What Home Buyers Must Know About Open Houses

If you are in the market for a new home, chances are good you have been to an Open House.  If you are serious about house hunting, there are some important things you should know about Open Houses.

And by the way, it’s also okay to go to Open Houses if you are just interested in OPD (other people’s decorating) – Realtors® understand!

The first step if you intend to purchase a home is to get a mortgage preapproval before looking. It makes no sense to look at houses that are priced  well beyond your capability to purchase.  If you fall in love with a house, you want to be able to move quickly knowing it’s within your means.

An Open House is a great way to learn how much you get for your money. There are big price differences for similar houses (same size, age, acreage) that are in different school districts and in different parts of Chester County.  

Of course, location is one of the biggest factors in a home buying decision.  What better way to learn what you get for your money than to tour houses in various locations that are close in price?  This will help you to determine your priorities – 

• Setting (rural, suburban or urban)
• Convenience (close to shopping)
• School Ratings
• Age and Condition  

Recognize that an Open House is not the best way to search for the “perfect” house.  On any given Sunday afternoon, the number of Open Houses is a mere fraction of the houses which are currently for sale.  When it comes time to find the home of your dreams, you do not want to limit your choices to only those with Open Houses.  

Simply call a Realtor® and set up a home tour.  You can work together to narrow the field to those homes that best meet your needs, and schedule them at your personal convenience (which may not be Sunday afternoon).  

Worried about what that might cost?  I have good news for you – the Buyer’s Agent is customarily paid by the Seller. And having a Buyer’s Agent ensures that you have an advocate on your side helping you with important decisions for what is likely to be the biggest purchase of your life.

Make no mistake about it - the Agent at the Open House is representing the Seller.  Yes, the Seller, and NOT YOU.  While they will gladly help to answer any questions you might have and to highlight the home’s features, I urge you to use caution in what information you share with him/her.  They have a fiduciary duty only to the Seller. That agent may end up being on the other side of the negotiation table and information is power in any negotiation.

If you are working with a Buyer’s Agent and go to an Open House without him/her, it’s best to notify the agent on duty that you are working with an agent.  I recommend keeping a stack of their business cards in your car and handing one to the Agent. 

The Spring market is already upon us and new homes are flooding the market.  By all means, go out there and check out some Open Houses.  But when you are ready to buy, call your trusted advisor.

If you need more info about Chester County Real Estate or if you are ready do set up a house tour, contact Ann Byer.