1. They Don’t Create Competition Real estate agents argue for open homes by saying that having a crowd of people in the property all at once creates a feeling of competition or scarcity for the property and therefore will entice people to make higher offers sooner. This is not necessarily true. A great example is that of a good friend of mine who bought a home he saw at an open home. He overheard another couple discussing what offer they would give to the agent and thought he would try his luck by giving an offer for $2,000 more. His offer was accepted despite the fact that he would have been willing to pay more. Open homes attract all sorts of people, most of whom have no real intention of buying that particular home. Potential buyers at an inspection are often very good at reading the vibes of their competition and can pick them from those who are just having a sticky beak. Often, not knowing who their competition is, is a more powerful emotional and psychological influencer for your buyer than seeing them face-to-face. The imagination of people has a tendency to inflate the threat of competition when they don’t know who the competition is. In the case of your buyer, of course it helps them if they know who their competition is (better the devil they know). For you, selling your property, it is better the devil the buyer doesn’t know. On the flip side of a busy open home is one where there is only one visitor, which does happen. If this person is truly interested in your home, but sees that they are the only one looking at it, they will factor the lack of interest into their negotiation and may attempt to negotiate the price down or give a very low offer.
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