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<\/a>What is an open house?<\/h2>\n
Open houses<\/a> give potential buyers a chance to tour available homes on the market. The seller\u2019s agent typically hosts (in some cases the sellers themselves host) and they often take place on the weekends to maximize foot traffic. Open houses differ from showings in that they are not private, so you can expect to see other potential buyers there.<\/p>\n The approach is generally informal and buyers can get an up-close look at a home \u2014 and scope out the competition. Sellers host these events with the hope of getting an offer \u2014 or multiple offers if they\u2019re lucky.<\/p>\n Buyers can find open houses<\/a> through their agents, the multiple listing service (MLS)<\/a>, social media<\/a>, or just by driving around and looking for signs. For many, open houses are an important part of the homebuying process. In 2020, 53% of all sellers<\/a> used an open house to market their home, according to a report from the National Association of Realtors (NAR).<\/p>\n With all of this in mind, let\u2019s get into those tips.<\/p>\n Before heading out to open houses, it\u2019s important to know what you\u2019re looking for in a home. First things first. Establish your budget, what type of home you want, and other criteria. Think about your must-haves and nice-to-haves, but also consider what won\u2019t work for you. For example, if you need four bedrooms, touring a two-bedroom home probably won\u2019t be the best use of your time.<\/p>\n \u201cIt’s really easy for a buyer caught up in the excitement,\u201d says Mark Simone<\/a>, a top-selling real estate agent based out of Baltimore, Maryland. \u201cIt’s really important to be careful.\u201d<\/p>\n Targeting open houses based on neighborhoods you want to live in or those in great school districts is one way buyers can make the most out of their open house search. But again, keep it realistic. While it may be tempting to tour multimillion-dollar waterfront homes when an open house comes up, it won\u2019t necessarily help you find your dream home if it\u2019s outside of your budget.<\/p>\n It happens all the time. You walk into a home and see ugly carpeting or walls painted in a color you find unappealing. An open house is not the time to comment on an owner\u2019s taste, however. It\u2019s best to bite your tongue. You should only compliment or ask questions about the home during an open house.<\/p>\n Imagine you pull up to a home in a great neighborhood. It\u2019s close to a variety of cute shops and restaurants you love. It\u2019s in a great school district. The yard is well maintained and the house, with its bay windows and charming front gardens, has major curb appeal.<\/p>\n But when you open the door you see loud prints or dated furniture. Maybe the kitchen doesn\u2019t have the most up-to-date appliances. Your anticipation built as you walked up the drive, and now the home feels a little disappointing.<\/p>\n Just as you shouldn\u2019t criticize the owner\u2019s taste, you also shouldn\u2019t let it get in the way of seeing a home\u2019s positive attributes or its potential. When you attend an open house, it\u2019s important to keep an open mind.<\/p>\n Most open houses will have some rules set out by the seller. Perhaps you\u2019re asked to wear booties during the tour to avoid damaging floors or tracking in dirt, while others may have rules about what areas in the house they want potential buyers touring during an open house.\u00a0 Open houses don\u2019t typically restrict access to bedrooms or bathrooms, but some sellers may ask to keep small areas containing valuables or sensitive materials, like a closet, private. If this is the case, you can always ask the seller\u2019s agent to make sure you have access to the space on a follow-up visit.<\/p>\n Whatever the rules may be, it\u2019s important to adhere to them during the entirety of the open house.<\/p>\n A variety of different people<\/a> go to open houses, so you\u2019ll likely see serious buyers as well as curious neighbors. No matter your reason it\u2019s important to be upfront with the seller or their agent about why you\u2019re attending.<\/p>\n You should share your name and contact information on the sign-in sheet. For serious buyers, providing your agent’s name and contact information rather than your own is acceptable.<\/p>\n Being truthful about your intent can help save time for both the agent and attendees. If you\u2019re not serious about buying a home it\u2019s ok to say so. That way, selling agents can better determine their follow-up approach. Also, if you\u2019re working with an agent, say so.<\/p>\n While it\u2019s important to be honest at an open house, you should avoid disclosing too much information. For example, you can keep details about pre-qualification between you and your real estate agent. The seller and seller\u2019s agent don\u2019t need to know that.<\/p>\n \u201cIt’s tough because I think most people are inclined to have a conversation,\u201d Simone says. \u201cStay away from disclosing any timeline or financial information.