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Open House Tips For First-Time Buyers

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While open houses seem pretty casual, savvy buyers know that checking out a home isn’t just about aesthetics or a quick view. In today’s hot market, you might not get another look before making an offer. If you’re seriously interested in a home, get a feel for the things you can’t change: the neighborhood & ongoing home maintenance needs. You should also get critical details such as when offers are due.

If you aren’t totally sure about how the open-house process works, you aren’t alone. Sometimes home buyers visit an open house to window shop instead of taking full advantage of the opportunity to get important details about the home. When you visit an open house, you should have several questions prepared for the seller’s agent and you should have already conducted some research, too. You want to leave this process feeling that you have enough information to make a well-informed decision.

Here’s what you need to know about the open-house process:

Open house etiquette

It may not be a fashion show, but it’s important to leave a good impression on the listing agent. Bringing your business casual A-game will help you look like a serious buyer. Don’t rush – make sure you get a chance to visit each room and get a feel for the look and smell of the place. Be courteous to the agent and don’t be afraid to ask questions.

What to look for at an Open House

If allowed, you should take pictures of the inside and outside of the house. On the interior of the home, you should be looking for uneven floors, water stains, signs of cracks in the ceilings or walls, and mold. On the exterior, you’ll want to see if there’s any damage to outer walls, or if the roof has any tiles missing. If you can easily spot damage to the home, then it might not be worth your time. it’s important to consider that there may be repairs you’ll need to factor into your budget if you decide to make an offer on the home.

How to take the pulse of the competition

Are other prospective home buyers at the open house? How serious do they seem about the process? Are they asking questions? Do they have a checklist? Be on the lookout when you enter the home. These are potential home buyers who might also make an offer on the property.

Make sure you are memorable

You want to try and ensure that the agent remembers you. Building a good relationship with the agent can be key if you decide to make an offer on the home. Tell a short story about yourself, or ask the agent about their family or how they got started in the real estate business. Make a genuine effort to get to know them in the short period of time you spend at the home. Agents are people too, and people remember those who make an effort.

Know which questions to ask

By now, you know that an open house isn’t just a casual gathering of interested buyers, sellers and real estate agents. It is a major opportunity for you to feel out the home while also getting critical information.

You are probably still wondering what to ask at an open house. You should have several questions prepared, as the open house might be the only chance you get to ask them. If the home is a hot commodity, then other potential buyers might be looking to put in an offer soon. You want to get as much information as possible during the open house so that you can make an informed decision on whether or not you want to go forward with an offer of your own.

Here is a helpful checklist of questions to get answered on your open house tour:

  1. How many offers have been made?

You should always ask the real estate agent if any offers have already been made. If there are multiple offers on the home, it could indicate that the property might sell quickly. If there aren’t any offers yet, then the opposite might be true. Real estate agents hope that multiple offers will push up the sales price of the home. Keep your budget in mind — even if you love the home, you don’t want to get into a bidding war with other prospective buyers if the result is an unaffordable price.

  1. Why are the sellers moving?

The sellers could be moving because one of the owners got a new job across the country. Or they could be moving because the home’s maintenance is unaffordable and the repairs are getting more burdensome. Always make sure to ask the real estate agent why the sellers are moving. If they give a strange or off-putting reason, take note. The last thing you want to do is move into a house the owners sold because of bad neighbors, rising crime or failing schools.

  1. How long has the property been on the market? Why?

Learning how long a property has been on the market will allow you to make a knowledgeable offer. Make sure to ask the agent, but also verify their claim with a listing service. It could have been on the market for a while because a previous buyer’s financing didn’t come through. Or maybe the property just went on the market this month and there are plenty of suitors. The context will provide you with useful information that gives you a better idea of how fast you’ll need to take action and how competitive the offer process might be.

  1. When was the house built? Has it ever gotten any updates?

You want to make sure that you know when the home was built and if there have been any updates or renovations. Check on key features of the home, such as the roof, piping or electrical wiring. If you are purchasing an older home and there have been no recent updates of these features, you should be wary — you might have to make those repairs at significant cost in the near future.

  1. What are the costs of utilities?

Too often, utilities are an afterthought in the home-buying process. But this is a property you are thinking about living in, and that means you’ll need lights, running water, heat, air conditioning and working sewer pipes. Ask the agent if he or she knows a ballpark of what utilities cost. You don’t want to get further into the process just to find out that the utilities on the property will have a significantly adverse effect on your budget.

  1. How eager is the seller to sell the property? Is it an urgent sale or can it happen at any time?

Just as it is important to know why the seller is moving, it is also important to know how eager they are to sell and what their timeline looks like. If the seller needs to offload the house in a hurry, then perhaps they might be willing to consider a lower offer. But if the seller isn’t motivated, then the process might not move very quickly.

  1. What are the neighbors like? Have there ever been any issues?

You aren’t just buying a property. You are also going to be spending the majority of your time in a new neighborhood. Even if you like the property, do you really want to live in a neighborhood you don’t feel comfortable in? Ask the real estate agent about the neighbors and make sure there haven’t been any issues. You’ll also want to check online and look at the local shops and eateries. Visit a few and see if they match your lifestyle and meet your needs.

