2010 May 21st

The Hoboken Open House Google Map for Saturday 5/22 and Sunday 5/23

Every Open House in Hoboken this weekend as compiled from the Midweek and Hoboken Reporter, the MLS, every Realtor website and email and Craigslist courtesy of the Turoff Realty Team.

rush hourA few weeks ago (the weekend of the A&M Festival) I performed an unscientific survey to determine the distribution of open house start times.  Even though the Saturday OHs outnumbered the Sundays 38 to 29 (as you would expect on the day of the festival) I was surprised that there were even that many.  I decided to look again today, assuming that this weekend is more “typical.”

As of the time of this initial post (I do update the map periodically as the weekend progresses and new open houses get posted to the MLS) there are 38 open houses scheduled for Saturday, and 66 for Sunday.  Here is the breakdown of starting times:

Saturday: noon – 12 (31.6%); 1PM – 19 (50%); 2PM or later – 7 (18.4%)

Sunday: noon – 12 (18.2%); 1PM – 42 (63.6%); 2PM or later – 12 (18.2%)

So Sundays from 1 to 3PM is clearly the most popular time for open houses to be held, and as I stated a few weeks ago, if you’re out house hunting those are the hours when you can see the most places.  From a sellers viewpoint, scheduling your open house outside of the 1 to 3PM window means less competition, but also potentially fewer buyers.

So here are the poll questions of the day – When are buyers out going to open houses?  Are they being scheduled on Sundays from 1 to 3 because that’s when you want to go house hunting, or is that just the most convenient time for the Realtors who are looking to schedule their weekends?  I typically try to schedule two open houses a day, one from 12 to 2 and another from 2:30 to 4:30 so that my sellers get a piece of that rush hour crowd, but I also get the early risers and late brunchers.  Are my sellers being well served or am I missing the mark?  Your comments and suggestions are encouraged.

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When you look at the map, place markers are color coded:

New listings are marked with a Push Pin icon.

Click on the location marker for:

Want to know which open houses are on Saturday and which only Sunday? Click on “tools” at the top of the list and enter the word “sat” or “sun” (without the quotes) into the search box.

Did you know that the agent hosting an open house is the Seller’s agent?Whether it is the actual listing agent or any other agent from the same company, that person legally represents the sellers.  Not only that, the hosting agent – by law – has a fiduciary duty to the seller to get that seller the highest possible pricefor that property.  Do you think it might be a conflict of interest for that same person to then represent you?  Many people think so.  In fact, in many states (other than NJ) it is illegal for the same agent to represent the seller and also work with the buyer.

Did you know that when you go to an open house you can see the property at the open house on your own and, if you like it, go back to it with your own agent?You can!  So if you see something you like at an open house you might want to consider finding your own agent who does not work for the seller.Just because you walk into an open house does not mean that the hosting (seller’s) agent gets to “claim” you as his or her customer – even if you “sign in”.  You are the consumer.  You are spending your hard earned money on what is probably the biggest investment you will make in your life.  Don’t you think you should be able to work with whom you choose?

Questions? Text us at 201 993 9500.

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  1. Craig

    I think Sunday open houses in that 12-4:30 timeframe is the sweet spot for most. Even though we recently bought, my lady and I still go to them to compare other places in town to ours. I can’t speak for others, but we are late risers on weekends and love going to open houses after Sunday brunch. You’d never see us at an open house before 1 and we’ve never attended an open house on a Saturday. For us Saturday is a day for errands, the beach, or social plans with friends. I think your schedule serves your clients well (both sellers and buyers).

    So the answers are Sundays between 1-4 are when most people are out house hunting. And yes, it’s because that’s when most prefer to do it.

  2. Confused

    Just when I started to miss thoughts, in comes Craig…the guy who knows everything because that’s what he would do. Good work pal.

  3. roger

    Everyone represents the buyer and the buyer’s interests. Lots of articles written on this. Real estate agents/brokers are paid on closed transactions which would never happen without a buyer. So, seller’s agent actually represents the buyer’s interest. At the end of the day, 3% on a price reduction of $20,000 is only $600 to the seller’s agent and $19,400 to the seller. Sorry, but disagree with the argument Lori…

  4. Lori

    Roger you are incorrect on several levels. The listing agent is the seller’s agent and has a fiduciary responsibility to the seller. If you make an offer to him or her and say “I’ll offer $480,000 but would be willing to go up to $500,000″ the listing agent is OBLIGATED to give that info to the seller. If you work with your own realtor that is not the cast.

    There are listing agents who will tell you anything to get the property sold. (Or fail to disclose things you should know). Just the other day I had an acquaintance who is buying tell me about her transaction. The listing agent told her she could build a deck on the roof. Not true – you need City Hall approval. What motivation does the listing agent have to point out the negatives of her own listing? Or explain why it is overpriced based on the comps.

    The seller’s agent may want a buyer – any buyer – but that doesn’t mean he or she represents that buyers interests. In most states because it is seen as a conflict of interest for the listing agent to work on both sides of the deal it is ILLEGAL.

    Here are just a few articles that may explain the issues it better than I have:

    http://www.dos.state.ny.us/cnsl/dualagcy.html

    http://www.phoenixrealestateguy.com/on-dual-agency/

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