One of the resources that I use to keep updated with the real estate market, and what is going on with the NAR (National Association of Realtors) is through a website called Active Rain. It’s a blog site so there are thousands of members, thousands of articles and lots of great topics.
I just read a blog titled: It’s Time For Realtors to Stand Firm on Not Doing Open Houses written by Lee Morof, Associate Broker/Attorney in Birmingham, Michigan. He is with Re/Max Showcase Homes. You can read the full article from this link
It’s a great article and while he does have some very good points we know that not all areas in North America face the same concerns about Open Houses as others. You can read more about the CONS in his article.
What I found really interesting are these statistics:
Every year I order the results of the National Association of Realtors (NAR) Survey of Home Buyers and Sellers. I am particularly interested in How the Buyer Found His or Her Home in the last year because that determines where my marketing efforts will go to sell the homes that I list. Because the numbers pertaining to open houses are so dismal, it is no longer a category in the survey results. I do understand that open houses were more successful before personal computers and the internet but now, approximately:
• 90% of buyers begin their home search on the internet
• 36% will find their home on the internet
• 36% will find their home through the help of a realtor,
• 12% from a yard sign
• 6% from a friend, neighbor or a relative.
That covers ninety percent. Another 5%, will purchase new construction from a home builder or the builder’s agent.
And because of the internet availability as a resource this is precisely why homes need to be staged so that the MLS photos look FANTASTIC! That is what will attract a potential buyer. As PRES home stagers it is critical that the realtors we have strategic alliances with know the value of a staged home.