Event will showcase local inventory available right now for prospective buyers
Buyers are competing for low housing inventory in Minnesota as the spring and summer home-buying season gets underway. With such a competitve housing market, buyers are looking to the experts for guidance. Local Minnesota REALTORS® Associations are teaming up with Associations across the country and will host thousands of open houses during REALTORS® Nationwide Open House Weekend, April 20 and 21.
REALTORS across the nation, including the Twin Cities metro area and in Minnesota, invite prospective buyers to visit some of the many local open houses. Buyers will be able to see the variety in prices and types of homes available in their areas as well as learn more about homeownership from local real estate experts. The goal of Open House Weekend is to give buyers a stress-free way to visit homes for sale in different neighborhoods where they might want to live. For sellers, the weekend provides a high-visibility effort to promote traffic and drive home sales.
“Homes are selling more quickly than they have in recent years,” said Jim Cormier, president of the Minnesota Association of REALTORS. “Nationwide Open House Weekend is a great time to see what is available and ask REALTORS personalized, local questions.”
Statewide numbers in February continued to show growth in the housing market. Homeowners saw median sales price increase from $125,000 in February 2012 to $142,754 in the same period in 2013, proving now is the time to list a home.
“The combination of low inventory and low mortgage rates is encouraging multiple offers on homes for sale and buyers are moving quickly to avoid losing a property,” said Andy Fazendin, president of the Minneapolis Area Association of REALTORS.
The latest quarterly report by the National Association of REALTORS® (NARS) emphasized the current strength of the housing market. It highlighted national prices show the strongest year-over-year increase in seven years and record high housing affordability conditions for metro areas. NAR’s national annual Housing Affordability Index, with breakouts for metropolitan areas, rose to a record high 193.5 in 2012 from 186.4 in 2011. The index is calculated on the relationship between median home price, median family income and average effective mortgage interest rate. The higher the index, the stronger household purchasing power: recordkeeping began in 1970.
“Local market conditions make this an excellent time to purchase or sell a home in the metro area,” said Kate Beckman, president of the St. Paul Area Association of REALTORS®. “Buying a home is the American dream and now is the time to secure that dream.”
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.