Whether you’re an open house expert and have been to dozens, or if it’s your first one, there are certain questions every potential buyer should ask. Both for the safety of your investment, and so no problems arise in the future, every buyer should come prepared with a list of basic questions. These can include an array of factors, but there are certain key open house questions for homebuyers that must be considered.
This list will give you an understanding of questions to ask, and how to get the information you need. The below is only a guideline, however, and can be taken further if need be.
1) Why Do the Sellers Want to Move?
This is a crucial one of the open house questions for homebuyers you should consider. Knowing the motives of the seller can be crucial in deciding whether you want to live there or not. Most of the times, however, a real estate agent won’t be explicit in telling you the specific reasons, especially if it’s something negative (poor neighborhood, quality of schooling, etc).
The trick here is to pay close attention to how the agent responds to your question. If you sense hesitation in their answer, or if the reply sounds scripted, this should raise a red flag. Try to read the reaction of the realtor, and apply that to your decision to ensure a secure process.
2) How long has the property been on the market?
Although this is something that can be found online, gauging the agent about how long the home has been on the market can give you an upper-hand. If it has been on the market for awhile, and the agent sounds lackluster, this gives you bargaining power.
However, bargaining power isn’t the only insight you’ll gain from this question. It can also uncover valuable information about downfalls including noise levels, inconveniences, and others.
3) Have there been changes in the price of the home?
At times, the answer to this open house questions for homebuyers is crucial in identifying the flexibility of the sellers, and potential advantages you can have in buying. The consistency of pricing is also a good indicator about how the home is performing overall on the market.
If the real estate agent tells you that there have been multiple reductions, play this by ear. It could mean anything from motivations of the seller, problems with the home, or issues in neighborhood quality.
4) What are the average monthly utility costs?
This one is pretty self explanatory. Before moving into a new home, you should know about all costs, and utilities can be sneaky and important. You may be surprised in cost spikes, especially if you’re unfamiliar with the area or purchasing a larger home.
5) Have there been offers made on the home?
Although you might not get specifics, ask this question to gauge the realtor’s reaction. If they answer in a positive and happy tone at the sound of the word “offer”, that could point to the fact that there are some offers that have been made (perhaps even at, or above, asking price).
Knowing this information, regarding the reactions, or potential offers on the table, can guide your next steps.
6) Any renovations or upgrades that I should know about?
Most of the time, agents are excited and upfront about any upgrades that has been made to the home. This is one of the most vital open house questions for homebuyers, since it can often act in determining the final asking price, and give you insight about any possible renovations you might have to make yourself.