In the world of real estate, an open house refers to a set time when a property that’s currently on the market is open to the public for viewing. The purpose of an open house is to help potential buyers get a feel for the property and decide if they want to pursue buying it. It’s a time for turning on taps to check water pressure, knocking on walls to see how solid they are, and casting a judgmental eye over to the neighbours.
It’s also a great research tool if you’re deciding whether or not to buy, or wondering if it’s a good time to buy property.
Seriously though, an open house is the perfect avenue for a buyer to:
Photos are great and they will always be the best ‘bait,’ but seeing the property in person gives buyers a more accurate impression of the size, lighting (or lack of), and flow of each room as well as the property in general. You can also get a better sense of how the home might fit your personal needs and preferences.
During an open house, buyers have the opportunity to ask questions directly to the agent about the property, neighbourhood, nearby amenities, and any recent or historic renovations or repairs. Not every buyer may want to personally interact with the agent, but a subtle eavesdrop may just answer any questions a shy buyer may have, leaving someone else to do the legwork.
These conversations, whether directly participated in or not, can also supply you with insights into the seller’s motivation (or desperation) for selling and leading on from this, buyers will be able to...
Seeing other potential buyers at an open house will give you an excellent sense of how sought-after the property is. What should be plainly evident from the attendance is how fierce the competition is going to be. If the house is drawing lots of attention, buyers may decide to act faster or prepare themselves for a bidding war.
Attending multiple open houses gives a buyer the opportunity to compare different properties quickly, which helps to evaluate which homes will offer the best value or align most with their priorities. Even writing a checklist can help you keep track of each property’s suitability, as often many open houses come up on the same day, which can be overwhelming to anyone’s memory of the finer details.
A buyer can inspect small details in person that they might not otherwise see in photos — like storage space, finishes, fixtures, and the overall upkeep. This can help you identify potential red flags or hopefully just things you love!
Open house listings can be found on all online real estate platforms, on social media, or simply by calling local agencies and asking them about upcoming open houses in the area. Buyers that have been scouring the market for awhile will no doubt be very aware of what and when potential homes are open.
Frequently, multiple open houses will be scheduled for the same time slot by different agencies. You should plan for busy Saturdays and look closely at travel times to identify any potential traffic issues. Open houses usually only have the doors open for windows of between 15-30 minutes, so you don’t want to miss out!
For some sellers, an open house can be more effort than it’s worth. During the event, the property owner has to leave the property to give the realtor free rein, which may mean making alternate arrangements for children and pets. Owners are also encouraged to remove personal items like photographs or art that might prevent prospective buyers from imagining themselves in the home. Some sellers are also hesitant to have groups of strangers walking through their homes due to safety and theft concerns.
Showing property by means of an open house however is undeniably the best way to whip up interest and actually get some offers in, so with those concerns aside, an open house is beneficial to both the seller and the buyer.
Unlike with many rental inspections and subsequent applications, a buyer doesn’t necessarily have to attend an open house, but it’s a damn smart idea to view a property in person before making an offer. It also kills some time, but keeps you in the game as you go through the home loan process.
There’s no more true way to gauge the suitability of a property than viewing it in person. If you believe in going with your gut, then you need to get your gut in the room and let it do its job.
