If you’re a potential real estate buyer in the market, open houses will be a regular part of your schedule. At Rockport Properties, Inc., we keep a running list of local open houses and are here to answer any questions you may have on either the buying or selling ledger.
For first timers, what are some things you should be focusing on when you attend an open house, or even before you get in the door? Here are some good examples.
Focus on What You Know
Scouring the internet for open houses can be overwhelming, but don’t let yourself get out of control. Start off by identifying an area you want to buy in, then focusing on that area. Don’t get distracted or moved in a variety of directions. Building your search from here is a great baseline.
Be Open on Price Range
Now, you’re not going to suddenly spend $600,000 if you’ve only been looking at properties in the $250,000 range, but it makes sense to leave some wiggle and at least look at properties ranging from $200,000 to $300,000 in this case. Knowing what you can get above and below your target range can be valuable, and homes priced higher than your budget can easily get reduced down into your range over time. And in tighter markets, those priced lower to begin with could rise right up into your range.
Watch the People
Are people walking in and out without much consideration? This isn’t a good sign. On the other hand, are lots of people hanging around and asking the agent questions? This signals a good chance of a good listing with a good price. Smart buyers don’t waste their time on a listing if they don’t find the price realistic, so that’s a quick giveaway in some cases.
Pick the Agent’s Brain
Many buyers met their agents at an open house early in the sales process – this is a breeding ground for this sort of thing. Not only can you get valuable information on the listing by talking to the agent, you might find someone you want to continue a professional relationship with.
Know Days on Market
Days on market, or DOM, is one of the most telltale signs of how a property is faring on the marketplace. If a home is priced just a tad too high for you, for instance, but it has a DOM of 100, this is nearly a sure sign that the home won’t actually fetch the listed price – you should stay interested. In some cases, however, homes with high DOMs can be a chance to find a hidden gem that’s being mistakenly passed over. Some sellers might be more willing to negotiate after more days on the market, for instance.
To learn more about open houses or find out about any of our other buying or selling services, speak to the experts at Rockport Properties, Inc. today.