Optimizing on Open Houses

Open houses are a great home buying resource. Other than presenting a chance for you to fully explore the layout of a perspective house physically it allows you to assess the property in person without strategically framed and angled pictures telling you what the seller wants you to see. Also, it’s super fun to walk through a home, mentally repurposing and redecorating to your own preferences, that’s what I do. So, here is a few ways to optimize each open house experience:

• Get there early: Don’t be obnoxious, I’m talking about ten to fifteen minutes at the absolute most. Just so that you beat any rush of people wanting to look at the house as well. This will give you extra time to scope out the house, go to the bathroom and check that the toilet flushes and all the taps work. It’ll feel weird to turn on someone else’s shower but these are things you need to know. This will also leaves you some solid time to engage with the host. Introduce yourself, get a solo tour, hear the spiel, garner some extra attention that could serve you well later. If you think you like the property take a walk around the neighborhood. Don’t be afraid to talk to the neighbors and try to get a feel for the area. Then, when you come back after your walk re-engage with the host, this will garner even more attention, and by that I mean prioritization.

• Know what you want: The important part of this is to stay open minded. If or when a house doesn’t have EVERYTHING you want don’t immediately wright, it off as a miss. It’s important to note everything a property does have that you want first and then begin to think creatively. Is it possible to get the other features that you want another way? Are you willing to remodel or do any add-ons? Consider what you’re willing to do and can afford to change beforehand so that when you’re in the house you can mentally redecorate in peace with that in mind. Also, it’s good to consider what you’re willing to live without if you find the right house but it doesn’t come with 100% of the features that you were looking for before you get there so that those things don’t become hang-ups while you’re roaming the house.

• Ask Questions: This is super important. Have some prepared. Bring a little notebook and write down more during your first walkthrough of the house. Whatever you feel the need to know without crossing over the line of TMI. Have they received any offers yet (this will tell you how quickly you may need to move to make your own)? How quickly is the seller trying to move out (being in a hurry may mean they’ll want to take less time to negotiate and may take a lower offer), Is the sellers’ price flexible (there will be a battle of wits and talking around the subject with the agent but it’s a battle you might win)? How long has the house been on the market (get a sense of the level of desperation, there are details here that you can’t get on the online listing, collect as much context for a long selling period as possible)? Are there any issues with the house (there are disclosure requirements but the agent is going to do their best to sell you the property so do your best to read between the lines here)? What are the average utility costs (this tells you the real cost of the house honestly)?