When you finally get to visiting homes in person, you should make sure that you are prepared to ask your realtor some questions about the open house visit. There are several different questions that are essential when it comes to the home buying process.
What is the actual price for the home currently?
This is very important because some homes may already be way out of your budget. This is definitely a question that should be asked long before an open house. By knowing ahead of time, you can avoid visiting homes that are nowhere near your budget and can save yourself valuable time. Also, knowing the current price of a home allows you to see if making an offer is a possibility. For homes that are set far above your budget, you may be less likely to have your offer accepted.
Where is the home located?
The first thing you should notice, even while driving to each home, is the location of the home and the surrounding area. Take note of the type of community the home is within as well. It is important to not only like your home, but to enjoy your surroundings as well. Just like with the selling price, if you do not feel comfortable in the area or do not like the overall community, do not hesitate to move on to other options. You need to have a list of homes in place anyway so it is easier for you to cross some off and still have enough homes left to look at in reasonable areas.
What did other homes sell for in the same area?
To go along with prices and location, you need to do the research that is necessary for each home you plan on visiting. Look at what other, similar homes, have sold for in the same area. This information is easily accessible by your realtor or you can do the research yourself online. Be sure that the seller is not asking too much for a home and if they are, see if you can make a realistic offer to them with the consideration of other home prices.
Are there multiple offers on the home?
If, during your open house visits, you do find homes that meet all your requirements and you really want to make a play for the home, speak with your realtor first. Always get to know how many offers are being placed on a home. There are times when placing an offer on a home that already has multiple offers, can actually be a good thing. The key is to make your offer stand out from the rest.
What is the overall condition of the home?
If you find a home that you are truly interested in, then you should seriously consider the condition that the home is in. If there is a lot of repair work to be done, do not forget to take this into account when you make your offer. This is often one way that you can bring the overall price of a home down. On the other hand, if the home is in near perfect condition, then you can expect that the sellers may not go too far below their asking price.
The condition of the home does not necessarily mean only the inside of the home. You also need to factor in the condition of the outside of the home as well as the yard, sidewalks, and driveways. All of these play a part in the condition of the home and can be reasons for lowering the overall price of the home.
What is the number of days the home has been on the market?
This is a very important question because, depending on the answer, you can have an advantage to getting your offer accepted. For homes that are hard to sell and have been on the market for an average of 90 days or more, it is much easier to get a seller to work with you on an offer you have made. At this stage in the game, the seller feels as though they will have a very hard time selling their home and must act quickly to get it sold. They will be more willing to give your offer a chance or at least discuss terms with you.
For homes that have not been on the market for very long, it is hard to get your offer accepted right away because sellers feel that, given the proper amount of time, they can sell their home close to the price that they are asking.
These are all questions that you should focus on asking before and even during open houses. Your realtor is essentially your encyclopedia, so if you are unsure of certain aspects of the home or location, be sure to ask. There is nothing wrong with being absolutely sure of a home before making a final decision to place an offer.
