Real Estate Matters
By Elisa Jo Eagan
Open houses have long been a weekend activity for prospective homebuyers. Although only 4% of buyers ultimately purchase a home through an open house, 41% still attend them as part of the home-buying process.
Realtors hold open houses to generate foot traffic and aid in marketing the property. Due to recent inventory shortages, it has even become common for buyers to make offers directly after visiting an open house.
As more buyers return to the market, Realtors are increasing the frequency of open houses to accommodate them.
Buyer tips
With busy schedules and daily responsibilities, attending open houses can offer a convenient and flexible way for buyers to explore potential homes. Open houses allow buyers to view a property at their own pace in a more relaxed, stress-free setting. Here are some tips to help make the most of your visit:
Ask pertinent questions
Seeing a home online is different from experiencing it in person. When attending an open house, the agent will typically ask you to sign in and inquire whether you have a Realtor representing you as a buyer’s agent. This is a good time to ask questions that will give you deeper insight into the home. Key questions might include:
– When was the home built?
– What is the age and condition of the roof?
– How old are the water heater and HVAC systems?
These questions can help you assess potential future repair or replacement costs.
Take notes
If you’re visiting several open houses, make a list of their locations to stay organized. Keep a notebook to jot down specific details as it’s easy to forget key information after seeing multiple properties in a short time. Reviewing your notes later can aid your decision-making process.
Revisit the home
If you’re unsure about a property, consider attending another open house to see it again. This allows you to explore the home more thoroughly and consider whether you can envision living there. Be sure to let the agent know if you have a Realtor or if you have previously toured the property with your agent.
Seller tips
Hosting an open house can boost foot traffic and increase your home’s visibility. More exposure often leads to multiple offers and can drive up the sales price. Here’s how to prepare your home effectively:
Stage to sell
Staging is essential to highlight your home’s best features and help buyers picture themselves living there. According to the National Association of Realtors (NAR), 82% of buyers find it easier to visualize a staged home as their own. Simple touches like rearranging furniture, adding fresh flowers, decluttering and deep cleaning can make a big difference.
Elevate curb appeal
The exterior appearance is critical for a positive first impression. Good curb appeal can increase your home’s value by an average of 7%. Make sure the lawn is well-manicured, bushes are trimmed, weeds are pulled, mulch is fresh and the entryway is clean.
Scheduling an open house
Coordinate with your real estate agent to choose the best days and times for your open house. If possible, hold the first open house during the week your property is listed as this can generate significant traffic.
During the fall and winter sports season, consider holding open houses on Saturdays to avoid conflicts with Sunday games. It’s also helpful for sellers to be absent during an open house as buyers are more likely to ask the agent direct questions and explore the property freely when the owner isn’t present.
To make the most of an open house, remember:
- For Buyers: Come prepared with questions, take notes and revisit homes if needed to ensure an informed decision.
- For Sellers: Staging and enhancing curb appeal can help create a lasting impression and may increase your home’s value by up to 7%.
Happy house hunting everyone!
