Open Houses Have the Potential to Harm Your Sale

If you’re selling your home, you may believe that you have nothing to lose when it comes to an open house. That’s true in some cases. However, there are ways that open houses can actually hurt your home sale. Here are some considerations that you should go over before you finalize an open house.

Costs Add Up

Time is one aspect that should always be put at the forefront. The longer it takes for you to sell your home, the less you’re going to receive once it’s finally sold. In regards to an open house, this means that you’re going to be investing more expenses into the home while it waits for a new owner. Even small costs like food, cakes, and drinks add up after a while. Additionally, you’re going to have to pay for the utilities to stay on as well as keeping it in show-room condition.

Competition

This competition doesn’t necessarily come from other homes being sold, but from the Internet itself. Because of all of the research that a homebuyer can do online, there isn’t much of a need to go through the hassle of taking time out to visit the home itself. Although an open house is a more tangible experience that people prefer, some just don’t have the time.

The Bottom Line

Open houses can benefit you in a variety of ways. It’s good exposure and gives the buyer a chance to stroll through and focus on the details of the home. However, there are certain cases where they can indeed hurt your overall sale in some shape and form.

Bio: Kuba Jewgieniew is the head of Realty ONE Group, a real estate brokerage firm that has nearly 5,000 associates.