the house. But even when you are away, there is significant stress as you are wondering who is present and what their opinion is about your house.
Anyone Can Attend an Open House:
An open house can attract a variety of people, including people who have absolutely no interest in buying. They drop in to pass time and sometimes waste everyone’s time making bogus offers. Such unqualified buyers should be spotted by your agent. He or you should only accept offers from qualified buyers to ensure things go smoothly.
An open house is only a part of the selling strategy. Sometimes agents can organize open houses to generate exposure for themselves. But this is still beneficial for you as thy buyers gather at your house discussing your property. An agent who knows how to successfully organize an open house can help you immensely in selling your property. However, do not expect offers to pour in on the spot. Keep the other strategies active along with the open house.