})(); 3 Must-Know Tips for Attending Open Houses - ALCOVA Mortgage

3 Must-Know Tips for Attending Open Houses

View of Wilmington North Carolina from across the river

Open houses have been immensely popular over the years as they benefit people at every stage of the home-buying process. For first-time home buyers, it’s an opportunity to get their feet wet in the market while also interacting with real estate agents. For more experienced buyers, the open house is an opportunity to make a second or third visit to get a closer look at the details of a house.

According to the Zillow Group Consumer Housing Trends Report, the average buyer attends three open houses. Seventy-one percent of all buyers attend at least open house, and first-time buyers are even more likely to go (77 percent attend one open house or more).

Are you making the most of your open house visits? Here are some best practices and helpful tips you need to know!

Learn the Market

Open Houses are exactly what they sound like – open! They make it easy for anyone to view a house in a certain time period, without an appointment or even being a very serious buyer. It’s important to leverage this opportunity to get a feel for the market. While our modern world gives us other online tools and mobile apps to simplify this process, the open house still helps buyers get a feel for pricing and the market before committing to an agent. Open houses are also a great way for buyers to establish relationships with agents.

Watch Other Buyers

The marketability of a home can easily be determined just by watching the other buyers when attending an open house. If you notice a lot of people walking in and out quickly, the home probably has some issues or deal-breakers. If buyers are hanging around, conversing with the agent or huddling in the corner talking to their spouses, then more than likely the house is a hot listing.

Talk to the Agent

The real estate agent is there for a reason. Not only is the agent the direct line to the seller but agents are there to answer any questions you have. Remember, the agent should know more than anyone about the property and the seller. You can get a feel for a person or the home you’re at just from a brief meeting. When asking questions, watch the agent’s facial expression and reaction to your questions. If it’s a competitive market, ask questions such about why the seller is selling or if there have been any offers? For a slow market, you could ask how long the property has been on the market and what the seller’s motivations are. A good agent will engage you because it’s good for the seller.

By following these tips, you are sure to make the most out of attending an open house. Looking to get pre-approved before hitting up listings? Contact one of our experienced loan officers today!

4 Things You Should Do Before House Hunting

Once you decide to buy a home, the first thing you might want to do is to begin looking at houses online and setting up viewings. While looking at potential houses on the market is a crucial part of the process, jumping straight in could land you into trouble! Here are four things you need to check off your to-do list before you ever set foot in a home.

Do You Need Private Mortgage Insurance?

Not everyone can afford the standard 20% down payment when buying a home which means they need private mortgage insurance or PMI. So what exactly is private mortgage insurance, and how does it affect your home loan?

6 Smart Strategies to Build Home Equity

Simply defined, home equity is the percentage of your home’s value that you own, and it is the key to building wealth through homeownership. It can be your greatest financial asset, your largest component of personal wealth, and your protection against life’s unexpected expenses. Here are six ways on how to successfully build your home equity!

Better Business Bureau A+ Rating


Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011



Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011