Nearly half of all home buyers visit open houses during their home search.
“Open houses provide the opportunity for homes to put their best façade forward, so to speak,” says NAR President Gary Thomas. “Because they work with so many buyers throughout the year, Realtors understand what drives the local market and know what home features matter most. Realtors bring value to both home buyers and sellers in this regard – they can help sellers position their home effectively in a given market and help buyers find the home that’s right for them because they understand the local inventory.”
According to NAR’s 2013 Profile of Buyers’ Home Feature Preferences, Southerners tend to buy newer homes – many of them reported wanting a home that was less than five years old. Buyers in the South also thought central air conditioning was very important. In the Midwest, many buyers want garages, and Northeasterners prefer hardwood floors more than buyers in other regions.
In addition to wanting different things in a home, buyers also use open houses differently.
According to the NAR 2012 Profile of Home Buyers and Sellers, repeat buyers are more likely to find their home from an open house than are first-time buyers, and couples – both married and unmarried – are more likely to visit open houses than are single buyers.
Across the U.S., buyers in the South are the most likely to find their home through an open house.