Open houses can be a valuable selling tool, especially if you live in an area with a lot of foot traffic. It’s true that you may get some people who are simply curious, but you’ll also have a chance to showcase your home to serious potential buyers.
During this time, buyers can come in and see if they can envision themselves living in your home. If they can, you could be well on your way to putting up the “Sold” sign. However, it isn’t all about the visual effect. If someone is considering placing an offer, they will have questions. Your Realtor® should be able to elaborate on a multitude of topics to make a buyer feel comfortable enough to take that next big step.
An accurate, unbiased assessment is the foundation of your effective home-selling strategy. Book your complimentary home evaluation here.
Why Host an Open House?
There are many benefits to hosting an open house in addition to your other marketing activities. First and foremost, your buyer can see the house for themselves at their own convenience.
Unlike a last-minute showing, you have plenty of time to prepare for an open house. You can make sure every aspect is warm and personal, giving visitors a better idea of the quality, aesthetic, and functionality of the house.
As we all know, online images can be deceiving. Hosting an open house allows you to show the world that your home is the real deal. Plus, you also have a chance to see what visitors think of the house. Your agent should listen closely, as they might hear snippets of conversation that potential homebuyers are having. You may get some feedback on an easy fix that will make your house even more appealing.
When creating a winning strategy for selling your home, it never hurts to get back to basics. The posts below are a great place to start:
- A Back to Basics Guide to Maximizing Your Sale
- What Everyone Needs to Know About Selling Their First Home
- How to Stand Out in a Changing Real Estate Market
Top 10 Questions Buyers May Ask
If you’re sold on hosting an open house, here is a list of ten questions that you and your real estate agent should be able to answer.
1. How Much Is the Listing Price? Has the amount been reduced?
Your buyer will only place an offer if they feel they are getting value. You need to be able to justify your asking price, especially if it’s higher than other homes in your area. Think of any updates that you have invested in and consider the condition of the house before settling on a final price.
If the amount has been reduced, you should also have a good reason why. Accurate pricing is one of the most critical aspects of the sale – and you want to be able to prove that what you are asking for is on point.
2. Are There Any Offers?
If a buyer is interested, they’re almost certainly going to want to know if they’re in competition. If asked, your listing agent must disclose whether any other offers have come in – or not.
They don’t have to divulge any specifics, but they could talk about the offers in general terms, such as being close to the asking price. Under absolutely no circumstances is the agent allowed to lie and say they’ve received offers when they have not.
3. What Is the Neighbourhood Like?
Buyers aren’t just searching for a house; they’re looking for a great neighbourhood! This is why we typically recommend working with a real estate agent who knows your area inside and out.
If there are great schools and fabulous restaurants nearby, be sure your Realtor® is prepared to talk about them in detail. You never know what might push someone off the fence and decide to place an offer.
4. Are There Good Schools in the Neighbourhood?
This could fall under the previous question, but it’s important enough to warrant its own category. Reputable schools are a significant value add even if the buyer doesn’t have children.
Just being in the right catchment area can mean the house retains its value in any market. If the buyer has children, access to highly-ranked schools makes your home even more desirable.
5. How Long Has the Listing Been on the Market?
Not every question will be easy to answer. Potential buyers are always on the hunt for great value, but they are also looking for red flags to avoid. A house that has been sitting on the market for a long time could be both of those things.
This is also why negotiation skills are so important. A house could be on the market longer than average for any number of reasons, and it isn’t always a bad sign. An experienced professional will be able to provide an honest answer while still presenting your listing in the best possible light. On the other hand, if your house is brand new on the market, your agent can capitalize on all of that excitement and buzz!
A faster sale often means earning more money from the transaction. Following the advice in the following posts can help you maximize your results.
- Does Curb Appeal Still Matter When Selling A House Today?
- The Power of Staging When Selling Your Home
- Our Full-Service Real Estate Team’s Guide to Marketing Your Home
6. Has the House Passed a Home Inspection?
A pre-listing inspection can help sell your home faster by alleviating a buyer’s concerns about structural or safety issues. If you have one, be sure your agent knows about it.
If not, they may be able to emphasize the age and condition of your house, as well as any recent updates you have performed. A buyer could also request a home inspection at their own expense.
7. Does the House Have a History of Mould or Asbestos?
No one ever wants to know that their house has a stigma. Nevertheless, issues like mould and asbestos can come up if the buyer requests a home inspection. It’s always best for your listing agent to address it in advance rather than having the buyer discover a potential dealbreaker on their own.
All is not lost if it turns out your home has a stigma. Learn how to handle it in Can You Successfully Sell a House With a Stigma?
8. When Were the Roof, Plumbing and Electrical Upgraded?
These are some of the most expensive items to fix, so it makes sense that buyers will ask about them. You may have to consider a price concession if anything is in poor repair, especially during a slower market where the buyer has other listings to choose from.
On the other hand, if you’ve recently replaced your roof or HVAC system, your listing agent will want to shout it from the rooftop!
9. What Are the Average Utility Costs?
A savvy buyer knows there’s more to buying a house than just the purchase price. There are closing costs and other monthly expenses that they’ll take into account. An accurate estimate of what they can expect in terms of gas and hydro can help them make a faster decision.
10. What Else Is Included in the Listing?
Your buyer will likely want to know what inclusions come with the home. Often, the seller will leave the appliances and window coverings. Be sure that your agent is ready to highlight other benefits, such as if the deal also includes your brand new BBQ and gorgeous patio furniture. This gives you an added edge if the buyer is deciding between your house and a similar listing that doesn’t include anything extra.
Being prepared will help both you and your Realtor® be ready for those tough questions buyers will inevitably have. By providing well-thought-out and intelligent answers, you can showcase the value of your home and help buyers feel confident in making an offer.
Do you want a customized action plan to sell your home in today’s market? Our top agents in Burlington & Hamilton are happy to help. Contact us today right here or call 905-332-9223 to take the next step.
