3 Must-Know Tips for Attending Open Houses

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!