The first requirement in finding a buyer for a home is to make
sure the pool of potential buyers know it is on the market. For
FSBO sellers, holding an open house can help to get the word out
to buyers.
Open Houses
Open houses are very effective at helping sell real estate in
many parts of the country. Real estate agents use open houses
constantly to generate interest in homes [and get new clients].
Should FSBO sellers (people who are selling their own homes)
also use open houses to generate buyer interest? Yes, with one
caveat.
Location, Location, Location
The cliché "location, location, location" applies to more than
one aspect of real estate. Not only does it address appreciation
issues, it also applies to open houses.
First of all, the FSBO property needs to be located in an area
where open houses work. This area tends to be in city, town and
suburbs where the housing market is hot. Holding an open house
usually works well where the following circumstances exist:
1. There is a good population base,
2. The home for sale can easily be seen by a lot of people,
3. There are more buyers than sellers, and
4. Properties sell rather fast in the area.
Rural areas and areas in which sales are slow don't generally
work very well. Perhaps worse, the FSBO seller can become easily
disillusioned with low turnouts. If your home is in one of these
areas, you're probably better off listing it on the Internet.
An open house is a great tool for FSBOs living in a suitable
location. Are you one of them?
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