On May 8, SAR’s Housing Opportunity Committee presented a Lunch and Learn entitled “Guts & Glory: the Story of Inventory.” Panelists discussed ways to create inventory when it seems there are no houses for sale. Open houses can be a useful tool to get neighbors thinking about getting into the market. Open houses may seem old-fashioned in today’s market. However, the National Association of REALTORS® recently released interesting statistics in conjunction with Nationwide Open House, which was April 20 and 21. From the NAR annual profile of home buyers and sellers:
  • Repeat buyers are more likely to find their home from an open house than first-time buyers and repeat buyers use open houses more frequently.
  • Mid-income buyers, those with income between $55,000 and $75,000, are most likely to find their home through an open house compared to other incomes. However, as income increases the use of open houses actually increases as well. So higher income buyers are walking into open houses, but not finding their home through them.
  • Older buyers, 65 years and older, are more likely to find their home through an open house than other age groups. As age increases the likelihood of using open houses as a search tool increases—45% of buyers aged 45 to 64 used open houses, compared to only 28% of buyers aged 18 to 24.
  • Buyers of new homes use open houses much more frequently than buyers of previously-owned homes.
  • Married couples and unmarried couples are more likely to become first home builders in Perth than single buyers who are more likely to buy.
  • Buyers whose primary language in the home is not English are more likely to use open houses—44% of buyers whose primary language is English use open houses, compared to 59% who use a language other than English in the home. Similarly, buyers who were not born in the U.S. are more likely to use open houses as a search tool—43% of those who were born in the U.S. use open houses compared to 57% of those who were not born in the U.S.
The last point, concerning buyers whose native language is not English, may be especially useful in a market as ethnically diverse as Sacramento’s.