Timing is right to buy a home, say realtors

Talk about it

The spring and summer home-buying season is under way.

Realtor associations across the country are teaming up with the National Association of Realtors to host thousands of open houses during Nationwide Open House Weekend, April 28 and 29.

Realtors in the Greater Alexandria area invite buyers to visit some of the many open houses throughout the state. Buyers will be able to see a wide variety in prices and types of homes available in their areas as well as learn more about home ownership from experts.

“This nationwide event is the perfect opportunity to see the housing available right now and ask realtors any questions you might have about buying or selling a home,” said Chris Galler, CEO of the Minnesota Association of Realtors. “In 2011, closed and pending sales were up statewide and the start of 2012 has shown that Minnesota’s housing markets are in recovery.”

For the first time since June 2010, median sale prices in Minnesota are increasing and more distressed properties are leaving the market.

Earlier this year, the National Association of Realtors 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, which means the typical family has roughly double the income needed to purchase a median-priced home.

“Homeownership is more affordable than renting in many areas,” said Fatima Holm, president of the Greater Alexandria Area Association of Realtors. “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.”

According to a survey by the National Association of Realtors, nearly eight out of 10 Americans believe buying a home is a good financial decision. Historically low interest rates, combined with some of the most affordable home prices in recent years, make this an excellent time to purchase a home, the association said.

For more information on the Nationwide Open House, visit www.realtor.com.

Tags: local news, news, realtors, housing, economy