Buying a Home? 5 Open House Tips the Pros Recommend
While on the hunt for a potential home, attending an open house can be an exciting step in the process. Of course, it should also be treated as an important opportunity to gather information in order to shape your decision. Knowing what to look for, questions to ask and how to approach the visit as a whole can help you avoid costly mistakes.
We spoke with real estate professionals about which moves buyers should always make while attending an open house. Here are five pieces of advice that will help you better determine whether a home is truly for you.
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1. Introduce Yourself (and Your Agent)
Buyers should always introduce themselves to the agent hosting the open house, said Sebastian Frey, a Realtor/broker associate at Compass. "And let them know the name of the Realtor [you] are working with," he added.
Jennifer Ferland, another Realtor at Compass, added how important it is to introduce yourself and make a good impression on the listing agent.
"If you end up submitting an offer, you'll want to make a good impression on the listing agent -- especially if there's competition -- so they remember you and can advocate for your offer," she said.
2. Ask About Major Issues
"Ask the agent hosting the open house if there is a disclosure package available or if there are any significant issues with the home," Frey said.
But don't leave it at that. Take your time looking for any obvious signs of structural -- or other -- major damages to the home.
"Scan the walls and ceilings for cracks, especially around doors and windows," Frey said, "and note any warping or sloping of the floors, as any of these may indicate structural issues."
3. Ask About Current Offers
Whether or not you're thinking about making an offer of your own, it's important to gauge the competition by asking about any current offers on the home.
"Ask the agent hosting the open house if there are any offers in on the property and if there is a deadline to submit offers by," Frey said.
Just because a property already has offers, that doesn't mean you shouldn't toss your own hat into the ring. Knowing about any existing deadlines can give you a better idea of whether the timeline works for you. If it doesn't, or if you feel there's too much competition, it might be a sign that you should look elsewhere.
4. Pay Attention to Other Buyers
Whenever you go to an open house, pay attention to any other potential homebuyers there. This can give you a better idea of how much competition you might have. Plus, you never know what their conversations might reveal about the home or the neighborhood.
"Note how much buyer activity there is at the open house," Frey said. "Eavesdrop (discreetly) on whatever conversations the agent hosting the open house is having with other buyers."
5. Take Photos (With Permission)
You should ask permission before doing this, but if the open house host gives the go-ahead, take some pictures of the place as you go. This is especially helpful if you go during a busy time, such as on the weekend.
"Weekends of open houses can be a marathon," Ferland said. "If you come across a home that might be a contender, make sure to take pictures and notes to jog your memory when you get home."
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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