Why Go To An Open House?
One of the best ways to learn about homes for sale, as well as the local real estate market, is by doing a bit of investigative work for yourself. When a house is for sale, realtors often invite the community to come for a walk-through, hoping that someone will like what they see and make a purchase.
By attending these tours, you’re able to see exactly what a home is like and how it compares to other homes in the area in a similar price range. If you’re interested in purchasing a home, attending a few open houses is always a great idea.
Quick Tips For Success
Do Your Research
If you’re making the effort to go hunt down a home and then spend a significant amount of time checking it out, it makes sense to do a little prep work first. Look up the listing and know the stats. It also never hurts to call the realtor for a quick conversation prior to your visit. Not only will planning ahead help you know what to ask when you’re there, it also lets the realtor know that you should be taken seriously.
Don’t Be Afraid To Explore
Look in every nook and cranny when you’re at an open house. It might be a little awkward at first, but it’s even more awkward when you buy a home only to realize that it isn’t exactly what you thought it was. With so much money on the line, you should be familiar with every inch of the home before signing any papers.
Try To Ignore Staging
Realtors pull out all the stops when they’re trying to sell a home during an open house, but keep in mind that when you actually get the home, it’s going to be empty. Try to imagine your own stuff filling the rooms instead. Don’t get tricked into thinking the house is great just because it’s filled with fancy furniture at the time.
Quiz The Agent
Ask the hosting agent every single question about the house you have, it’s their job to answer them so you shouldn’t feel like you’re being annoying or prying too much. A realtor should be completely able and willing to tell you anything you want to know about the house they’re selling. Plus, the more you talk with an agent, the more you’ll learn about them. This makes it easier when you’re deciding whether or not it’s a smart thing to trust them with your business.
Never Blink
While you’re walking around an open house, the more attention you give to minor details, the better off you’ll be. Keep your eyes and ears open to things like black mold, broken appliances, and leaky faucets. These can all be indicators of future problems.
Don’t Stop At Just The House
One huge benefit of going to an open house is that you get a first-hand look at the area the home is in. Make sure you’re paying close attention to everything from your own future backyard to what the neighbors down the street are up to. The house you’re checking out might seem perfect, but if it’s on a street filled with broken windows and graffiti, you might want to look elsewhere.
Be Aware Of DOM
In the real estate industry, the acronym D.O.M. stands for “days on the market.” If you find a house that’s in the triple digits, there’s a good chance you’ll be able to get a pretty sweet deal. Just ask the realtor and they’ll let you know how long they’ve been trying to sell.
Trust Your Instincts
Like most other things in life, going with your gut isn’t usually a bad thing. If you find yourself making excuses and justifications for certain aspects of the house that might be lacking, it’s probably not the right fit for you.
Important Questions To Ask
“Have any offers been made?”
This can clue you in to whether or not the local market thinks the home is a good deal. It can also help you determine how pressed for time your decision on purchasing the house really is.
“Why are the sellers selling?”
This question can help you determine if there are any problems in the area that might make you want to look elsewhere, a noisy neighbor or a horrible public school system, for example. Keep in mind that your agent might not want to give you the whole story at the risk of ruining a potential sale, but it never hurts to ask.
“What problems does the house have?”
It’s required by law for sellers to make potential buyers aware of any structural problems or code violations their house might have. This is one question you can’t skip.
“How much will this really cost me?”
A lot of people forget to consider things like taxes, bills, HOA fees, and other additional costs when they’re looking for a new home. It’s important to know if you can actually afford a house before you pursue it, keeping in mind that you’re not just paying the number on the price tag.
“Does the seller have a certain timeline?”
For various reasons, some sellers want to stay in their house for a few extra months while others might want to leave the moment the papers are signed. Working with your realtor to help find a deal that works best with the seller’s timing can sometimes save you some serious dough.
“How are the neighbors?”
While this might be another question that some realtors tend to dodge if the answer isn’t favorable, it’s always smart to learn a little bit about the people within a close proximity to you. You don’t want to move next door to a family that loves mowing their lawn at 2 in the morning.
“What’s been updated recently?”
Just like you’d want to know how old the tires are on the used car you’re buying, you should ask about things like the roof and the wiring of the home you’re in as these are things that tend to wear out over time. Buying a house only to discover it needs a new roof in a year can definitely be a drag.
The Bottom Line
The most important thing about open houses is that you’re not scared to shop around. Consider visiting several homes in the nearby area, even if you’re only really interested in one. This will give you the chance to see how that home compares to the rest of the local market.
Open houses are one of the best ways to determine if a home is the right fit for you and if it’s not perfect or there are warning signs present, don’t be scared to just walk away.
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