There is on average ten people trying to view each property that comes onto the market, according to Luke Bayliss, of Complete Estate Agents. This means demand is outstripping supply and many buyers are missing out.
“Open houses offer the fairest opportunity for all parties to get to see a home,” Luke said. “From an organisational point of view, they are the best way of trying to control and condense a significant amount of viewings by potential buyers.
“At a recent open house held by Complete Estate Agents, over ten applicants viewed the property that day. It sold for £5,000 over the asking price. Some people may claim we are driving up prices, yet in a downturn buyers would perhaps negotiate £5,000 ‘off’ a price, so ultimately the market decides.
“From a vendor’s point of view, particularly those with young families, selecting an open house will enable a number of applicants to view.
“Each viewer is staggered at every 15 or 20 minutes which allows ample time per person to see the property but all in one afternoon. This can be a lot more appealing than preparing for constant viewings over a number of weeks and will help to achieve the best price for the property.”
Complete Estate Agents, of
18 Church Street, Rugby, can be contacted on (01788) 550800 or via their website www.complete247.co.uk