  1. What/where are the schools? How are they rated?

Schools are a huge issue for home buyers. You can check how the local school district is rated online, but nothing beats asking people in person. How do they feel the local schools are serving the students? Even if kids aren’t in your near future, the quality of your school district will eventually impact your home’s resell value.

  1. What other homes should you check out in the neighborhood? Why?

Real estate agents aren’t just selling one home. There are likely other sellers in the area that they represent as well. If you aren’t totally sold on the home you are visiting during the open house, ask the agent if there are any other homes nearby that you should check out. You’d be surprised how often buyers find helpful information this way.

This article originally appeared on OpenListings.

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HOME STAGING, WE ANSWER WEDNESDAY

We Answer Wednesday – 7 Low cost Home Staging Tips

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“We are selling our home and moving to a new city due to a job transfer.  I know home staging sets you apart from the competition.  We want to sell quickly and make the move to the new city easy.  We are on a tight budget, do you have any quick, easy and low budget home staging tips to share?”

 

You are absolutely right! Home staging sets you apart from the other homes on the market and you want to stand out in the crowd especially if you are in a market with lots of competition.  Every style of home can benefit from home staging.  Home staging can get you more money and help you sell faster, so the extra work to get the home prepared for the market will be worth it in the end.  Less time on the market means you can move forward with your new chapter in life without the extra stress and worry.

There are lots of quick and easy, low cost (and no-cost) staging tips. 

Here’s what we suggest:

– Clean.

I’m sure your home is clean but is it spit shine clean? Really get in there and clean that house.  Give it a good scrub down.  Buyers will notice and the home will feel great.  There is nothing like a super clean home.  Having said that, pay attention to the scent of the home.  You don’t want it to smell like harsh chemicals of bleach – that can be a turn off. Stick with scents like clean laundry, vanilla or cotton.

–  Repair.

This may cost a bit, it depends on what needs to be repaired and how handy you are.  Any burnt out light bulbs? leaky faucets? cracked tiles? chipped paint? You need to spend a bit of money here to tend to these issues.   Has it been a while since you painted the house?  You might want to consider a paint job – a fresh paint job goes a long way and make a huge difference! Over look these repairs or just leave it? Buyers will think you maybe left other issues unresolved, bigger issues. If there are too many repairs to pay for and maybe you don’t have the time, consider that when pricing your home with your agent.

– De-clutter.

We all have junk.  Since you are moving anyway this is a great opportunity to lose some weight.  Go through your stuff and get rid of what you don’t want/need you will be surprised how much you can accumulate in a short period of time.  Go through everything – drawers, closets, cabinets etc.  Don’t spend the time, money and energy moving to the new place to just to toss it – get rid of it now.  The house will feel lighter. Plus when buyers see clutter it is a stresser and it sends a message that there isn’t enough storage (one of the top things buyers are looking for is storage).  One area to really pay attention to is above the kitchen cabinets – don’t store anything up there, it’s distracting and looks messy (even decorative items) and bathroom counter tops, we tend to ‘collect’ soap, lotions and more. Clear off surface spaces – kitchen counters, your coffee table, end tables, kitchen table, desk etc…Clear out the clutter!

– Pre-pack and depersonalize.

You know you are moving , so pre-pack certain items that you know are going to come with you.  For instance family photos and collections – we don’t want them in the space because they personalize the space – you don’t want buyers to feel like they are visiting, you want them to mentally move in – your memories will block that from happening.  Collectibles should also be packed up – again they are personal plus they can clutter up the space depending on the size of the collection.  Have a lot of art or books? A few are fine but if you have too many they can add bulk to the room making the space feel cramped, so pre-pack some of those pieces (at least the ones coming with you)

 

– Let there be light!

Pull back the drapes, clean those windows and be sure to replace burnt out bulbs or up the wattage.  Light makes a huge difference in a space.  If you have a dark room, add some table or floor lamps. When it is time for your photos, be sure to have your lights on – over head, task lights all of your lights – it looks so much better in photos! Take a look at the two images below – image 1 has all of the lights on – even though they have beautiful natural light streaming in from the patio doors and window.  Look how bright the room is. Image 2 – no lights on at all.  The light from the window just isn’t enough.  Yes, it is a beautiful room but it looks a bit dull without the lights on.

 

         

– Curb appeal.

Make sure the exterior is maintained, it’s your home’s first impression.  So trim the grass and hedges.  Make sure exterior lights are in working order.  Is the address plate visible and in good condition? Does the door bell work? Shovel or sweep the porch and walkway/driveway. These details are important.

 

– Set the scene.

This is the fun part and the creative part. Use magazines as your inspiration -make the bed and make it look inviting like you would see in a chic hotel.  Have a great dining room space? Set the table to help buyers visualize entertaining in the space.  Add a touch of colour in the kitchen.  Some flowers or a fruit bowl on the island or kitchen table make the room look fresh. Take a look at your furniture or better yet get a friend to help – is there too much? Is there flow? You may need to re-arrange some pieces, so try to find a way to create a comfortable set up that encourages conversation but also shows off the space.

 

Be sure to keep the ‘creative’ stuff last and follow these steps in this order. Remember, home staging isn’t just about fluffing pillows  – it’s a step by step process to make the home look it’s best.  Buyers are looking for their new home not your old home, so follow these steps and your house will shine!

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