Price
What are comparable prices of similar homes in the neighborhood, subdivision, or nearby areas currently listed or recently sold in this price range? Does this home measure up or not? Has it been reduced in price? If so, how many times?
Days on the Market
The agent should be able to explain the home's days on the market (DOM) in context. A home recently listed speaks for itself. But if it's been on the market for months it begs the question, why? Is it overpriced? Does it have hidden problems? Or, as the open house agent might explain, the sellers had an offer that collapsed due to buyer financing or other reasons.
Offers
Offers reflect serious interest, and if the agent already has an offer on a home that's been on the market for a week or two, chances are it's priced right. But if it's been for sale for months with few or no offers, scrutinize its price, the number of price reductions, its location, and problems that may exist in the house itself. More information on these possibilities can provide leverage in any negotiations.
Disclosures
By law, the seller must disclose any and all problems and code violations they know exist in their home. A written seller's disclosure should be available in all open houses. If not, ask the agent to provide a list of all existing and potential issues. If you're really interested in the home, visit and take pictures of areas of concern. Check out such obscurities as the age of electrical wiring and age and condition of the roof.
Reason for the Sale
Ask the open house agent why the homeowner is selling. New job elsewhere? Moving up? Downsizing? Retiring? The agent is not required to disclose information like this, but it doesn't hurt to ask.
Utilities
Depending on the size of the house, utility bills can be significant. Plan ahead before making an offer, especially if you've been living in an apartment. Utility bills can hit your budget hard.
Location
Is the home's subdivision or neighborhood child-friendly? Is there an abundance of retired people? Do nearby taverns flourish on weekends? Some buyers welcome a tight-knit community of individuals in similar stages of life and experiences. Others seek privacy and respect for it. The open house agent or your agent can clarify this for you.
Keep in mind that open houses are a major opportunity for the sellers to showcase properties to potential buyers. Take advantage of it to measure your interest as well.