Make the Most of an Open House
But for home buyers, open houses are a basic, integral part of the home buying process, and treating it as an alternative to a matin�©e can be perilous.
Real estate agent Julia Lewis says this is particularly true if the buyers are just beginning to look for a home. “If they just kind of want to get a feel for what is out there, and they want to do it on their own, then an open house might be the way to go,” she says.
In addition to shopping for a home, Lewis says it might be a great way to find an agent as well. “It’s also a great way to get a feel for different types of real estate agents. If buyers have a home to sell as well, they may also get a good feel for how the agent would sell their home. If buyers are in this position, they should ask to see what comps [comparables] the real estate agent has, and to particularly pay attention to how many comparables are in the immediate neighborhood.”
The agent’s demeanor, too, might tell a potential home buyer whether this agent is going to work hard for them. “You get a feel, right away,” Lewis says,” for who is going to help you and who is more focused on reading or watching TV.”
Once the buyers have an agent, however, Lewis believes attending an open house has limited value. “Once you have an agent, you should really be getting more information through them,” she says.
Other agents, however, believe that open homes are valuable tools even once buyers are working with an agent.
“The open house is a great opportunity,” explains Surinder Gill, a real estate agent based in Fremont. “You’ve got the time to take a look at anything and everything, and the owners are not at home, so you’re free to ask whatever questions you want to ask,” she explains.
If Gill’s clients are interested in a home where an open house is being held, she tells them to take advantage of it. “Open cupboards and doors. Ask the agent why the sellers are moving. Look around the neighborhood, and take note of your surroundings. You have the time to take a look at everything.”
Gill says buyers should be sure to talk to the agent hosting the open house, and to ask for any reports and inspections, too. “Don’t be shy. Often, the property has ID books, which talk about the house and the surrounding neighborhood. Look through those. Ask if there have been any reports or inspections done. They are often at the open house, and available for you to look at,” she explains.
Above all, Gill urges buyers to take the open house seriously. “Spend time in the home. This isn’t window shopping.” For that reason, she also urges buyers to “walk through the home first, so you know what questions to ask the agent.”
All of this information, she says, can help buyers winnow the number of homes they are interested in, so they can focus on fewer homes that are more likely to result in a purchase. “They can get so much information, and be particularly sure that this is a home on which they really want to make an offer,” she explains.
Laura Levy, a former realtor who is now a mortgage broker, sees additional value in open homes for her clients. “Even if buyers think they know what they want, open homes give them a certain perspective. I encourage buyers to go, see, and ask as many questions as possible. Ask about the plot line, ask about the age of the roof. Also, look at the relative character of the home – does it fit you, as a buyer?,” she says.
Levy also says that open homes are a great time to discuss what a couple really wants to purchase. “Often, couples haven’t fully discussed what they want in a home, and this can be a way of working out the details without the agent standing right there,” she explains, noting that many couples simply do not feel as comfortable having such a conversation with their real estate agent standing right there.
She cites as an example one recent couple looking for a home. While one spouse was looking for as many amenities and “extras” in the home as possible, the other spouse was intent on finding something suitable for at least three to five years while their soon-to-be-born child was being raised. When each started looking at features in a home the other wasn’t paying attention to, it opened up a dialogue on what they both really wanted in a home.
“I really want the home buyer or buyers to find what is right for them, and know they’ve worked out any issues as to what they are really seeking,” Levy says. “I want my clients to get the house they really wanted, not just what was left,” she adds, noting that the open house can be a great way to ensure just that.
