An open house is an event hosted by a real estate where they allow walk-ins to tour a home that is for sale. The real estate agent often distributes information about the home and surrounding community during the tour and gives you the opportunity to explore the home. Many searching buyers explore open houses in neighborhoods they’re interested in to get a feel for the layout and structure of the home. If you’re new at touring opens, here are some key questions to ask that will help you make the most of your visit.
How long has this home been on the market?
The amount of time a home has been on the market indicates a few key elements concerning the price and marketability. If the home was just put on the market at a lower price, that may indicate the sellers are looking to sell quickly, making it more advantageous to put in an offer quickly. If the home has been on the market for a few months, the price may not match comparable home prices, therefor, may be a bit more stagnant. In either situation, talk to your Realtor about optimizing your offer for acceptance.
How many offers have been made on this home?
The number of offers on a home may impact your strategy when making an offer. If there are one or more offers on the table, consider meeting with your Realtor to determine the best way to reach offer acceptance Don’t let other offers intimidate you. Your ability to make an offer is the same as anyone else’s. In the event there are no offers on the table, you may have a higher opportunity to purchase at a lower price point.
What year was this home constructed?
Understanding the year the home was built will give you an understanding of the age of the internal home systems including cooling, heating, plumbing, etc. Unless explicitly stated, older homes often come with the original home systems.
What is the surrounding area like?
It’s important to consider the surrounding neighborhood, crime-levels, school districts, neighboring home appearances, etc. when buying a home because these indirectly affect the value of your potential home. Your Realtor should have an understanding of the area, as well as have additional resources for you to reference that will provide additional information.
Where are the lot lines?
In many residential areas, it can be difficult to determine the lot of the home. The Realtor at the open house should be able to provide you with an estimate of the home’s lot; however, in order to get exact measurements, a certified surveyor’s opinion would be required.
What are the property taxes?
Property tax will vary based on a number of factors that may or may not be apparent after walking through an open house. Your Realtor should have the previous years property tax valuations that will give you an estimate of the annual tax amount.
Brought to you by:
Austin Solomon, Realtor | Coldwell Banker Action, Schofield, WI