In a past life I was a real estate agent. I would have loved one of the above type signs to advertise my open houses-that baby would really bring them in-don't you think?
But no matter what method of marketing draws you to an open house, if you are interested in entering the real estate market as a buyer or seller, touring open houses can provide you with a lot of information.
For the first time buyer, I would highly recommend becoming pre-approved first so that you don't wander through a home you can't possibly afford and then all others pale by comparison. However, that isn't the way it works in the real world. In the real world people begin to consider that they want to purchase a home and want to see what it out there. The exciting part of the process is viewing properties-not figuring out how you are going to buy one. That process is dry as dust.
Most people have an idea whether right or wrong, about what they can afford and will select properties based on that assumption. Going through open houses is a non threatening way of getting a feel for what is available in what price range without the pressure of committing to purchasing.
Of course the down side of this is that someone may find a home that they believe is perfect and not be in a position financially to purchase it. While they are running around trying to become pre-approved someone else may buy the house out from under them, or because of the pressure to buy THAT house RIGHT now, may make a quick decision that is better thought through.
Since the purchase of real estate is the most important financial investment that most people make it is important that one looks before taking the leap. The opportunity to go through open houses is just the type of preparation that may work to begin the preparation to buy. In fact most home buyers begin looking at open houses a full nine months prior to purchasing a home.
All types of folks come through open houses. Some are pre-approved buyers who are seriously looking, some are folks from the neighborhood who just wish to snoop a little because they always wanted to see the house or get an idea of what their own home is worth. It is also a chance to learn more about the particular house and the real estate market in general because the real estate agent that is hosting the open house is there for a reason-to give open house attendees information that might interest a potential buyer.
There is no reason to fear the agent hosting the open house. They may ask you to sign in as a service to the seller-most people like to know who has been in their home. They may ask you what you think of various aspects of the home and the price. This is a way of obtaining first hand information for the seller. And most agents are alert to the possibility that there are folks coming through who are getting ready to buy who haven't selected an agent yet-that is true. But here's the thing...good agents are very busy people. They have multiple clients-both buyers and sellers that currently need their services. A busy agent doesn't have the time to chase a potential buyer down to get their business. So that is something you don't have to worry about. The truth of the matter is-no one can sell you anything you don't want to buy. You are either ready to buy a home or you aren't. And if this isn't the home for you, you aren't going to buy it. What you can do if you are in the preliminary stages of looking for a home, is get a feel for agents that are working the open houses. See how they treat people and dispense information. If you like the style of the agent you may want to engage them when you are ready to begin your serious search for a home.
Open houses do move properties. It is a terrific tool to bring buyers to a property that might overlook it for any number of reasons. It is a no risk opportunity to test the waters, find an agent if you need one, and preview a neighborhood and its amenities. It is all part of the preparation process to buy a home. Take advantage-it is free after all!
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