If you are buying or selling a home right now, you will have a great opportunity this weekend to take advantage of the increased visibility being offered by the National Association of Realtors International Open House Weekend. Even with lower inventory nationwide, demand is high and this is shaping up to be one of the largest Open House Weekends ever. While most people begin their search on the Internet and 46% of buyers found out about open houses through Internet searches, high quality videos and pictures can’t convey how a home smells or feels. According to NAR’s 2012 Profile of Home Buyers and Sellers, 45% of all buyers used open houses as a source in their home search process. Open houses often attract potential buyers who might otherwise be too casual or unmotivated to book a showing, giving these people a chance to browse without too much pressure. Here are some more open house facts from NAR’s Profile of Buyers and Sellers:
- Repeat buyers are more likely to find their home from an open house than first-time buyers, and repeat buyers use open houses more frequently.
- Mid-income buyers (between $55,000 and $75,000) are most likely to find their home through an open house compared to those in other income brackets.
- As age increases, the likelihood of using open houses as a search tool increases—45% of buyers 45 to 64 used open houses compared to only 28% of buyers aged 18 to 24.
- New home buyers use open houses more than buyers of previously owned homes.
- Married and unmarried couples are more likely to use open houses than single buyers.
