Do Open Houses Still Work?

Buyers are using the internet to search for properties more than ever before. In some cases, they can even go on a “virtual” tour of a home using their smartphone or desktop computer. So, you might be wondering if the old-fashioned Open House still works these days?

The answer is yes. Otherwise, you wouldn’t see them advertised. If Open Houses didn’t work, no one would be doing them!

No matter how good the internet gets, it can’t compete with a buyer being able to visit a property in person, walk through the rooms, stand in the backyard and imagine himself BBQ-ing with his family, stroll the area, and meet neighbours.

An Open House makes it easy for buyers to do just that. It’s an open invitation for them to come by at a specific date and time, to see the property and chat with the REALTOR®. It’s a casual environment, which
many buyers prefer. Some buyers, in fact, are more comfortable going to an Open House before scheduling a private viewing.

Will you need an Open House to sell your home?

That depends on a lot of factors. When I work with clients, I put together a marketing plan designed to sell the property quickly and for the best price possible. Depending on the circumstances, that may or may not include an Open House.

If you have questions about what would be involved in a quick and successful sale of your home, contact me. I’d be happy to chat and answer your questions.

Fredericton home sales hit decade-high for the month of October

Residential sales recorded by the Real Estate Board of the Fredericton Area Inc. were up from a year earlier in October 2017.

Residential property sales numbered 158 units in October, an increase of 8.2% from the same month last year. This was the highest number of sales for the month of October since 2007 and the third highest ever.

Year-to-date residential property sales numbered 1,898 through the first ten months of 2017, up 5.1% from 2016 and an eight-year high for the period.

October 2017 sales priced from $150,000 to $250,000 were up 13% (4 sales) on a year-over-year basis, while sales in the range from $250,000 to $350,000 rose 54.5% (6 sales). The number of sales priced between $350,000 and $500,000 dropped by 66.7% (2 sales) and there was one more sale priced above $500,000.

The residential average price was $169,754 in October 2017, up 6.5% from October 2016. The less volatile year-to-date average price was $182,169, edging up just 0.4% from this time last year. The bigger picture on prices is that they have been more or less stable over the last six years.

New listings numbered 290 units in October 2017. This was a 14.6% increase from a year earlier.

The bounce in new supply notwithstanding, overall supply has been trending downward over the last two years. There were 1,187 active residential listings on the Board�s MLS® System at the end of October, down 15.1% from levels recorded a year earlier.

There were 7.5 months of inventory at the end of October 2017, down from 9.6 months at the end of October 2016 and below the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The value of all residential sales activity in October 2017 was $26.8 million, up 15.3% from year-ago levels.

Sales of all types of properties numbered 188 units in October, up 16% on a year-over-year basis. The combined value of all property sales totalled $30.4 million, up 21.8% from October 2016.

Credits: Exit Realty Advantage

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