\u201d<\/p>\n Additionally, talking about your job or current lease information can give sellers and their agents clues to your budget, so it\u2019s best to avoid those topics at an open house.<\/p>\n \u201cI would argue that they really shouldn’t disclose much at all,\u201d Simone says. \u201cThere are some questions like \u2018what do you do for a living?\u2019 and the reason why you don’t want to answer that is because, you know, there are certain responses that you can give that can unknowingly weaken an offer.\u201d<\/p>\n That being said, it is normal for the seller\u2019s agent to ask questions of potential buyers during an open house, but you should still be polite while sidestepping tricky queries<\/a>.<\/p>\n While open houses may be fun, they may not be the most productive way to find a home if you don\u2019t put in some legwork. In fact, open houses led only 6% of buyers<\/a> to the home they ended up purchasing in 2020, according to NAR data.<\/p>\n In order to ensure you get the most out of the open house experience, it\u2019s a good idea to do research on the market<\/a> and the types of homes you are interested in purchasing beforehand. Understand what you\u2019re getting for your money, what the area is like, and how your taxes compare to other areas, among other considerations. You can work with your agent to understand the typical price of homes in the area, the standard number of days on the market, and whether a home has gone under contract recently and returned to the market.<\/p>\n Attending open houses can certainly provide additional insight. By going to multiple events, you can get a sense of what types of homes are available in the area and what you truly can get with your budget.<\/p>\n Since it\u2019s an informal event people come and go throughout the duration of an open house, but it\u2019s important to be respectful of the sellers\u2019 and agent\u2019s time. Don\u2019t overstay your welcome by coming early or lingering after the open house has ended. If the open house runs from 1 to 4 p.m., you don\u2019t want to arrive at 12:50 p.m or 3:50 p.m.<\/p>\n For attendees who are merely browsing, there\u2019s no need to spend a lot of time in the home. Doing so can take up time the seller\u2019s agent could be spending talking to serious buyers. On the other hand, if you\u2019re a serious buyer, take all the time you need (but be mindful of the event hours). If you want to see more, you can always schedule a private showing later.<\/p>\n In addition to being courteous about the timing, make sure you adhere to common open house etiquette. Since multiple people likely will be at an open house, it\u2019s important not to monopolize the seller\u2019s agent by asking too many questions or expecting their full attention.<\/p>\n If an open house serves drinks or snacks, try to avoid turning the event into a picnic by eating or drinking too much. It\u2019s also considered poor form to bring in your own food, so consider grabbing a meal before or after the open house.<\/p>\n Additionally, consider who in your family should attend an open house. You should definitely leave your pets behind, but many parents wrestle with whether to bring their children with them to an open house. A 2018 survey found that 55% of homeowners with kids<\/a> say that their child\u2019s opinion factored into the decision to buy. So kids undoubtedly play a role in the homebuying process. However, if you think your kids may struggle to follow rules, walk calmly through the house, or keep the noise level down, it might be best to book a private showing with them instead. If you do plan on bringing your kids, consider bringing along another trusted adult, so that they can keep a close eye on the kids.<\/p>\n Unlike a private showing, you can expect to see other people who are interested in purchasing the home at an open house. It\u2019s a good idea to give people their space to observe and discuss the house, so as a courtesy, if you can, wait to enter a room until it\u2019s empty. Additionally, as we come out of the pandemic, some people may be wary about being physically close to others during the homebuying process.<\/p>\n Consequently, sellers may ask buyers to follow health, safety, and cleanliness rules during the open house. Others may only offer virtual open houses<\/a> for the time being. Buyers should adhere to these rules at all times while attending an open house, even as pandemic restrictions are lifted.<\/p>\n An open house is your chance to see a home up close. It\u2019s important to look in every room and to scope out closets, basements, and other storage spaces, as well as the home\u2019s main living areas.<\/p>\n Opening doors can help you determine if a home has any damage that the seller may be trying to hide. For example, many homeowners repaint the ceilings before listing their homes to cover any cracks or water damages, but they may forget the ceilings in the closets.<\/p>\n \u201cA little tip is to walk through and you’re looking at the ceiling, don’t forget about the closet,\u201d Simone says.