Open houses are still worth it, practitioners say

WASHINGTON – April 14, 2009 – Despite a changing market, many real estate professionals say open houses still effectively showcase a home.

Open houses work just as well as they did a few years ago when the market was very competitive, says Trudy Severa, an associate with Long & Foster in Reston, Va.

“Anything you can do helps,” says Severa. “It’s a numbers game, and there is no way to know the residual effects [that an open house can have].”

Some practitioners have had success joining forces with others to produce a group tour. For instance, seven different practitioners recently held a neighborhood open house in Washington, D.C., where participants could view eight listings ranging in price from $500,000 to more than $1 million.

An open house can be an opportunity to talk to potential buyers who might be unsure about the uncertain market, says Mario Rubio, a practitioner with Rubio Real Estate in Annandale, Va. He suggests having a loan officer/mortgage banker on hand at the event to answer questions.

Source: The Washington Times, Cary Lee Dailey (04/10/2009)

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