Open Houses are great for buyers. They're one of the oldest marketing tools available to showcase a home but do they really sell houses?
The truth is you have a 1% to 3% chance of selling your home at an open house. Could it happen? Yes, No, Maybe....
My question is if open houses worked so well to sell - Why does a seller need a listing agent?
You could basically have an open house, make a deal and have the title company do the paperwork. Of course, if a buyers agent was involved they would do all the paper work in addition to the appropriate title work. In case you didn't know a selling agent, (buyers agent) will more than likely sell your home. The odds are 98% or better. That's according to the MLS and National Association of Realtors stats.
So to have an open house or not is up to the seller and listing agent. It's good exposure but more than likely will not sell a home. Open houses are more advantageous for listing agents to pick up leads for other real estate services. And with the market being off - this is more of a tool to market a listing agent and meet future prospects - Buyer Beware! Like I said, if open houses sold homes you'd see more direct real estate transactions and many more open houses by real estate agents than you do now. Just saying....and that's both sides of the equation.
Have a great weekend and enjoy the 22 0pen houses this weekend in West Plano