Why hold open houses?
The number one reason to hold open houses is to get more potential buyers. An open house can help people feel welcome to view the home without the pressure of making a direct appointment.
The Benefits of an Open House
One benefit of an open house is that some agents and buyers have searches preset to show them homes with open houses. Open houses can be a great, low pressure way for buyers to scope out which homes they would like to make individual appointments to see more of later on. The downside is that people can change their mind on attending an open house last minute sometimes because life can get in the way.
When does it make sense to hold an open house? Open houses may be scheduled at any time. They're especially helpful to hold when the listing is new, or after a price reduction has been posted. This can help encourage traffic.
Open houses can also be an important tool during peak home selling season if people are designating a home touring weekend. They might choose from the most easily coordinated homes, the ones with an open house.
So, should you hold an open house? One reason to hold an open house is the off-chance that someone wanders through who was "just-looking" and falls in love with it. If your home is in great condition, this is a real possibility. It's also worth trying if your home isn't getting much attention.