What To Do At An Open House / What Questions You Should Ask
Open house is not only a fun weekend activity, but it’s also a great way to get a feel for what’s on the market and pretty quickly identify what you want, what neighborhood you want to live in, and more importantly what you can afford. You don’t need an agent to accompany you and you don’t even need to make an appointment. So, if you’re thinking about buying a house, I encourage you to get out there and look! Plus, it’s a relaxed and casual way to educate yourself on the market.
Why should you go to Open House?
For starters, you can preview many homes in one day and on your own time! After seeing so many homes, you’ll be able to narrow down what is or isn’t important to you in a home. The more homes you look at, you’ll learn to look over superficial flaws like bad staging or terrible carpets. Maybe you initially thought the home HAD to come with marble countertops, but now you’ve learned that it’s not a deal-breaker and you can just install it yourself - if you really want the house.
An even bigger benefit of attending open houses is to find out first hand what you can buy within your price range. You should keep track of the homes you liked, then go back and see what they actually sold for. Remember, the listing price doesn’t always determine the selling price, the competition does! If a house has a lot of interest, the likelihood of it selling over asking price is high. On the contrary, if there isn’t much interest, maybe there’s an opportunity to snag it at a good price.
What to do at the Open House
So, you’ve made it to the open house, what should you do now? Sure, look around, but to get the most out of your visit, you should be asking questions! The seller and the seller’s agent are required to disclose everything they know about the house so don’t be afraid to ask.
Key questions to ask and why: (Sure, your agent can do a lot of the leg work for you, but if you’re just getting started and don’t have an agent yet, it’s still a good idea to learn about the house upfront. Having this information now can potentially save you a lot of time and/or money in the long run).
Why are the owners selling the house? It’s important to know why they are selling because you may discover there’s a sense of urgency to sell. If they need to go fast, they may be more flexible with the price. Another reason you should ask is, you may uncover a flaw.
Have they received any offers? You’ll want to gauge the interest level to see what you’re up against. If there are a lot of offers, this may mean that you’ll have to pay more for what you want. Or, if there are little or no offers, you might have negotiating power.
How long has the house been on the market? Again, you ask this to get an idea of the interest level as well as the seller’s motivation. If the house has been on the market for a while, the agent may explain why it hasn’t sold yet.
What’s the neighborhood/neighbors like? Remember, you’re not just buying the house, you’re also buying into the neighborhood.
Did the sellers do any renovations? You’ll likely be able to spot cosmetic renovations like a kitchen or bath remodel, but what you want to know about are bigger ticket items like - have there been improvements to the roof, foundation or any electrical upgrades or repairs.
Are there any issues with the house? Now that you know the seller and their agent must disclose any issues they are aware of, try to get as much information right away so there are no surprises later.
So ask away, but don’t forget to listen, too! Keep your eyes and ears open for chit chatter at the open house. You may be surprised at what you can uncover (good or bad) from casual conversations with the neighbors. (Side note - be careful with this. You should always follow up on anything you heard outside of what the agent or seller has told you to make sure it’s actually true).