What to Do at an Open House as a Buyer?
If you plan to buy a home, chances are you have heard about the concept of attending open houses, where you get to view properties that are up for sale. In such scenarios, you must remember that the home belongs to someone else and you’re a guest, and it’s crucial to treat the process professionally. In this blog post, we’ll share best practices for attending open houses and answers to commonly asked questions.
What is an Open House?
An open house is when sellers invite the general public to view a home that is up for sale. More often than not, real estate professionals take the responsibility of hosting open houses on their clients’ behalf, although some sellers may choose to host them on their own. An open house typically lasts for a few hours, and most people hold them on weekends to attract more foot traffic. You may also find some that take place on weekday evenings.
When homeowners decide to sell their homes, their real estate agents tend to recommend that they host open houses to attract more potential buyers. However, a seller may decline the proposal and request to show the house only by appointment.
A typical open house is informal, and you might even find small refreshments that help make the atmosphere more welcoming. It’s common for open houses to have sign-up sheets, which you may fill with your details. Some real estate agents and realtors create informational flyers, giving potential buyers further insight into the property. These can come in the form of its key details, price, photos, and information about the neighborhood.
Looking to Purchase
a Home on Long Island?
Contact UsCan You Go to an Open House Without a Realtor?
The main goal of an open house is to give potential buyers the opportunity to see any given home in person. Whether you choose to go alone or with a friend, family member, or real estate professional is entirely up to you. However, as per an October 2023 court verdict, buyers will need written agreements with their realtors if they wish to take them along to open houses.
The answer to, “Do realtors go to open houses with you?” depends on the stage of the home buying process you’ve reached. For example, it makes sense to take your realtor along if you’ve already signed an agreement, or at least keep them in the loop. This is because they can provide valuable insight into aspects like pricing, a home’s features, and its neighborhood.
Can You Go to an Open House Without an Appointment?
Given the nature of an open house where a property is open for public viewing during a predetermined timeframe, you don’t need to make an appointment to visit an open house.
Finding Open Houses
If your main goal of visiting open houses is to determine what the market has to offer and you’re not particularly serious about buying a home yet, you may begin the search online. This is because several real estate websites update region-specific open house listings regularly, and you may also find them on social media platforms.
Some agents post open house ads in local newspapers, and going through the real estate section might work well for you. Placing signs of open houses outside of the property is common too, so you may consider driving around the neighborhoods you’re interested in at a relaxed pace when you have time.
Prospective buyers who are serious about the process may benefit by enlisting the services of real estate professionals who have good knowledge of the desired neighborhoods. This is because they tend to have access to resources that the general public does not.
Keep in mind that open house listings often make their way to multiple listing services (MLS) and agents’ websites, giving other real estate professionals the ability to view all properties and notify their clients when they find suitable options.
The Importance of Open Houses for Buyers
The open house concept is an important element in the home buying journey, allowing you to get a close look at the property in question, beyond photos and videos. An open house typically gives you more time to explore a home than a one-on-one showing, so you can get a better feel of how you may use the space. You can also walk around the neighborhood to explore what it has to offer.
If you’re wondering what to do at an open house as a buyer, know that you can examine different aspects of the home such as the size of the rooms, floor plan, quality of fixtures, and overall upkeep. You may use this opportunity to determine if the house receives adequate natural light and establish general noise levels. Finding out what’s motivating the existing homeowner to sell might help at the negotiation table.
Once you attend a few open houses, you get a better understanding of what you need in a home and the elements you can do without. When at an open house, it’s also important to get additional information such as proximity to schools, public transportation, healthcare facilities, and open spaces. You should also keep an eye out for elements that might need extensive repairs.
If you like what you see at an open house, you can always ask your agent to arrange for a professional home inspection later.
Open House Tips for Buyers
Buying a home is typically the biggest financial decision that many people make, so it’s best to approach the process with caution. No matter which open house checklist for buyers you go through, you will find that you need to pay attention to multiple aspects, even ones that extend beyond the actual property. So, what should you do at an open house as a buyer?
Get a Pre-Approval
Getting a pre-approval for a mortgage before you start looking at homes comes with numerous benefits. For instance, a pre-approval gives you an indication of how much a mortgage provider is willing to lend to you, and this can help you carry out a more focused search. A pre-approval can work in your favor when you’re negotiating with sellers because they tend to take you more seriously than other prospective buyers. Besides, it can also lead to a faster closing.
