Las Cruces home sellers are clamoring for open houses – but who really benefits?

Over the past few years, open houses in and around Las Cruces were scarce to say the least. Homes listed during the week often sold before the weekend rolled around, and agents were scrambling to match their buyers with each new listing that hit the market. Simply put, there was no time or reason to hold an open house. Then came rising mortgage interest rates; and with each upward increment, a few more buyers were (pardon the expression) foreclosed from purchasing. At the same time, our local listing inventory began to grow, and the number of showings began to dwindle.

Over the past year and specifically over the past few months as mortgage rates rose to their modern day peak, the number of open houses increased exponentially. Take for example the weekend of March 2 and 3, when more than 50 homes were held open. One group of local Realtors even joined forces to advertise and hold open more than two dozen homes in the Sonoma Ranch area. Most homeowners appreciate open houses and the opportunity they provide for buyers to get a firsthand look at the “merchandise”, but the question remains; who really benefits?

The answer to that question is contained in the depths of a national statistic. That statistic being that only 7 percent of homebuyers find their dream home at an open house, according to the National Association of Realtors. So, why would a Realtor give up their Saturday and Sunday and spend three-to-four hours each day pursuing something that he or she knows will fail 93 percent of the time? One explanation is that it doesn’t matter whether or not the buyer who walks in the house buys it. After all, the Realtor could easily show and sell them one of the other 500-plus homes that are also for sale.

Think of it from this perspective; buyers are currently a Realtor’s most valuable stock-in-trade at the moment. There just aren’t as many out there as there were in the past, so agents must employ creative ways to meet them. Holding an open house is one of those ways. The agent simply invites prospective buyers to visit them at the temporary branch office they set up at your home. Once the signs, flags, and company logos are planted the front yard, the office is open for business. The driveway is the parking lot, the “public” restroom is just down the hall, and all your personal items and photographs adorn the rooms and walls of the branch office. Like a spider in a web, the agent then awaits the lucky catch.

So, there you have it. Open houses definitely benefit both sellers and agents, just not to the same extent.

See you at closing.

Gary Sandler is a full-time Realtor and owner of Gary Sandler Inc., Realtors in Las Cruces, New Mexico. He loves to answer questions and can be reached at 575-642-2292 or Gary@GarySandler.com.

This article originally appeared on Las Cruces Sun-News: Las Cruces home sellers are clamoring for open houses – but who really benefits?