What happens at an open house? Understand what they are, how they work and what you can get out of them. An open house is an event where you get to see a property for sale. Visit and tour homes without an appointment. Listing agents or homeowners host open houses. It is an excellent opportunity to get a first-hand look at a property, its features, and its condition.
What Happens at an Open House
- Tour the Home: You are free to walk through the property, inspect rooms, and view the layout and finishes.
- Meet the Agent: The hosting real estate agent is present. Make sure to ask them questions. They are there to provide property details and discuss the neighborhood.
- Access Marketing Materials: Flyers or brochures are often provided, containing key details like square footage, asking price, and unique features.
- Observation of Other Buyers: Use open houses to learn about the property. Find out how much interest it is getting from other buyers.
- Ask Questions: Visitors can inquire about the age of the home, updates, maintenance, and seller motivation.
How to Get the Most Out of an Open House
- Prepare Ahead:
- Research the Property: Look up the listing online to understand its features and history.
- Set Priorities: Identify what’s most important to you (e.g., kitchen size, outdoor space, commute time).
- Bring Tools: Carry a notepad, a phone for pictures, and a measuring tape.
- Observe the Neighborhood:
- Drive Around: Check the area for amenities like schools, parks, and grocery stores.
- Visit at Different Times: Explore the area at different times of the day. Listen to the noise. Pay attention to traffic. Open your senses to what is going on around you.
- Inspect Thoroughly
- Look for Red Flags: Note signs of wear, such as water damage, cracks, or outdated systems.
- Check Closets and Storage: Evaluate if storage meets your needs.
- Test Fixtures: Turn on faucets, check the water pressure, and look at lighting.
- Ask Key Questions:
- Why is the property being sold?
- Are there any recent repairs or renovations?
- How old are major systems like the roof, HVAC, or plumbing?
- Network with the Agent:
- Build rapport with the listing agent—they can provide additional insights and might notify you of similar properties if this one doesn’t work out.
Learning About the House
- Property History: Check public property records or websites like Zillow. Learn about the property’s sale history. Check the area’s market trends.
- Comparable Sales: Research nearby homes. Make sure prices are with the market.
- Disclosures: Request the seller’s disclosure document for details on known issues.
- Professional Inspections: If you’re seriously interested, consider arranging for an independent inspection before making an offer.
By preparing in advance, asking the right questions, and staying observant, you can make the most out of any open house and gain valuable insights into the property.