Even though the weather is warm, many people will avoid going to open houses until they’re ready to buy. They’ll browse online, but they don’t see value in window shopping. However, alongside staying informed about the market, browsing homes in-person before you’re ready to buy can be very helpful.
Among other advantages, looking at homes before you buy can give you an idea of what you like, what you don’t like, what home layouts and designs could work for you and your family, what neighbourhoods interest you, as well as what the price range is in your desired area, and how prices may be fluctuating.
Did you always think you wanted a bungalow? Perhaps after walking through a few, you realized you wanted more space. Maybe you didn’t know how important a fireplace was to you, but after seeing a few homes, you enjoy how it brings a room together. Regardless of your expectations or whether you act now or later on your findings, you’ll most likely discover something valuable after visiting an open house.
We’d be remiss if we didn’t mention the obvious: don’t just go to open houses to spy on your neighbours. It’s important to respect the overall process, which includes the listing agent. While you can ask some general questions, monopolizing their time and keeping them away from visitors who may actually be looking to buy in the immediate future isn’t recommended.
With this in mind, we asked some REALTORS® for their professional expertise on why looking at homes before you’re ready to buy can be an excellent decision for your home buying journey.
A better understanding of what you like
Free from touched up photos that show a home in its best possible light, open houses allow you to see the real, unedited home.
“Browsing open houses can definitely be helpful, even if you’re not in the buying phase yet,” shares Stephen Seo, a REALTOR® and salesperson with Real Estate Homeward in Toronto, Ontario. “Sure, you can look at pictures, 3D walk-throughs, even watch videos, but it doesn’t compare to actually being in the physical space.”
You’re typically able to walk through an open house at your own pace (unless viewings are by appointment only), so you can take your time assessing the different elements and understanding different options.
“The home buying process can be quite long, with the most time-consuming aspect being figuring out exactly what you like and don’t like in a home,” Seo continues. Attending an open house can offer a realistic, tangible view of these likes and dislikes.
“Browsing open houses can be helpful in certain instances in ascertaining what you may be looking for: what your needs are, your wants, your must-haves, and your absolute nots,” explains Diana Oachis, a REALTOR® and broker with Keller Williams Referred Urban Realty in Toronto, Ontario. “Being able to see, touch, and feel is a great way to establish search parameters based on what’s currently available on the market, as well as your personal preferences.”
Experiencing different neighbourhoods
Exploring open houses when you’re not in the market to buy can be a great way of checking out neighbourhoods. Don’t be afraid of looking at homes outside of where you think you’d like to purchase. If you think your heart is set on a downtown row home, there’s no harm in walking through a bungalow in the suburbs to see what that could offer. Then take a leisurely stroll around the neighbourhood to see what you like and don’t like.
Learn about what you can afford
Regardless of whether you’re planning to buy in the near or distant future, attending an open house presents many learning opportunities. As Oachis notes, “it’s important to figure out how much home you can afford,” and open houses can give you a realistic peep into what you can expect to find within your budget.
“Even if you’re not buying just yet,” Oachis advises, “it would be prudent to sit with a mortgage professional to determine the maximum purchase price you’re pre-approved for. Targeting properties within your price bracket sets realistic expectations.”
“Some of my clients in the past have also expressed how much they learn every time they go to view a new place, especially condos,” notes Seo. “Things like the availability of a concierge, parking, elevator quality, noise dampening, directional exposure and amenities such as a gym or a pool.”
Though not the only metric to base how you proceed, the traffic at an open house can also be a great gauge on how quickly you might need to move when you’re ready to start putting in offers. There’s a similar opportunity to glean directly from the seller, or from the chatter amongst others in the open house, what kind of offer they’re looking for.
The element of fun
Whether it’s to ask insightful questions about the local market or to hone in on your personal needs (and some of your wants!), after visiting an open house, “you’ll have a much better understanding of the market and its offerings,” says Seo.
“Many REALTORS®, including myself, enjoy browsing without the pressure to buy,” he adds. Seo suggests thinking of “every open house viewing as an investment in your future.”
The bottom line is “every viewing is an opportunity to learn, explore new neighbourhoods, and have fun — because the home buying process should be fun!” says Seo.
Just because you’re not currently in the market to buy, doesn’t mean you can’t explore open houses and viewings. In fact, there are plenty of benefits to doing so, and you might find yourself more confident when it comes time to buy. A REALTOR® is always present and ready to answer any questions you might have. You might even meet the perfect REALTOR® to help guide you in your homebuying journey. Browse the open house section of this publication, or visit www.winnipegregionalrealestatenews.com to view all the latest open house listings in your area.
— REALTOR.ca