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Yardley, Pennsylvania

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Bucks County Real Estate, to open house, or not?

Feb. 17, 2008
Categorized in: Real Estate

I came across a very interesting article in one of our local newspapers, last week, regarding open houses.  http://www.nj.com/starledger/stories/index.ssf?/base/news-13/120253533995340.xml&coll=1#continue

The article focused on a 72 year old resident of a New Jersey town, who spends about half the year in Florida, and claims that he and his wife have been visiting open houses for decades.  They say in the article, rather proudly, that they never go with any intent to buy anything, they are just nosy and curious.  So, the question is, although realtor open houses are a long time staple of the industry, do they work?

I was very fortunate, early in my real estate career, to have met a motivational speaker/trainer, by the name of Mike Ferry, who was extremely opposed to open houses.  I have continued to follow that training, for the most part.  As the article referenced above points out, very few buyers actually ever buy the house they came to the open house, to see.  More often than not,  I have found that visitors to open houses are nosy, and the least motivated buyers.  What most realtors don't tell their seller clients, is that realtors do open houses, to find clients.  That's great, except it doesn't do the job that the seller has hired us to do, which is to sell their house.  I have always felt that an open house was perhaps the most passive marketing strategy available to a realtor.  You don't have any way of qualifying the buyer, or to find out if they are serious about buying a house, or not.

With statistics showing that more than 90% of actual buyers in my market place, find that the Internet is the most important place for them to find the house they ultimately buy, along with information from their realtor, to me, those places are the most productive way to market properties. 

I don't mean to ruffle any feathers, for those realtors that do focus on doing open houses, but if you are a seller, and ask those realtors for an honest and open assessment of why they are holding open houses, Sunday after Sunday, most will admit that they are using the sellers house as a tool to attract clients, in the hope of selling them something else.  Again, this is a very personal perspective, and I know that there are many, successful agents, who might not agree with me, but it is an interesting conversation to have.  I have found that the overwhelming majority of my clients, when told that I am not a big believer in the open house strategy, are relieved, and tell me that they hated the idea of doing open houses, anyway. 

As always, your comments are welcome.

Blogging in Bucks County, Pa.

Feb. 1, 2007

Welcome to my Bucks County real estate -- and other related and/or non-related  -- blog spot.  My goal in creating this blog is to provide a personal perspective on Bucks County life, as well as providing an insight into real estate in Bucks County.  Although I am new to blogging, I am not new to real estate or Bucks County and I love to write.  I have lived in Bucks County for almost 30 years and have been working as a realtor for more than 13 of those years. This means that I should know Bucks County real estate.  Because Bucks County, Pennsylvania is so close to New Jersey -- and because I was born in New Jersey -- I also do real estate in New Jersey.  There are definitely advantages and disadvantages to living in either state. 

To those who do not know Bucks County, let me familiarize you about this absolutely wonderful place. It is a great place to live and features excellent schools, loads of history and charm, and absolutely gorgeous and stunning settings.  The Delaware River meanders through the county, and there are many towns and villages along the river. In fact, the river acts as a border between Pennsylvania and New Jersey.

There is a huge array of housing options in Bucks County. Most people who are new to the area find the housing expensive compared to many other parts of the country.  Central Bucks County is about 35 minutes from Center City, Philadelphia and only about an hour by train from New York City.  Our real estate pricing is slightly lower than the Philadelphia main line and lower than the commuting areas close to New York City; however, it is still expensive when compared with many other parts of the country.  Because there are many types of houses -- from condominiums to small single family homes to huge palatial estates -- there is something for every taste.

I live in Yardley with my wife Jane.  We have 3 children: Rachel, Lauren and Michael.  Rachel has a doctorate in psychology and is in private practice.  She also teaches and has a corporate consulting business, which helps companies with diversity training, conflict resolution strategies and helps executives maximize both individual and corporate potential.

Lauren currently owns and operates a Coldstone Creamery Ice Cream store in the Mercer Mall in Lawrence Township, New Jersey.  If you have never experienced Coldstone, do yourself a favor and check it out.  The ice cream is absolutely amazing!

Michael, our youngest, recently graduated from the University of Maryland and is working at a Marriott near campus.

In my life away from real estate, (I occasionally have some free time) I love basketball.  My tag line is that I am old, but slow!  I love to read both fiction and non-friction.  I play golf (if you can call what I do actually playing golf) and love all kinds of music.  I am currently taking guitar lessons, which is something that I have always wanted to do.  Jane and I love to eat so we enjoy trying new restaurants anywhere in the Bucks County area as well as in Philadelphia.

Because this is a real estate-related blog, I should mention that our local real estate market -- as with many areas in the country --went through about a 5-year cycle of rapidly appreciating values with multiple offers on homes not uncommon.  That cycle ended about 6 to 8 months ago.  The market totally shifted and has become more of a buyers market.  That means that buyers have many more choices, houses stay on the market for considerably longer, and offers are generally submitted below the asking price -- sometimes considerably lower than the asking price.  In future posts, I will share some graphs and statistics that will demonstrate exactly what is going on in our market. 

For those who know Bucks County -- although I have worked everywhere in the county -- the areas that I focus on the most are the areas that include Yardley, Lower Makefield Township, Upper Makefield Township, Newtown, Buckingham, Doylestown, Solebury and Langhorne. 

Well I guess that is enough for my first post.  I would encourage you to post comments or feedback.  If you have real estate-specific questions, I would be happy to answer them for you.  If you have any questions related to life in Bucks County, please let me know.  In the meantime, please visit my websites at www.TourBucksCounty.com, www.MartinMillner.com and  www.TeamMillner.com.