Open House Benefits For Home Buyers Prior To Purchase Offer
This Article Is About Open House Benefits For Home Buyers Prior To Offer Offer
Many seller’s realtors offer an open house on their home listings. The open house is a great marketing tool for sellers. This is because it is an invitation for not just potential homebuyers but also for realtors. A good open house with have dozens of potential home buyers and real estate professionals visiting the home. It is a great opportunity for potential home buyers to attend and ask questions.
Open House is not just to the seller’s realtor but also to the actual homeowner selling the home. Many times homeowners who are selling the home are present at the open house to answer questions. In this article, we will discuss and cover Open House Benefits For Home Buyers Prior To Purchase Offer.
Attending An Open House
Once you have decided to purchase a new home and are armed with a strong pre-approval letter, you are now ready to place a real estate purchase offer on a home you like. Many home buyers first start shopping for a home from the internet. They check real estate online websites like Zillow.com, Trulia.com, Realtor.com, Redfin.com, and hundreds of other Real Estate Websites. Shoppers can then contact a realtor and make an appointment to visit the home of their liking. With Open Houses, it is open to the public.
Open house showings are normally advertised in the newspapers or other media sources. It is highly recommended to take advantage of open houses. This holds true even though they are not the homes buyers are interested in placing a real estate purchase offer. The more homes shoppers visit, the better idea of what is out there they have. Amenities, and the values as well as the price per square foot of the homes in the market.
What Are Open Houses
Basically, open houses are when home sellers invite interested home buyers in to look over the homes they are selling. The seller can show interesting features of their home. Potential homebuyers can ask certain questions to the seller.
- such as where the nearest shopping center is
- the school system, parks
- proximity to expressways
- public transportation
There are certain questions that are important that asking the seller’s realtor or the actual home seller is advantageous than going through the home buyer’s realtor.
Why Are They Selling Their Home?
If the seller is present at the open house, ask the sellers why they are selling their home. This question is a great ice breaker to start a relationship with the home seller.
Many reasons why sellers sell their home is due to:
- upgrading to a larger home
- short sale
- moving to a different state due to job transfer
- or moving to a rural and/or urban area
Ask If There Are Any Pending Offers At Open House
The more people that are present at the open house, the more interest there is in the home and the more competition you will face. Find out if there are any pending offers. Can pretty much judge the interest the visitors of the open house have in the home. There are many open houses where there are multiple visitors. Again, the fewer visitors that are present in the open house, the lower offer buyers can start with.
Time On Market
Some homes sell within minutes it is listed on the market while other homes are listed in the market for months without a single offer on the table. Find out how long the home has been on the market. The longer the home has been on the market, the more negotiable the home seller is willing to be. Price is not the only negotiation instrument. Terms are also important. Sales terms such as an offer with a contingency that buyers need to sell the home or the amount of time the seller is willing to give buyers for a loan commitment can impact sellers’ decisions. Amount of sellers concession the seller is willing to give buyers.
Utilities And Maintenance
Find out what the utility bills such as the water bills, electric bills, gas bills, cable bills, internet bills are.
Also, find out how much they pay for the following added expenses as homeowners:
- maintenance such as scavenger service
- lawn service
- snow plow service
- other services such as annual inspection fees to the village or county if they have well and septic systems
The more questions buyers ask sellers the more they will feel buyers are serious home buyers and gravitate towards your offer than any other purchase offer.
Find Out What Are The Issues With The Home At The Open House
Older homes have issues and most home sellers will disclose what the issues are with the home. Find out what types of major and minor repairs the home seller has made. Age and conditions of roof, HVAC systems, and other items are if they know. Open houses are offered every weekend in every village, town, city, county throughout the United States. First-time homebuyers and seasoned home buyers should set time every weekend and visit a few open houses and see what is out there in the market.