Unless you’re up for a real estate window shopping, you’re coming to an open house because you want to buy a new home. And this would be a home where you and your family would live for many years or for a lifetime. That’s why you should make the most out of your visit to a home for sale, especially on such occasions where the seller deliberately show-off their property.
Hence, you should know the valuable points to remember when coming into an open house. This is to avoid being overwhelmed with all the buying factors you want to think about.
Here are the Essential Notes not to forget when coming into an Open house:
Get a Mortgage Loan Preapproval
If you’re preapproved for a mortgage loan, it means you already have a financial back-up whenever you settle for a purchase. So, sellers would treat you as a more serious buyer, and they’re more likely to let you negotiate for the best deals. Bring your mortgage preapproval letter when you go to an open house.
Limit your search on a certain Location
When you look up the listings in a city, you’d get dozens of open houses that will overwhelm you. Such number of options would distract you, especially if you see affordable houses here and there. Limiting your search helps in narrowing down your options.
Know your Ideal Price Bracket
Your preapproved loan would tell the safe price bracket to consider in finding an open house to go. But it doesn’t have to be lower than the loan amount. You can go a bit higher or lower, but with caution.
If you’re preapproved for a $300,000 loan, for example, it’s unsafe to grab a $600,000 deal. But you can surely choose a house about $250,000, or one which is $350,000. Be sure, however, that the latter price range is reasonable enough, such as letting you have a nicely remodeled kitchen or bathroom difference.
Observe the People on the Occasion
Once you arrive in the open house, look around and observe the people in there. This would help you especially if it’s your first time buying a home. If people simply come in and leave, for example, you’d know they’re not getting any good deals. But a lot of buyers sticking around and asking questions to their realtors is a good sign.
Other people you should observe are the realtors. You’d notice if they like the property or not by simply observing their actions. Also, you’d see they’re observing the people going and leaving to gauge the market response to the open house.
Check the Property
Yes, an open house is no time for a close inspection. But this is a good chance to know if you’d pursue on the process or find another property. So, check the property, and see if you like it. Also, be sure to check if it’s in good shape by seeing its utilities, walls, paints, and parts among other essential points.
Know the Days on Market of a Property
A house with a reasonable price but is new on the market attracts more buyers easily. So, you’d probably end up bidding until it becomes unaffordable for you. Consider going to an open house of a property which has stayed in the market for a while.
Talk with the realtor about its condition, flaws, past financial issues, and other concerns. This would help you gauge if you can sort such negativities out. Also, you’d notice realtors of such property more open for big negotiations.
Remember these notes when you’re planning to visit an open house today. Be careful, and always talk with your realtor when in doubt.
Image Source: Freepik
Call me today and have my teamwork for you. You will be thankful that you did!
Your Realtor for LIFE
Do you want your home selling experience to be made easy?
Ed Constable is a top Realtor in Fenton, MI, and surrounding areas!