Research Online First
When a home that’s up for sale has an open house, there is a very good chance that you can find the listing online. Use this to get as much information as you can, which may include the home’s square footage, price, monthly payments, number of rooms, and age. Online listings also tend to come with photos and videos. Going through a home’s online listing gives you an indication of if it’s worth visiting at all.
Looking to Purchase
a Home on Long Island?
Contact UsTake Notes and Photos
Given that you will end up looking at a few or more homes before you buy one, keeping track of details can be challenging. As a result, it’s ideal that you take property-specific notes each time you visit an open house. These may include features that draw your attention as well as concerns and questions you might have.
Taking photos can also help you compare different properties at a later stage, but make sure you do this only after seeking permission from the sellers or their agents.
Make a Good Impression
It is common for real estate agents and Realtors to represent homeowners who wish to sell their homes, and it’s normal for them to help sellers determine which offers are the best. As a result, making a good impression with the seller’s agent can help give that extra push your offer requires in a competitive market.
Make sure you arrive at the open house dressed well and follow all house rules that might apply. Agreeing to any request that a seller’s agent may have, like completing a sign-up form, is the ideal way to go.
Look at Neighboring Homes
Visiting an open house gives you an opportunity to look at other homes in the vicinity. However, it’s important to be discreet and look at them from a distance. Remember that neighbors can be long-term, especially if they’re homeowners, so it makes sense to look for signs that might indicate potential problems. For example, are the homes of the immediate neighbors neglected or well-kept?
Inspect Closely
Given that you get considerable time to go through a property during an open house, use it to your advantage. Besides, make sure you don’t let the staging distract you, and inspect the home with a critical eye. For example, sagging roofs, cranky HVAC systems, and cracks in the walls can be signs of neglect.
Mold can lead to significant problems and can occur in homes that have suffered any type of water damage, either because of flooding or leaking pipes. While mold appears in plain view at times, it usually thrives in damp and dark places. This requires that you check for mold in the basement, under the deck, in the bathroom, and under the sinks.
With homes that are fully furnished, you should do your best to detect hidden problems by trying to look past furniture and check for damage to the floorboard, drywalls, tiles, and bricks. Remember that there are several elements in a typical DIY home inspection, and it’s best that you understand the process in advance.
Check Storage Space
The square footage of a home might not serve as a clear indication of the storage space it offers, so considering this aspect during an open house is important. Ask the seller’s agent if it’s okay to climb up the attic, open closet doors, check drawers, and inspect bathroom storage, and make sure you treat the existing owner’s belongings with care. If a home comes with an unfinished basement that can provide adequate storage space, determine if it is worth the expense.
Pay Attention to Other Prospective Buyers
At an open house, you need to view other prospective buyers as your competition, but it’s important to be respectful to them. Knowing how many people attend an open house can be useful because while many visitors might lead to stiff competition, only a handful might mean that the seller will receive few bids, and that yours might stand a better chance.
Follow Up with the Seller’s Agent
If you have questions about the property, don’t hesitate to contact the seller’s agent. You may also consider sending a quick email to express your interest in the home by highlighting the aspects you like. If you wish to give a home a relook, you may request a one-on-one viewing.
Can You Go to an Open House Without a Pre-Approval?
The short answer to this is, yes, you may go to an open house without pre-approval from a mortgage provider, but having one in place comes with numerous benefits. For starters, it shows the seller that you are serious about buying a home and adds credibility to your offer. Besides, if you’re purchasing a home in a competitive market, a pre-approval letter can swing the pendulum in your favor, especially if a competing bidder does not have one.
If you decide to move forward with the purchase, a pre-approval can speed up the process because you’ve already taken care of the initial paperwork. Besides, a pre-approval gives you an indication of how much you can borrow, and you can then attend open houses based on this number. Bear in mind that lenders consider several factors before granting preapproval, which include your credit score, income, and debt-to-income ratio.
Conclusion
Now that you know what to do at an open house as a buyer, make sure you put your best foot forward when you attend the next one. If you feel you might not remember all the aspects that need your attention, jot down a few pointers from the open house tips for buyers you find on this page and refer to them as and when needed.
If you’re serious about becoming a homeowner, consider getting a pre-approval from a reputable lender ahead of time because this demonstrates intent to a seller or a seller’s agent. What follows is making an offer, negotiating, and closing the deal.
