Open house tips for first-time buyers
Although open houses seem pretty casual, intelligent buyers know that checking out a house is not all about esthetics or a quick look.
You may not get more than one look at a property in a hot market before you make an offer, so it is very crucial. So if you are really interested in a house, it’s a smart idea to make the most of your chance to spend time at home. Some buyers will attend an open house to window shop, instead of taking full advantage of the opportunity to get essential details about the house.
Before you attend an open house, make sure you are prepared, conducted research, and have questions ready for the sellers’ agent.
You want to quit the impression in the cycle that you have enough knowledge to make a well-educated decision.
These are the information you need to know about open houses:
Make a good impression
Putting your very best face forward is important. You don’t need to dress up for the runway, but your presentation will make you feel like a professional customer with your business casual A-game. Do not hesitate to ask questions but be polite to the agent at the same time.
Know what to look for
Take note of things like water stains, uneven floor, holes in the ceilings or walls, and mold while inspecting the interior of the house. Outside, you’ll want to see if there’s any damage to the outer walls, or if there are missing tiles on the roof. Unless you can quickly spot house harm, then your time may not be worth it. Take into consideration how factoring in the cost of such repairs could affect your budget.
It would help if you took pictures of the inside and outside of the house (don’t forget to ask first).
Check out the competition
Are there any prospective Open House buyers? How seriously do they seem to be about this process? Do they ask questions? Have they got a checklist? When you enter the house, be on the lookout. These are potential buyers who might make an offer on the house, too.
Make sure you are memorable
It is very important to establish a good relationship with the
agent if you want to make an offer at the property, so make sure the agent remembers you. Share something about yourself or ask the agents how they started in the real estate industry. Agents are also human, so make a genuine effort to get to know them in a short period you spend at the house because they will remember those who make a genuine effort.
Know which questions to ask
By now, you know an open house is not just a casual meeting of potential buyers, sellers, and brokers in the real estate industry. It’s an opportunity to “kick the tires,” so to speak, and gain some details you may not have received from the listing.
So it’s better if you have prepared questions because open houses can be the quickest way to get an answer.
When the house is a hot commodity, probably other potential buyers will soon be looking to put in a bid. At the open house, you want to get as much information as possible, so you can smartly decide whether or not you want to go ahead with your own bid.
Here are some essential questions to ask during an open house:
1. Did the seller receive many offers? If yes, how many?
2. Reasons for selling?
3. How long has the house been out on the market? When then?
4. When was the house constructed? Any more revision?
5. How dedicated is the seller to sell the house?
5. How much are monthly utilities?
7. What are the neighbors like?
8. How are the local schools?
9. What’s the noise level in the neighborhood?
Perhaps the answers to these questions will not be included with
the listing or simply by visiting the property can’t be easily deduced.
However, each issue will give you insight that could prove invaluable to your decision-making process.
Final Thoughts
Trying to get a feel for a house amid other buyers ‘ foot traffic can seem like a tad daunting. Do not worry; you can make an open house feel like a more intimate experience, with a little forethought. Get set and tour! A good REALTOR® can aide you make the right offer for the property you’re interested in buying. For a free valuation, contact us at 401-396-2888. We’re always glad to help!
