In 2002, 16% of homebuyers identified their new homes by attending an open house. The National Association of Realtors 2022 Profile of Home Buyers and Sellers report shows that two decades later that number plummeted to 4%.

The pandemic further solidified the declining popularity of open houses as more buyers turned to online searches to find their dream homes. Data from the report states only 5% of buyers frequently use open houses, while 23% occasionally do and 72% rarely do.

Furthermore, when asked if an open house is a valuable source of information during a home search, only 10% say they’re very useful, whereas 22% say it is somewhat useful, and 68% state they aren’t useful.

Unless they’re advertised very well, open houses may not generate much traffic. Unfortunately for sellers, it appears the era of just putting up the garage sale style sign may be over.

Real estate agents are discovering they need to be more intentional. The key is to evaluate the property and determine what methods are best to market it.

Open houses allow neighbors to view homes for sale. While some may be looky-loos curious about their neighbor’s home, others may know a potential buyer. Some agents send pending sale notices to the home’s 100 closest neighbors and encourages them to attend an open house. These can be a great resource, as many nearby owners usually have family or friends they want to move in the neighborhood and will recommend the home to them.

The open house route can also be effective for other realtors. Before sharing a listing with clients, they can scout a property to determine its potential. Most importantly for realtors, the open house can be a powerful and effective way to introduce them to potential clients.

Sometimes an agent may have someone come in who’s just starting the home-buying process or thinking about starting the process, and that’s a great chance to meet a buyer at the start of the process.

Whether you have an open house or not, the first thing to do if you’re considering selling is finding an experienced pro to help you navigate the process. Contact Metrowest today – we’d be happy to go over the best options to get your house from “for sale” to “sold.”