Real Estate Matters
By Elisa Jo Eagan
Prior to the onset of COVID-19, attending open houses was a common Sunday activity for would-be homebuyers. However, as the pandemic put a halt to almost all in-person activities, the number of open houses dwindled. Sellers did not want strangers in their homes, and buyers didn’t want to be in the company of too many people.
Although just 4 percent of buyers purchase their homes through open houses, 41 percent of potential buyers still want to visit open houses as a step in the home buying process. In addition, to accommodate buyers’ needs and schedules, Realtors began providing virtual open houses for their clients. Due to the lack of inventory during these past few years, it even became common for buyers to make offers and/or purchase a home sight unseen.
Now, in the first quarter of 2024, inventory is still “slim pickins.” Buyers who had been sitting on the sidelines eyeing up homes for sale online are now beginning to return to the homebuying process and we Realtors are realizing the need to conduct open houses on a more frequent basis.
Buyer Tips
With busy schedules and juggling day-to-day activities, attending open houses may be more suitable for a buyer’s lifestyle in the homebuying process. The flexibility it offers to view a home at your own pace is often a desirable option. Open houses are also a great way for buyers to obtain information about a home in a more relaxed, stress-free environment.
Ask Pertinent Questions
Viewing a home on the internet is not the same as visiting it in person. So when you attend an open house, the agent will ask you to sign in and inquire if you have a Realtor to represent you as a buyer’s agent.
Since the agent hosting the open house is most likely the seller’s agent, come prepared with questions to obtain in-depth knowledge of the home. When was the home built? What is the age and condition of the roof? How old are the water heater and HVAC systems? These are all good places to start. By asking the right questions, a potential buyer is able to obtain necessary information about the home.
Take Notes
When visiting several open houses, make a list in order of their locations to make your day as efficient as possible. Keep a notebook handy to jot down information about each property, as it is easy to forget details when viewing multiple homes in a short span of time. Later, you can look over the information with the notes you have gathered to help you in your decision-making process.
Revisit the Home
This is an opportune time to revisit a home that you are on the fence about. It enables you to walk through the home at your leisure, weighing the pros and cons, and envisioning yourself and your family living there. Be sure to let the agent at the open house know if you already have a Realtor and/or that you have previously toured the home with your agent.
Seller Tips
An open house will increase the overall foot traffic into your home and create more visibility. The more exposure your home gets, the more likely you will receive multiple offers, possibly driving the sale price higher.
Stage to Sell
Staging is a key part of the selling process. Preparing your home for sale is essential to fetching the highest and best price.
The National Association of Realtors (NAR) reports that 82 percent of buyers find it easier to envision themselves living in the home when it is staged. Things like rearranging furniture, placing floral bouquets around the home, decluttering and doing a deep clean will help accentuate your home’s best features for potential buyers to see.
Elevate Curb Appeal
The appearance of your home’s exterior is crucial to creating a positive first impression. In fact, elevated curb appeal can increase the price of your home by an average of 7 percent. Be sure your lawn is well manicured, bushes are trimmed, weeds are pulled, a fresh layer of mulch has been applied and the entryway is free of dirt and grime.
Scheduling An Open House
You and your real estate agent should agree on the best days and times to have an open house. If possible, ask your agent to schedule your first open house the week your home is listed, which typically generates a lot of traffic. Also, consider scheduling an open house on a Saturday or a Sunday to maximize foot traffic.
Stay Away
Sellers should do all that they can to be absent from the home during an open house. Buyers are more apt to explore and ask the agent more pointed questions when sellers are not present.
For real estate advice and questions, call/text Elisa at 609-703-0432 or see TheRealEstateGodmother.com.
For More Real Estate Questions, Information and Advice Contact Elisa Jo Eagan “The Real Estate Godmother” (609)703-0432 and Remember…”There’s No Place Like Owning Your Own Home!”
