A longstanding tradition in the real estate industry, an open house is intended to help buyers familiarize themselves with properties drawing their interest. These events help buyers reach out to sellers. If you’ve never been to an open house, there are prescribed ways to approach the process.
Stick to What You Know
When trying to find open houses to attend, hundreds of results may pop up. This can be intimidating. For instance, where do you start? Stick to what you know and put more focus on areas with which you are familiar. This gives you a starting point and gives you an idea of what prices will be like. You can then branch off to unknown areas once you’ve experienced a few open houses and learn what they involve.
Also conduct some research about the neighborhood beforehand. Good schools is the number one thing families desire in a neighborhood. Proximity to work ranks nearly as high. You may want to live in an area booming with economic growth and employment opportunities. Ascertain an accurate vibe for areas before ever talking to neighbors, sellers, or agents.
Be Flexible with the Price
Going into an open house, price often predominates your list of concerns. Being too stringent with how much you’re willing to spend can add stress to the process. Maintain flexibility over the price to help smooth out the process—from high-end prices to prices below your budget.
Obviously, prices below your budget are ideal because this gives you more room to splurge on renovations and interior furnishings. However, looking at properties you can’t afford lends insight into the neighborhood and informs you of house features or locations you might not need to exclude after all, depending on the price. Generally, buying fixer-uppers is the best strategy when the home or area exceeds your price range.
Ask Important Questions
Open houses lend buyers the perfect opportunity to ask the seller or the seller’s real estate agent some important questions. One of your first questions should be how long the house has been sitting on the market. If Hanover NH homes for sale sit on the market for more than 100 days, for example, they might be void of much buyer activity, enabling you to negotiate a better deal with the seller or respective agent.
However, take this into account: Because a house languishes on the market, it is not necessarily void of buyer interest. Several buyers may have had their financing fall through, for instance. At least by asking, you gain feedback and can determine what your asking price strategy should be.
If you’re interested in the neighborhood, ask the seller or agent about nearby attractions. Listen to their personal anecdotes about the region to gain your personal insight on it. By querying them, you glean information that cannot be learned by merely driving around a neighborhood or region. You empower yourself as buyer when you gain every detail of the market area. You therefore strengthen your ability to determine whether a property is ideal for you and your family in the long term.
Along the lines of neighborhood, learn what type of people live near the seller’s property. Are they a younger generation or are they older, firmly established with families? These details are important to know when matching the countenance of a neighborhood with your preferred lifestyle.
Open houses should be something you enjoy, not a stressful experience that causes you to second-guess homeownership altogether. At these events you can gain insight while mingling with people living in the area. Just as long as you keep an open mind and work with a professional, you can find the right home for you.
Housing Solutions Real Estate, LLC, will help you get the best price and be ready to move into your newly acquired Hanover, NH real estate as soon as possible. Call us today at 603-642-4800.