When selling your home in San Diego, a common question is: “Are open houses still effective?”
In today’s digital age, where virtual tours and high-quality photos dominate, it might feel like open houses have lost their relevance. However, in 2024, open houses are making a noticeable comeback, especially in hot markets like North Park, South Park, Golden Hill, and nearby neighborhoods in San Diego. With buyer interest and seller activity increasing, an open house can be a great opportunity to showcase your property in person. While online tools help buyers get a feel for a home, nothing compares to experiencing it firsthand. If you’re considering selling your San Diego home, hosting an open house could still be powerful when implemented strategically to attract serious buyers. We have been hosting open houses in San Diego for the last 20-plus years and have found that when implemented in a certain way, it’s a great way of receiving multiple offers.
Open Houses Are Gaining Popularity Again in San Diego
Open houses are making a comeback. According to the latest Zillow Consumer Housing Trends Report, 65% of sellers in 2024 have held between 1-3 open houses, a significant increase from 49% in 2018 and 44% in 2021. The typical seller now hosts two open houses, doubling from the trends in previous years. This growing interest highlights that many buyers still prefer the personal touch of walking through a home before committing to a purchase.
What’s behind this shift? In 2021 and 2022, homes sold so fast that open houses seemed unnecessary. However, with the San Diego market stabilizing, sellers now need a more well-rounded approach to attract buyers. Open houses provide potential buyers with the opportunity to explore a property in a relaxed setting without the pressure of appointments. This is especially beneficial for those who haven’t signed a buyer-broker agreement yet, which is now an industry standard.
Furthermore, open houses can generate a sense of urgency. When multiple buyers view a property simultaneously, it often sparks competition, motivating them to act quickly. For San Diego’s real estate market, where competition can be fierce, this strategy is proving to be quite effective for our sellers.
Buyer Demand Grows in San Diego
The recent surge in buyer demand has given open houses a new sense of importance. September 2024 marked a notable shift in the San Diego housing market, with pending home sales holding steady for the first time in nearly nine months. This shift signals that the market may be turning a corner. Lower mortgage rates have played a significant role, making homeownership more attainable. For example, the average 30-year mortgage rate recently dropped to 6.08%, bringing down monthly payments for buyers by about 5.9% compared to the same time last year.
San Diego buyers are becoming more active, with more home tours taking place across the city. Redfin’s Homebuyer Demand Index, which tracks interest in home tours and related activities, jumped by 9% in September 2024, reaching its highest point since April. This uptick in demand makes open houses even more valuable, providing that crucial in-person experience many buyers seek before making a final decision. Open houses in neighborhoods like North Park and South Park allow potential buyers to explore the charm of local homes while getting a feel for the community atmosphere.
More Homeowners Are Listing The Home For Sale in San Diego
September saw an uptick not only in buyer activity but also in the number of homeowners choosing to list their homes for sale. In fact, new listings jumped by 11.6% compared to the same time last year, making it the highest seller activity since 2021. Additionally, the total number of homes available for sale has surged by 34% year-over-year, marking the 11th straight month of inventory growth. The recent dip in mortgage rates has played a significant role in encouraging more sellers to put their homes on the market.
With more homes available, buyers now have a broader selection, but it also increases competition among sellers. In an active market like San Diego, hosting an open house can help your property stand out. An open house gives potential buyers a chance to walk through the home and get a real feel for the space, which can be a game-changer when they’re weighing their options against other listings.
The Importance of First Impressions During Open Houses
Open houses are a powerful tool in real estate, especially when making that all-important first impression. While digital tools like high-quality photos, interactive floor plans, and video tours are crucial for capturing the attention of online home shoppers, there’s no substitute for seeing a home in person. Open houses give potential buyers the chance to explore the property, experience its layout, and feel the atmosphere in a way that online tools can’t fully replicate.
In San Diego, where the real estate market remains competitive, combining online exposure with an in-person experience can make a big difference. Buyers can view homes online and attend an open house to get a real feel for the space. This combination often creates a stronger emotional connection to the property, which can lead to receiving offers right away and closed sales.
With more homes expected to hit the San Diego market in 2024 than in the past few years, it’s important to attract as many interested buyers as possible. Open houses offer the perfect opportunity to draw in serious buyers who are actively looking and ready to make a move. If you’re thinking about selling your home, your Realtor should incorporate a strategic plan for incorporating an open house into their marketing plan. It’s a smart way to ensure you stand out in this competitive market.