What to Know Before Going to Real Estate Open Houses
An open house is a wonderful way to browse different homes for sale near you and narrow down your list of "must-haves" for your future home. Learn what to know before you go to an open house to get the most out of each opportunity. With these tips, you can find your dream home faster.
Before You Attend the Open House
Before you drive over to the open house, get to know the neighborhood online first. Email a trusted real estate agent, review other homes for sale in the area, or search municipal data online to get a better feel for the community. This research can help you see the house and the neighborhood in context to decide if the fit is right for you. If you decide the neighborhood does not meet your needs, you do not need to waste time viewing open homes in that area.
To realistically evaluate the home, it can be a good idea to drive by the house on a weekday, at night, or at another time before the open house. This way, you get a better sense for what the area is like on a regular day. Previewing the house exterior also allows you to see what it's really like, instead of just seeing the staged version or curb appeal on the day of the open house. You may notice that peeling paint on the shutters when you are not distracted by the charming potted plants on the porch.
Before you go, review the listing one more time. Pay attention to how many days the house has been on the market. If a house has sat on the market for months, it may be priced too high. Online tools allow you to do a comparison search, so you can assess what other homes in the neighborhood are selling for. Armed with this information, you can better evaluate the house and gauge what type of offer to make.
At the Open House
If you don't watch other open house attendees, you could be missing out on some valuable cues. When people rush through the open house and do not have questions for the real estate agent, it is usually a sign that the house is too expensive.
On the other hand, if guests are interested and engaging the real estate agent with questions, the home is likely a good deal. If you like it, you would do well to consider whether you wish to put in an offer before someone else does. It is worth noting that often curious neighbors attend open houses. If you overhear someone talking about the neighborhood to the realtor, ask them whether they live nearby. This could be your chance to learn more about the area by talking to locals.
Before you leave, check how many visitors have signed the viewing sheet. If only a couple of people have come in, the house is not enticing viewers. A long list of names indicates significant interest -- and potential competition for an offer. If you see that many guests have come, you like the house, and it fits your budget, put in an offer before someone else does.
Every time you attend an open house, you learn important information about what you value in your next home and what your budget will buy in your city. By acting upon this valuable insider advice, you can get the most out of every open house.