According to the National Association of Realtors (NAR), only 3% of homebuyers in 2024 used open houses as their initial step in the home-buying process, with 47% attending open houses at some point during their search. Open houses are one of the most tried and true real estate marketing strategies. The long-standing custom started in the 1910s as a reward for signing an “exclusive contract” to sell a home.
Anyone could be a real estate agent before the advent of open houses, thus you didn’t need a broker’s license to sell a home. Exclusive contracts allowed real estate professionals to contractually attach themselves to a family and their property to ensure they would make money off the sale as the competition among real estate agents got increasingly tough.
Agents began to mark residences as “available for inspection” and allow the public to see them as a result of their exclusive representation. The early open houses lasted days or weeks and were largely utilized to promote new homes while also piquing public interest in the time’s evolving architectural styles.
What is a Real Estate Open House?
An open house is a time when a house or other dwelling is designated to be accessible for viewing by potential purchasers in the real estate industry. When a broker organizes an open house, the owners or renters usually abandon the property.
The word “open house” can also apply to the actual real estate property; in any instance, it refers to homes that are for sale by the owner. They’re frequently held to promote a freshly created neighborhood.
How Real Estate Open House Works
Buying and selling a home is an example of a somewhat illiquid market with various products in the real estate industry. Even if they are in the same area or even on the same street, each house will be distinct.
During an open house, the seller or seller’s agent allows interested purchasers to enter the property and walk through it at their leisure or with the assistance of a realtor.
The purpose of an open house is to pique the curiosity of potential purchasers. Instead of a shorter one-on-one visit with a broker, open houses allow interested buyers to take their time looking at the house and surrounding acreage.
Many open houses take place on weekends, especially Sundays, and brokers advertise with banners and other pomp. Owners maintain their homes clean and arranged during an open house period in order to attract potential purchasers. At these parties, some owners or agencies also serve coffee, cocktails, or hors d’oeuvres.
Zillow Real Estate Open House Overview
This property checks all the boxes, whether you require space for a large family or are searching for an income-producing property. This home has been thoughtfully designed to suit families of various sizes. Living here puts you near the USB Arena, the LIRR, and shopping, as well as a quick journey to Manhattan.
If you’re seeking to buy a house in New York City, here are five of our favorite open houses in the city. This collection of residences in Manhattan and Brooklyn caters to a wide range of budgets and unit sizes.
1. 1561 Park Place
Price: $1,479,000
Space: 4 beds, 4 baths
Neighborhood: Weeksville
Weeksville’s first open house, on the 22nd and 23rd of January, is a fantastic steal: a spotless, barrel-front townhouse for under $1.5 million. A meticulous remodel has resulted in an interior fit for a magazine: box-beam ceilings, custom millwork, a marble-laden kitchen, oak floors, and other luxuries galore. What about that basement home gym? In a historic area, it’s a drool-worthy single-family with 2-family zoning.
2. 96 Schermerhorn Street #12A
Price: $820,000
Space: 2 beds, 1 bath
Neighborhood: Downtown Brooklyn
This co-op in Downtown Brooklyn offers the best of both worlds. The 2-bedroom property has been meticulously refurbished, and it’s located in a sought-after Art Deco co-op. High ceilings, huge windows, fresh hardwoods, and a sliding door to separate a nursery or home office are among the property’s highlights. In a nutshell, this warm and inviting home is light, bright, and conveniently located.
3. 138 Remsen Street #5A
Price: $689,000
Space: 1 bed, 1 bath
Neighborhood: Brooklyn Heights
The next stop is Brooklyn Heights, where this turnkey 1-bedroom apartment is currently for sale. It fulfills all of the requirements: It’s a top-floor unit in a lovely brownstone, and it’s even better because it’s been meticulously renovated to retain its prewar elegance.
A new bathroom has been added, as well as an open kitchen with stone counters, a breakfast bar, and a dishwasher. There’s also a lot of closet space.
4. 415 Carlton Avenue #A
Price: $899,000
Space: 2 beds, 1 bath
Neighborhood: Fort Greene
This chic two-bedroom condo combines stylish decor with the beauty of nature. Scandinavian-style floors, an in-unit washer and dryer, a Euro-design kitchen with flat-front cabinetry, and a dishwasher are all included in the new unit. It’s one of two flats with access to a large communal yard.
5. 338 West 19th Street #1E
Price: $699,000
Space: 1 bed, 1 bath
Neighborhood: Chelsea
The open house tour came to a close on January 22 and 23 with a fantastic location in the heart of Chelsea. This one-bedroom duplex makes the most of its long but narrow layout. It all comes together thanks to exposed masonry, strategically placed windows, a second-half bath, and a spiral staircase. This price is sweetened by a new kitchen with a dishwasher, a wall of closets, and in-unit laundry.
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Advantages and Disadvantages of Real Estate Open House
Advantages
- Open house is beneficial since it draws potential purchasers.
- It assists owners in identifying flaws with the house through visitor comments, which they can address in order to sell the residence.
Disadvantages
- To prepare a successful open house, a lot of time, work, and money is required.
- A listing on the internet can reach a far larger audience and be viewed by potential purchasers from any location.
Conclusion
Open houses are one method of attracting potential buyers to a property. There are several different kinds of open houses. Traditional ones are open to the public, and anyone who wants to visit the house is welcome to come. A broker’s open house, for example, invites real estate professionals to see the property. Buyers’ agents are encouraged to schedule showings for their clients during a broker’s open house.
Open houses necessitate effort on the part of the seller and their real estate agent, and they may not be worthwhile in some markets. Before arranging an in-person appointment, interested buyers can examine homes online with images and even 360-degree virtual tours.
The introduction of modern technology has altered how consumers view and purchase homes, and while open houses are still beneficial in the sale of a property, they may no longer be required.
FAQs
How do you find an open house?
Online real estate marketplaces, social media, and just calling local agents and inquiring about future open houses in your region are all good ways to look for listings.
What should you serve at an open house?
You don’t have to serve refreshments at an open house, but offering potential buyers coffee, tea, water, and cookies might be a lovely touch. You may serve mocktails or cocktails with hors d’oeuvres during an evening event or a specialty open house.
Should you go to an open house before making an offer?
Although you are not required to attend an open house before making an offer, it is always a good idea to view a home in person before making a decision. During the 2020 economic crisis, however, many brokers sold properties to eager purchasers entirely only on images and information found on web listings.
Can anyone go to an open house?
Open houses are a great way for potential buyers to see new homes on the market, and anyone is welcome to attend.
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