Are Open Houses a Thing of the Past?
The pandemic has impacted every part of our lives. While it has wreaked havoc on many businesses, the residential real estate industry is no exception. One of the ways it has served as a disruptor is the classic way many homebuyers decide which property they like: open houses. Many folks feel that while a property may be viewed remotely, nothing compares to actually being there – kicking the tires, so to speak. Many prospective buyers want to “feel” the place, tap the walls, check the kitchen and bathroom facilities, check the ventilation, check the quality of the doors and windows, breath the air, etc.
In many states, open houses were halted by law during certain periods of the pandemic. In other areas of the country, viewings were limited to one set of buyers at a time. But even where it was/is permitted, many owners are reluctant to allow strangers into their home for obvious reasons. Buyers were equally concerned, wondering if the home they are planning on visiting has been thoroughly cleaned – and, yes, even sprayed before the visit with antiseptic sanitizer on surfaces.
Recently, the Forbes Real Estate Council asked several real estate executives whether the current trend of avoiding open houses will continue when the pandemic disappears?
Real estate executive, Mike Shapiro explained that open houses help humanize the homebuying experience. He says that while online viewing is an option, “Both [online viewing and open houses]are important ...” Shapiro adds, “Regarding agents, they have to become the buyer and transmit the emotions as housing is very emotional. It needs to be humanized, not marketed.”
Chris Ryan of Beyond Properties Group with EXP Realty adds, “These technologies will always leave out the noise you might hear from a busy road or the lack of sun the property gets.”
According to the Forbes Real Estate Council:
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Even with the advancement of video technology, open houses are still the preferred method of home viewing. With masks and social distancing, the safety factor is greatly enhanced.
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While a picture may be worth a thousand words, an actual visit is superior to a thousand pictures for the reasons referenced above, as well as many others.
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With working and schooling from home becoming the norm, “It is very important for buyers to have complete comfortability with the purchase. You cannot know if a room is large enough for a work or school space virtually … living space is [the] top priority.” according to Council member, Ralph DiBugnara.
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For the seller, open houses can provide valuable feedback when they discuss matters with their broker.
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The open house experience offers a personal touch that many buyers expect when working with their broker. For the seller, it can also offer a competitive atmosphere when buyers like what they see. This can serve to drive the price up.
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Hosting an open house is a relatively inexpensive way of getting people to view the home, compared with print or digital ads.
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Finally, let’s face it, most folks do not want to buy a home sight unseen – it just doesn’t make a lot of sense for most buyers – as stated earlier, they need to feel the place.