How to Be a Savvy Open House Guest
GETTING SMART ABOUT WHAT TO DO, ASK (AND AVOID) CAN MOVE YOU AHEAD OF THE CROWD.
Ah, the open house— a chance to wander through other people’s homes and imagine yourself knocking out walls and gutting kitchens. This is the stuff HGTV dreams are made of.
Open houses are an exciting part of the home buying experience. Beyond the voyeuristic thrill, visiting houses allows you to assess things you can’t see online.
Anyone who’s ever used a filter on a selfie knows that pictures don’t necessarily tell the whole truth. Professional photos can make small rooms look spacious, dim rooms look bright and mask an abundance of flaws.
Before you get started, here are some tips to taking a targeted approach, saving you time and giving you an edge over the competition.
Make it your job to know which houses are open.
Ask your agent. She will have details on specific properties and can keep you informed of open houses that fit your criteria.
Use listing sites. Realtor.com lets you search listings for upcoming open houses. Hover over the Buy tab and click Open Houses to see what’s happening in your area.
Scroll social media. Search hashtags like #openhousetampa and #openhousesouthtampa on Instagram. Many agents and brokerages also post open house announcements on Facebook.
Drive around. Cruise the ‘hoods you like and look for open house signs.
Be sure to jot down the location, date and time for any open house that strikes your fancy. It will make it easier to plan times and routes for hitting as many homes as possible.
Get there early and say hi to the neighbors.
If you’re really interested in a home, show up to the open house early. You’ll beat the rush and the agent showing the house will have time to focus on you.
Don’t be shy! Many home buyers hop from one open house to the next without talking to the listing agent, but chatting up the host can help you glean the information you wouldn’t otherwise get by simply touring the premises.
If a house seems like a match, take a walk around the neighborhood. Strike up conversations with the neighbors to get an insider’s perspective on what life in that community is really like— families, singles, the vibe on the block, whether the homeowner’s association is easy to work with.
Ask lots of questions but avoid TMI.
To make the most of your open houses, have questions in mind for the host. Take notes while you’re there so you can keep track of what you learned.
Who knows, your interaction with the host just might be the beginning of your negotiation. If you end up making an offer, you’ll use the information you gathered to inform your bid. The host will also remember that you were an engaged and courteous person, which can’t hurt your chances.
But oversharing can hurt your chances. Be careful what you say to the agent hosting the event. This person works for the seller, not for you. They can and will use info they learned about you to counter, reject or accept an offer.
Here are eight questions you can ask the host to help determine if the house is a good fit for you:
Have you received any offers? If there are already bids on the table, and you want to make an offer, you’ll have to move quickly. Listing agents can’t disclose the amount of other offers, only whether they exist.
When does the seller want to move? Find out the seller’s timeline. If they’re in a hurry, they may be willing to accept an offer that’s below list price.
When is the seller looking to close? Price isn’t the only factor. One way to strengthen your offer is to propose a settlement date that’s ideal for the seller. For example, a 30- to 45-day closing is standard, but your seller may need more time (if, for example, they haven’t purchased their next home yet).
Is the seller flexible on price? Most listing agents won’t tip their hand when you ask this question, but there’s always a chance the agent will say yes. Who knows, the seller may have authorized their agent to tell interested parties that the price is negotiable. You might as well ask.
How many days has the home been on the market? You can find this information on the internet, but the seller’s agent can give you context. Maybe the home was under contract but the buyer’s financing fell through or maybe the seller overshot the listing price and had to make a price reduction. Knowing the backstory can only help you.
Has the price changed? You can see if there’s been a price reduction online, but talking to the listing agent is the best way to find out why the seller dropped the price.
Are there any issues, renovations or recent repairs? Some upgrades are easy to spot, but some are harder to identify. Specifically ask about the roof, appliances, HVAC and electrical systems because they can be expensive to repair or replace.
What are the average utility costs? Many buyers don’t factor utility bills into their monthly expenses and these costs can add up, particularly in drafty older homes. Ask the listing agent what a typical utility bill is during both summer and winter, since heating and cooling costs fluctuate seasonally. Be prepared for higher utility bills if you’re moving from an apartment to a single-family home.
Now that you’ve got your answers, there’s one last thing to do: Thank the host. You might be seeing them again at the negotiating table!
Source www.houselogic.com/buy/how-to-buy-step-by-step/open-house-tips