WASHINGTON, D.C. – April 25, 2012 – (RealEstateRama) — 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.
“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.”
To find open houses in your area, visit www.Realtor.com and search for open houses in the Realtor® Nationwide Open House Weekend box on the home page. The special search function will be available beginning April 26.
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.
Information about NAR is available at www.realtor.org. News releases are posted in the website’s “News and Commentary” tab.