How Many Open Houses Will It Take To Sell Your Home?
You want to sell a home, but you’re wondering how many open houses it will take. In a perfect world, you would show the listing you have been hired to sell to the perfect buyer the first time around and receive a reasonable offer. After all, showings take time, and all real estate agents know that time is money. Unfortunately, this is rarely the case for real estate agents. In fact, it can take several open houses to finally receive an offer, and several more to receive an offer that will lead to a closing. If you are wondering on average how many times you will show your listing, you are not alone. In fact, many new real estate agents and even veterans in the market are asking the same question. While this is a very general question that can be difficult to answer with a concrete number, here are some of the many variables that can affect how many real estate showings it will take to sell your home.
Some of the Variables That Can Affect How Many Showings You Will Need to Schedule to Finally Make the Sale
Price Range and How it Affects Open Houses
Obviously, a home that carries a $200,000 listing price will not require as much marketing as a home with a $700,000 listing price. The price range plays a major role in the number prospective buyers you will speak with, and in most cases, lower priced properties attract a lot of interest. If there is a lot of interest and the home listing is in an affordable price range for the area, it is very likely that the ratio of showings to offers is going to be lower than if the price range was higher.
If the price range is higher, however, there is a chance that you will schedule more open houses with serious buyers and individuals who want to see what they could afford if they made more money. Because of this fact, it typically takes more showings to sell listings that are priced well above the median sales price in the area.
Showings in a Hot Market vs. a Cold Market
Another variable that can significantly affect the number of open houses it will take to finally receive a signed buyer offer is market trends. You know that every real estate agent looks forward to a hot market because buyers can easily obtain financing and they are ready to submit their offers. Because a hot market brings more competition, someone who may not rush to submit an offer in a cooler market will be more hasty in the decision-making process to ensure they are the winner in the race. It takes fewer open houses, on average, to sell a properly priced property in a hot market than it would in a cold market where there is not much of a rush to buy.
What Experienced Real Estate Agents Have to Say about Average Showings
There is not just one right answer when it comes to how many open houses you are going to need to schedule before you sell your home listing. While some agents claim that it will take between 15 to 20 showings to receive an offer, others believe the average is closer to 10. In all honesty, the figure all depends on the location, the price, the market, the buyers you are marketing to, and even your skills as a real estate agent. As Bob Gibbs, co-founder of the Real Estate Market Watch, states, “A rule of thumb that I use is that if you go for a week with no showings or you have 10 or more open houses without an offer either you have an issue with condition, location, and or price.”
Review your listings, make a list of the showings, and see what your average is in each price range. This is the only concrete way to assess what your average would be in your market.