April 24th, 2019

To be a successful loan officer, you have to be very well-rounded. That means not only being an expert on the buying side of the transaction, but also being able to lend sound advice to customers who are currently selling their home. One piece of advice to be shared is this: hosting an open house can make sellers a lot more money on their home sale, according to a new Redfin study. The analysis shows that simply hosting open houses makes sellers $9,046 more on average than sellers who don’t. The data also shows a correlation between open houses and time on the market; that is to say, open houses help homes sell faster, along with being sold at a higher price. Redfin Chief Economist Daryl Fairweather had this to day: “Holding an open house is an efficient way for sellers to get more eyes on a home, and a bigger pool of potential buyers can help lead to a higher ultimate sale price. In many areas, homes that are already primed for competition tend to be the ones with open houses because the listing agent knows it will attract a lot of attention and wants to set up a convenient way for multiple potential buyers to pop in at once instead of making several appointments for private tours.”