Open House turnout

There is no set norm. Depends on the property, its desirability, asking
price relative to actual value, quality and intensity of promotion of
open house, length of open house, time during which it is held.

First open house? We looked around this time two years ago, and the properties that went quickly tended to have 15-20+ visitors at the first open house. Also around that number who had "saved" the property on StreetEasy.

The well-priced properties where the first showing was at the open house often had 40+ visitors. This was in Chelsea, sub-$1mm, large one/small two bedroom. I remember going to one OH for a SMALL (9 x 9 and 9 x 6) but renovated two bedroom and having to wait outside the building to get in. The apartment had end-to-end visitors, and even the hallway outside the apartment was packed, so the brokers stopped letting people in. By the time we made it inside, I think we were the 60th visitors with 45 minutes of a two-hour open house still to go....

That property went quickly, but interestingly still 2% below ask, despite the broker telling everyone at the OH that "full price offers are the starting point." As of two years ago, almost nothing was selling for full price no matter how much interest.

How about if a first open house with a new broker for a property been on the market for 9 months?

In April 2011, with full service broker, 2BR priced $125k more than the market, there were 11 "buyers" at first OH... and it was all downhill from there.

In January 2012, fsbo, listing at the true market price, we had 40+ "buyers". We had an offer by Monday afternoon. We did a 2nd OH a week later, 39 "buyers", 2 backup offers by tuesday, and a signed contract by Wednesday. Total time on market fsbo (at the market price) 10 days.

Another apartment in our building (same size, comparable condition) was in contract at the same price within days of us. They also had similar turnout at their OH.

At the market price, buyers will come out. As soon as you price it at the market, game on.

If 100 buyers see your place and you don't have an offer, you are not at the market price, are you?

We also had 40 saves in one day of our SE listing. And the SE clicks were off the charts. I believe the market WILL respond to a correctly priced property.

Brokers may tell you that their marketing skills will trump the pricing, but for a sub-$1M 2BR, the buyers know exactly the price they are going to pay. Snake oil salesmen will not change that. Price it right and you will be sold in a week or so.

PS -- how did a thread about OH turnout become a pricing rant? Because they are related. Correct market price = buyer interest.

Amen!

Well said, fsbo88.