If you’re searching for a home, you’ve most likely checked out an open house or two. Along with private showings, open houses are a common way to get inside and can be an insightful next step after searching online. Here’s some food for thought for buyers venturing out on the weekends (or sometimes week nights), from an agent’s perspective.
Why go?
I hold open houses often so I get to meet a variety of people. Though I sometimes meet passersby, most often I meet visitors who have already scoped out the property, poured over details and studied the photos. Though online pictures and virtual tours are helpful, there’s nothing like stepping into a home to test out other senses – How does it feel? Or smell?? Getting inside answers questions about space, scale and other unknowns like flow, basement storage, closet configuration, ceiling height, and more.
If you as a buyer are already working with a real estate agent, your agent may send you to an open house ahead of a private showing. If they’re out of town or tied up with other clients during your free time, why not stop in for a preliminary peek? In a seller’s market, waiting too long to see a property may cost you, so better to tour sooner than later.
If you’ve already had a first showing with your agent, sometimes an open house is a good opportunity for a second glance, or a chance to bring through family members, contractors, or even inspectors.
Getting a Feel for the Market
Going to open houses can also be a good opportunity to get a jump on the spring market. Start doing your research and taking notes to get ahead of the game. I often meet prospective homebuyers who are planning to buy in the spring but are getting a feel for the market starting late fall.
Condo or Single-family?
If you are not sure what type of property you want to buy, open houses create an opportunity for checking out a variety of home types and/or developments. For example, you may be debating condo life but have never actually been in one. Or you may want to compare amenities in a small association versus a larger high rise. Or you might visit and compare different townhouse developments. Talking to a variety of agents about these Common Interest Communities (CICs) can be insightful — How are they managed? What’s included in the monthly HOA fee? (More questions to ask when buying a condo or townhouse here.)
Finding a Realtor
If you aren’t currently under contract with a buyer’s agent, open houses can be one way to meet your future agent. Chatting with agents at open houses gives you a good sense of their market knowledge, years of experience, personality, and compatibility in general. Reading online reviews, websites and blog posts are some ways to research, but there’s nothing like meeting face-to-face to get a vibe. Don’t be afraid to chat and ask questions!
The Seller’s Agent
Keep in mind that the agent hosting the open house will be representing the seller, not you, and will have the seller’s best interest in mind. Sometimes the listing agent will host, other times another agent from their brokerage (or another brokerage) will. Either way, the seller will be represented. Be aware of agent/client relationships and what you reveal to the seller’s side about your price, terms and motivation. If you are also represented (under contract) I recommend letting the seller’s agent know right away. I often tell my buyer clients to share my name with any open house agent.
Follow-up
If you have further interest after visiting a home follow up with your Realtor, if you have one. Schedule a private showing, obtain any disclosures or supplements, etc. If you are not working with someone and end up calling the listing agent for more information, do you know they will be representing the seller. If that agent ends up representing you it would be considered “dual agency”. To avoid dual agency, however, I recommend finding a buyer’s agent to help you. (More on Minnesota’s agency disclosure requirements here.)
As we approach holiday seasons, the number of new homes entering the market drops considerably. Know that come “spring” market, usually early January, the number of listings will increase, but so will the competition. Late fall and early winter are great times to get ahead of the pack and visiting open houses can be a helpful first step.
Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes to inform buyers and sellers on variety of topics including market conditions, tips for selling and buying, homeownership trends, and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.