Open houses are a great opportunity to dive into the home buying process, and get an up close look at a potential new home. But the true benefit of an open house is getting to speak directly with the seller’s real estate agent.
This is the best way to learn about the home and neighborhood, but many people often neglect to ask important questions during an open house. If you are a first time homebuyer, these questions will help you get the most out of your open house experience.
Why are the Sellers Moving?
While you may not always get the most candid answer to this question, it is still important to ask the seller’s motivations for moving. It could be that the home is too small to accommodate their growing family, or they are relocating for their job. Whatever the reason, it is a good idea to know why the home has been put on the market.
How Long has the Home Been on the Market?
Knowing how long a home has been on the market is valuable information to have. If the home has been on the market for several months, it could indicate that the asking price is too high for the location, giving you some wiggle room for negotiation. Keep in mind though, the length of time a home stays on the market is only one piece of the puzzle. It could be that the seller was going through the process with another buyer, but their finances fell through at the last minute.
How Many Offers Have Been Made?
Asking how many offers have been made on the home can help you plan your negotiation tactics accordingly. If numerous offers have been received, you definitely do not want to enter a lowball bid. Likewise, if the home has been on the market for several months and received few offers, you may be able to successfully enter a lower bid.
Has the Price Fluctuated?
One more crucial piece of the puzzle can be found by asking if the selling price has fluctuated. Many times sellers will price their home high, then lower it for any number of reasons. It could be that they were nervous the home wouldn’t sell at the original asking price, or maybe their timeline changed and they need to sell sooner than expected. At any rate, putting the pieces together can give you an idea of what the seller’s needs and wants are, and adjust your offer accordingly.
With these tips in mind, you will be able to stay ahead of the curve, and have a successful open house experience.