Real Estate Matters
Open houses have long been a staple weekend activity for prospective homebuyers. Although only about 4% of buyers purchase their homes through an open house, 41% of potential buyers still visit them as part of the homebuying process.
Realtors host open houses for their seller/clients to increase foot traffic and support the marketing of the home sale. In recent years, low inventory has led to multiple offers on many homes, but this isn’t the case for every property.
Buyers who had been waiting for more favorable market conditions are now returning to the homebuying process, prompting Realtors to conduct open houses more frequently.
Buyer tips
With busy schedules and daily responsibilities, attending open houses may suit a buyer’s lifestyle during the homebuying process. The flexibility to view a home at your own pace is often a desirable option. Open houses also provide a relaxed, stress-free environment for homebuyers to gather information about a property.
Ask questions
Viewing a home online is not the same as seeing it in person. When attending an open house, the agent will likely ask you to sign in and inquire if you have a Realtor representing you as a buyer’s agent.
Since the agent hosting the open house typically represents the seller, come prepared with questions to gain in-depth knowledge about the home. Ask questions like:
When was the home built? What is the age and condition of the roof? How old are the water heater and HVAC systems?
These components can be costly to replace, so understanding their condition helps assess potential future repair and replacement costs. Asking the right questions equips buyers with essential information about the home.
Take notes
When visiting multiple open houses, plan your day by listing properties in order of their locations for efficiency. Keep a notebook handy to jot down details about each home, as it’s easy to forget specifics when viewing several properties in a short time. Later, review your notes to aid in your decision-making process.
Revisit the home
An open house is an ideal opportunity to revisit a home you’re undecided about. It allows you to walk through at your leisure, weigh the pros and cons and envision yourself and your family living there. Be sure to inform the agent at the open house that you have a Realtor or have previously toured the home with your agent.
Sellers tips
Hosting an open house increases foot traffic and visibility for your home. Greater exposure can lead to multiple offers, potentially driving the sales price higher.
Stage to sell
Staging is a critical part of the home-selling process. Preparing your home for sale is essential to securing the highest possible price. According to the National Association of Realtors (NAR), 82% of buyers find it easier to envision themselves living in a staged home.
Simple actions like rearranging furniture, placing floral bouquets around the home, decluttering and doing a deep cleaning highlight your home’s best features for potential buyers.
Elevate curb appeal
The exterior appearance of your home is vital for creating a positive first impression. In fact, enhanced curb appeal can increase your home’s price by an average of 7%. Ensure your lawn is well-manicured, bushes are trimmed, weeds are pulled, a fresh layer of mulch is applied and the entryway is clean and free of dirt and grime.
Scheduling an open house
Collaborate with your real estate agent to determine the best days and times for an open house. If possible, schedule the first open house during the week your home is listed, as this typically generates significant traffic.
During fall and winter, when football and sports events are prevalent, consider hosting an open house on Saturday rather than Sunday to maximize attendance.
Tip: Sellers should make every effort to be absent during the open house, as buyers are more likely to explore and ask pointed questions when sellers are not present.
To make the most of an open house, remember:
1. Buyers should come prepared with questions to gather essential information about the home and take detailed notes for later review to discuss with their Realtor.
2. For sellers, staging and enhancing curb appeal are critical for creating a lasting positive first impression, which can increase the sales price by an average of 7%.
Happy house hunting, everyone!
For real estate information and advice, contact Elisa Jo Eagan, the “Real Estate Godmother,” at 609-703-0432. Learn more at www.therealestategodmother.com.
