Do Open Houses Help Homes Sell?

With the National Association of Realtors’ big Nationwide Open House Weekend just around the corner, we thought it would be interesting to dig into Redfin’s stash of real estate data to answer the question: Does holding an open house make a home more likely to sell?

To answer this question, we analyzed over a quarter million listings across eleven different cities around the United States.

For the full report visit the Redfin Research Center.

Discussion

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  • http://www.mspy.com/ blackberry spy

    Causality verses correlation issues abound. Late open house, still no
    sale? Probably isn’t selling for other reasons. The late open house is
    what realtors offer the seller as a show of marketing effort- but it
    doesn’t addrress the underlying problem of price, condition, location,
    etc.

  • Rusapam

    I have been a full time agent for over 27 yrs and on both sides of this issue. The bottom line is this, in today's Internet age and listings going global, there is no reason to do an OPEN HOUSE.  Unlike many years ago, it was a necessary method of making the public aware of the property.  Now, the real questions is, who really benifits from an open house?  Although it may be the only time the Homeowner gets to see his or her Real Estate agent working for them, in fact the agent is hoping to meet new potential clients buy using the open house as a staging platform.   Allowing complete and total strangers full access to your home can be very dangerous.  The Owner should be asking themselves, in the world we live in today, WHEN WOULD YOU OPEN YOUR FRONT DOOR TO ALLOW STRANGER'S TO WALK RIGHT IN?  Bad things can and do happen.  A sign in sheet is no protection against someone with bad intensions, looking to see what you have that they can take.  These Pro's are after identify theft, prescription drugs, jewerly and access into your bank accounts, small items that go un-noticed. They often work in teams, well dressed, taking items that are not missed for days.   Not to mention they now have figured out an easy access back into your home and a host of other information about you and your family.  As I mentioned earlier, you may want to reconsider this out dated method of selling your home.   If your home is listed, your home can be viewed safely over the internet.   You should only be dealing with qualified, ready, willing and able BUYERS, that sufficent information has been asked and verified.  Good Luck.

  • http://twitter.com/Housetrade_uk Housetrade

    Quite suprising figures really. In the UK only a small percentage of agents hold open houses generally either down to one of two things, a massive amount of interest (so theydon;t have to do many multiples of viewings) or no interest al all (simply used as suggested above to show the agent is doing everything they can to market the house). The other only situation where open houses occur is when a property is due to be in an auction due to time contraints.

  • http://www.manausa.com/open-house-visitors/ Joe Manausa, MBA

    Love the analysis, though I suspect the data from the MLS systems brings with it some flaws. Additionally, are we believing that the open house sold the homes that sold or just assuming a cause and effect relationship between the two?

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  • http://mikecandoit.com/ MikeRohrig

    I’d like to see those numbers include vacants. I bet the homes in San Francisco aren’t worth holding open. The dirty little secret is that open houses help agents get leads. NAR came out in the early 2000′s and said that an open house accounts for .5% of sales. If that is correct it means it takes four years of weekly opens to sell one house.