Throwing Out the Old Rules of the Open House in Miami

by Isaac Benmergui, Esq on October 5, 2012

Once upon a time, the old rules governing open houses were: 1) the open houses benefited the agent more than the seller with new leads generated for the agent, 2) curious neighbors generated the highest traffic, 3) people shopped more online and the agent would probably only see one or two genuinely interested buyers.

With the Miami real estate market inching back to health, prices still on the lower side and a dropping inventory, there are new rules are pushing out the old for open houses:

  • Curious neighbors will still stop by, but more of them will be in a buying mood;
  • More than likely you will have bids on your home within 48 hours;
  • More than likely there will be a bidding war for your home and you can expect the number of bidders to be in the double digits (easily);
  • Your home will sell quickly;
  • Realtors charge a fee to conduct an open house, separate and apart from their commission when the house sells, but the bidding are for your home should drive the price up far enough that the fee will pay for itself.

If you’re looking to buy a home in the Miami area, you’ll need an attorney to ensure you receive clear and free title at closing. The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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