Potential home buyers rely on open houses
to help them find the home of their dreams. This weekend buyers can have a
greater chance of doing just that during Realtor® Nationwide Open House
Weekend, which is organized by state and local Realtor® associations across the
country. This Saturday and Sunday, April 28-29, Realtors® from coast to coast
will host thousands of open houses while engaging consumers on the benefits of
homeownership and bringing buyers and sellers together.
Lexington Massachusetts is participating in this event. Look for local open houses this weekend or check with your REALTOR.
“Realtor® Nationwide Open
House is a fantastic opportunity for those interested in homeownership to
connect with a Realtor® who can offer expert guidance and advice on the home
buying process,” said National Association of Realtors® President Moe Veissi,
broker-owner of Veissi & Associates Inc., in Miami. “During the weekend
Realtors® will be on hand to answer questions about the local housing market
and provide insights into the social and financial benefits of homeownership.
Open houses are also a great way for potential buyers to get a feel for what is
available in their local market.”
According to NAR’s 2011 Profile of Home Buyers and
Sellers 45 percent of
all buyers used open houses as a source in their home search process. This
figure suggests the value of open houses even in the Internet era. In addition,
buyers in the Northeast region are significantly more likely to use open
houses, followed by those in the Midwest region. Women are more likely to use
open houses than men, as are buyers who were not born in the U.S. or whose
primary language is not English. Older buyers rely more on open houses than
younger buyers, and buyers with higher incomes are also more likely to visit
open houses.
NAR’s most recent housing
affordability index indicates that homeownership is even more attractive now,
with affordability conditions reaching their highest level since recordkeeping
began in 1970. The index, which is based on the relationship between the median
home price, median family income and the average mortgage interest rate,
reached 206.1 in January, the first time the index broke the two hundred mark.
The higher the index, the greater the household purchasing power. The current
index indicates that the typical family has roughly double the income needed to
purchase a median-priced home.
“For buyers who can qualify
for a mortgage and are willing and able to take on the responsibilities of
homeownership, now is a very good time to become a homeowner,” said Veissi.
“And for those consumers, Realtor® Nationwide Open House is a great way to kick
off the home buying season and learn more about housing issues and the local
real estate market.”
The National Association of
Realtors®, “The Voice for Real Estate,” is America’s largest trade association,
representing 1 million members involved in all aspects of the residential and
commercial real estate industries.
