Open Houses Might Not Be Worth The Effort.

When people think of selling their home, an image that often comes to mind is the “Open House” sign sitting in the front lawn. “They must have finally signed up with a Realtor” is the next thought. Many sellers think their agents are neglecting them if those agents shy away from holding open houses. However, studies now show that open houses are less effective at selling homes. Instead, these events can drain valuable resources that ought to be channeled into things that are more helpful in selling the home!

Why do sellers still clamor for open houses? It’s because they think that if their agents hold open houses, their chances to sell their house greatly increase. Some even feel that the main reason to enlist a realtor is to have the benefit of open houses! Sellers just want to sell their homes as quickly as possible, for the highest possible price. They think that open houses work and ask for them, instead of asking for the things that actually get homes sold.

Dr. Jack Harris, a research economist with the Real Estate Center at Texas A&M University, wrote in Tierra Grande, the Real Estate Center Journal, “Sellers see the open house as an indication the agent is actively promoting the listing. Agents know, however, the odds are long that an open house will produce a buyer.” In the book, How to List and Sell Real Estate in the 90’s, the odds are estimated at 250 to 1 that someone attending an open house will buy the home!

Open houses are more and more being shown not to have the intended effect. Holding an open house is a costly effort to get exposure for a home. It requires a great deal of marketing to spread the word and spark interest. Announcements are often made in local newspapers and flyers distributed in communities, all of which takes money. On the actual day of the open house, additional funds must be devoted to incentives to keep buyers around. Goodies are often provided and some agents even offer door prizes to maintain interest and attract people.

Open houses also require a large amount of time. Agents, who already see their weeks quickly fill with appointments and showings, must then also devote their weekends to open houses. In addition to all the work in preparation for the event, agents must also be present for the open house, during which the agent must sit and wait for the few people that might attend. This time could instead be spent productively and efficiently, doing the things proven to sell houses. Many agents complain that few serious buyers attend their open houses. The people who attend are often curious neighbors or lookie-loos, not serious about purchasing.

Another reason against holding an open house is the dependency on drive-by traffic and good weather. If no one sees the open house sign or the balloons flapping in the wind, no one will come. If a beautiful sunshiny day turns gray and rainy, no one will come. And no agent can claim control over that situation!

More and more, serious buyers are relying on the Internet to narrow their selections before they head out to be shown homes. The availability of numerous photos and virtual tours online allow buyers a first look at the inside of a home before they ever set foot in it! Studies show that 86% of all home buyers now view homes online before they see the home in person. This begins to eliminate the need or desire to attend open houses. These things have become preferable resources to cultivate, rather than wasting money on open houses. If you are hoping to sell your home, encourage your agent to take good photographs of your home that truly capture its advantages, as well as create a virtual tour that will leave prospective buyers wanting more. This greater Internet exposure will greatly increase the chances of someone finding your home who knows what he wants and is ready to buy.

However, every seller knows (and sometimes hates to consider) the truly most effective way to get their home sold. Dr. Harris notes, “What is the best way to impress on a potential buyer the advantages of buying a specific home? … There appears to be no substitute for a house that is competitively priced and decorated to show well.” Being priced right, especially in a down market, is absolutely crucial to selling a home. Oftentimes, the price is what makes the difference between one home and another. If the price is right, a buyer will make other sacrifices to have the home of his wallet’s dreams.

Even though an open house may not be the best thing to ask for as a seller, you still deserve to know that your agent is doing everything possible to get your home the exposure and showings it needs. Ask for those better pictures. Ask for that virtual tour. Consider open-mindedly the information your agent presents to you, especially if a price reduction would be most effective. These are the tools that will accomplish your goal. That is the bottom line: to sell your home as quickly as possibly by the best means necessary.

OPEN HOUSE SURVEYS, conducted by Dr. Jack Harris

for Tierra Grande, the Real Estate Center Journal

March wall committee article

By Kate & Ken Gooderham, taken from www.whiskeycreeknews.net

We’d like to thank the community for its strong showing at the Jan. 24 meeting on the Summerlin wall. It’s gratifying to see so many people willing to give up part of their weekend to find out more about this issue, and the range of questions was a sign of the intense interest. We hope everyone came away with more facts about this project, and with the accurate background needed to make up your mind one way or the other.

As has been stressed throughout this discussion, this is a community issue. No one else gets to decide whether the wall is replaced — not the county, not the state, not the civic association. If a majority of property owners in Whiskey Creek do not support this project, it will not move forward.

That also means it’s time for the community to pick up whatever momentum for this project that has been generated by the all-volunteer Summerlin Wall committee and keep this effort moving toward its 800-petition goal. These volunteers have donated hundreds of hours to help research this issue, meet with county staff and local residents, and help inform their neighbors about this unique opportunity to replace the aging and decrepit wall. If the community thinks this is a good idea, it is time for everyone to pitch in and sign their petitions. If you wait until someone thinks it’s a good idea for you, this project will not happen.

An aside about the cost: We have been saying this was a chance to get a better wall at a better price, by working in conjunction with the Summerlin Road construction and plans to build a new wall north of the golf course canal. Here’s why: Recent estimates for a six-foot-high concrete block wall like the one in place now have been running $145-$150 per linear foot to construct. The hard estimate from the county’s contractor for the proposed new wall — which would be eight feet high with prestressed concrete panels placed in a pillar and foot construction — is running around $160 per linear foot. If the community ever tried to put in such a wall on its own, the price we would be charged would certainly be much higher…but, because we can piggyback on the county’s contract, we have the chance to get an exceptional price for a much better wall.

CLARIFICATION: In the interest of accuracy, we’d like to correct two misstatements made in an article published in last month’s “Whiskey Creek News” by resident Robert Faller:

1) The county contractor has told DOT officials that the wall construction would take 60 days, not six months as Mr. Faller stated. Whether the wall would be removed and rebuilt all at once or in phases is a decision the contractor will make once a construction schedule is being finalized.

2) Vegetation near the new wall would be trimmed back or removed as necessary, to allow for construction and to ensure the wall’s stability in the future. (Large trees with expanding root systems undermine concrete walls, as anyone can see looking at the current wall.) But not all vegetation would need to be removed. (We assume that adjacent vegetation would also need to be trimmed back if the existing wall were to be repaired and repainted, as no qualified contractor would want to work under those conditions if they wanted to do a good job in a timely manner.)

Want more information on this project?

* Send an e-mail to whiskeycreekwall@gmail.com.
* Leave a voicemail message at or send a fax to (877) 871-9223.
* Information and blank petitions are available online at www.whiskeycreeknews.net.
* Come to the monthly meetings of the Whiskey Creek Civic Association, held at 7 p.m. on the first Wednesday of the month at the Whiskey Creek Country Club.

Bottom line: The wall won’t get fixed unless the community supports it.

Location is always a prime choice for real estate and Whiskey Creek offers a prime choice for location.  With just two entrances to the community, off McGregor and off College Parkway, it affords a sense of security and privacy.