With plentiful inventory and record breaking housing affordability conditions, REALTORS® expect this year’s spring home buying season to be a busy one. To kick off the season, REALTORS® from coast to coast will host thousands of open houses as part of the REALTOR® Nationwide Open House Weekend. On April 28 and 29 REALTORS® in the Greater Rochester and Finger Lakes region will hold open houses all weekend long, bringing buyers and sellers together.
“This nationwide event offers buyers the chance to visit some of the many homes in their local area while learning more about homeownership,” said Steve Babbitt, president of the Greater Rochester Association of REALTORS® (GRAR). “Open houses are also an opportunity for REALTORS® to connect with consumers in their communities about the housing issues that matter most to them.”
REALTORS® will be available at open houses to answer consumer questions about the home buying process and local market conditions.
While the housing market continues to recover, it’s showing signs of improvement, and for many, homeownership remains an important part of the American Dream. According to research from the National Association of REALTORS®, more renters than ever aspire to become homeowners and an overwhelming majority of Americans believe buying a home is a solid financial decision.
“Homeownership matters to individuals, families, communities and our nation’s economy,” said Babbitt. “The housing market plays a vital role in both the long‐ and short‐term health of this country. Homeownership is not just an investment in your future; it’s an investment in the future of generations to come.”
Earlier this year NAR reported housing affordability conditions reached the highest level since recordkeeping began in 1970. The housing affordability index is based on the relationship between the median home price, median family income and the average mortgage interest rate. The index 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. This means the typical family has roughly double the income needed to purchase a median‐priced home.
“REALTORS® believe that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream,” said Babbitt. “REALTORS® know what matters most to buyers and sellers in this area and have the expertise and knowledge to help you achieve the dream of homeownership.”
GRAR is informing Sellers to prepare to hold their home “open” for at least one date this weekend and begin to prepare your property inside and out (remove clutter, clean, wash your windows, tend the landscaping, etc.).