It's both fun and educational to attend an open house, whether it's for a new residence or a vacation home. Click through to learn how to prepare strategic questions to ask the listing agent when attending open houses as a potential buyer.
If you're a potential homebuyer, there are a number of questions you should ask the listing agent about each home. Open houses help you get a better feel for the space while learning more about it in the process. When you're ready to shop for a new home, here are seven questions to ask when attending open houses.
- Why is the house for sale? Ask why the sellers are moving to find out the reason why the home is on the market. That may give you some insights into the timing and motivations of the sellers.
- How long has the home been on the market? If you ask when the home was listed, you'll gain insight into the house and the real estate market as a whole. The agent can put the number in context for you while disclosing information about the level of interest in the place.
- Does the house come with any problems? Inquire about issues to get an idea about the last time the house was updated. Given that home renovations can be costly, learn about problem areas ahead of time, and then check them out while you're at the house.
- Has the home's price been stable? By finding out how much the price has fluctuated since the house was put on the market, you'll find out whether the price is flexible when it comes time to make an offer.
- How many offers have been made on the house? Ask whether there's an offer on the table when you walk in the door. If you mention the pending offers on the place, the listing agent might be pleased to tell you about them, because your bid could drive up the price.
- What's the home's average cost for utilities? When you inquire about the estimated cost of utilities, make sure you have room in your budget. Get the agent to show you the most recent bills to get a better idea of monthly and yearly expenses.
- When are the sellers looking to close on this house? Learn the timeline for closing on the home to find out what the sellers want. If you know an offer could be chosen based on its time frame, you could gain an advantage if the owners want to sell quickly.
With these seven questions in mind, you'll be ready to make a better assessment of each home. An open house is your chance to ask as many questions as you can about the property. When you're ready to make the most of the home-buying process, please don't hesitate to get in touch with us.