<\/p>\n \u201cLook specifically at the ceilings in the closet to see if there\u2019s any signs of water damage there.\u201d<\/p><\/blockquote>\n Some areas of a home may be off limits, however. Sellers may not want strangers poking around in certain closets or areas where valuables might be stowed. If an area is off limits during an open house, you can always schedule a separate showing with your agent.<\/p>\n One of the most important pieces of open house etiquette is look, but don\u2019t touch. During an open house, a seller is welcoming people into a home that they are often still living in, so respecting their space is paramount. Don\u2019t go snooping through their bathroom cabinets or looking through their dresser drawers.<\/p>\n Be wary of getting so caught up in the excitement of touring a home that you forget to check for damage.<\/p>\n \u201cDuring an open house, you’re really looking more from a home inspector\u2019s perspective,\u201d says home inspector Bruce A. Barker<\/a>, president of the American Society of Home Inspectors<\/a>. \u201cPay attention to things you might not [normally] pay attention to, like how does the water heater look? How does the furnace or air handler look?\u201d<\/p>\n If you\u2019re serious about the home, Barker recommends that you ask for the seller\u2019s property disclosure statement<\/a>. That way you\u2019ll know if the home has a history of foundation issues, water damage, or any other material defects that could affect the home\u2019s value or inhabitability.<\/p>\n Open houses provide an opportunity for buyers to tour homes they\u2019re interested in buying without the pressure of booking a private showing. They aren\u2019t networking events. Avoid trying to sell products or services to other attendees.<\/p>\n An open house is a great time to ask questions<\/a> of the seller and their agent. Curious about whether the house had had any major repairs recently? Go ahead and ask. Concerned about whether the home is part of a homeowners association<\/a> and what fees are associated with it? The seller or their agent should be able to answer that for you.<\/p>\n Take notes on everything you see and ask the seller\u2019s agent if you can take photos of the home. This will help you remember what you liked or didn\u2019t like as you consider whether to put in an offer after leaving the home.<\/p>\n At the end of the event, take any listing sheets or other brochures with you. These documents will contain photos of the home and other information that you may have forgotten.<\/p>\n If you go to an open house and fall in love with home, it\u2019s helpful to have everything in place so that you can quickly make an offer and \u2014 hopefully \u2014 secure your dream home.<\/p>\n One way you can make sure that your offer is competitive is by having a pre-approval letter ready<\/a>. A pre-approval letter is a conditional loan approval buyers receive after filling out a mortgage application and giving the lender a full documentation of their income and assets.<\/p>\n \u201cIt can provide a lot of peace of mind. What I always tell buyers is that it is such a weight off your shoulders to know before you walk into that house that you can [move forward with an offer]\u00a0 and to know what it would look like [financially],\u201d Simone says.<\/p>\n Even if you\u2019re eager to buy a home after an open house, it\u2019s important to remain practical and to know your limits \u2014 both financially and with regard to contingencies<\/a> \u2014 if a bidding war with other buyers arises. In this competitive market, Barker says he\u2019s seen buyers in some parts of the country waive their right to a buyer\u2019s inspection<\/a> in an attempt to make their offers more competitive in a seller\u2019s market \u2014 a choice that can be incredibly risky for homebuyers.<\/p>\n Though seeing dozens of other buyers fawn over your dream home might tempt you to forgo a home inspection<\/a> in an attempt to make their offer more competitive, Barker emphasizes the importance of having one for both safety and peace of mind.<\/p>\n \u201cIt’s really a balancing act. What kind of risk you’re willing to take versus the benefit of getting the house,\u201d Barker says. \u201cIf you can’t afford to fix a problem that you would have found if you had had an inspection, that’s a big risk.\u201d<\/p>\nOpen house do\u2019s and don\u2019ts<\/h2>\n
Do look for homes that meet your criteria<\/h3>\n
Don\u2019t criticize the owner\u2019s taste<\/h3>\n
Do keep an open mind<\/h3>\n
Don\u2019t defy the house rules<\/h3>\n
Do be honest<\/h3>\n
Don\u2019t disclose too much information<\/h3>\n
<\/a>Do research the market<\/h3>\n
Don\u2019t overstay your welcome<\/h3>\n
Do be polite and be mindful of other attendees<\/h3>\n
<\/a>Don\u2019t encroach on other people\u2019s space<\/h3>\n
Do open every door<\/h3>\n
Don\u2019t touch the owner\u2019s things<\/h3>\n
Do look for damage<\/h3>\n
Don\u2019t try to sell products to the other attendees<\/h3>\n
Do ask questions and take notes<\/h3>\n
<\/a>Have a pre-approval letter ready in case you fall in love<\/h2>\n