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Attending Open Houses In The Pittsburgh Real Estate Market

Open House sign

As we enter the spring market, you will see more open houses advertising an open house in our area. Why would you want to go to an open house?

If you are thinking of buying or selling a home, it is an excellent way to see what is available on the market. Open houses provide a taste of your lifestyle if you decide to buy something similar. Many real estate agents will have their sellers stage their homes so that potential buyers can picture themselves living in the house.

Attending an open house can provide you with information that may be useful when you decide to buy or sell. It allows you to explore neighborhoods, amenities, finishes, and various floorplans.

As a buyer, you will see what a particular price range offers to you. If you know the amount of mortgage you would qualify to obtain, attending an open house will give you an idea of the buying power. If the homes in the price range aren’t suitable, you may need to save more money or improve your credit score before you begin to look for a home.

Seeing what is available on the market is a good way for buyers to assess their needs and wants in a home. Needs are what you MUST have in your home, and wants are what would be nice to have. As an example, you need three bedrooms because you have children, but you want four bedrooms so you can have a guest room. 

As a seller, you will see what comparable homes are selling for in your area. These homes will also be competition if you decide to sell. Comparing what they offer and what your home offers will help you determine a reasonable asking price.

Sellers can also learn what is standard in a home in a particular neighborhood. For example, suppose you have updated your home with top-of-the-line appliances and upgraded finishes, but every other house in the area does not have them. In that case, you may not be able to recoup those upgrades’ costs based on the neighborhood’s average sale price.

Realtors will generally hold an open house to market the home and meet potential new clients for their business.

If you are working with a real estate professional, you must let the realtor holding the open house know when they greet you. Simply state you are working with a realtor and provide their name. If you are working with a realtor and do not tell the open house agent, there may be an issue between realtors relating to procuring cause.

Buyers often think that working with the listing agent will save them money somehow. That is a misconception that can cost you money. The listing agent has an agreement with the seller to represent their interests. It is not an easy process to represent both buyer and seller and represent the best interests of both in a transaction. The sellers are paying the commission, which means the buyer does not usually have to pay any fees to cover their real estate agent’s compensation.

If you are working with a Realtor, you should let them know when you plan to attend an open house. As a professional courtesy, they will contact the real estate agent holding the open house and let them know one of their clients will be attending. 

The SAYHAY Team works with buyers and sellers. We are conscientious about representing our clients’ best interests, so they can successfully buy or sell a home.  Contact The SAYHAY Team at 412-755-3600 to schedule a free consultation if you are considering buying or selling a home.

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