SPRINGFIELD (April 1, 2010) REALTORS® in Illinois and around the country will be holding open houses on the weekend of April 10 and 11, 2010 during the REALTOR® Nationwide Open House Weekend. The event is an incredible opportunity for buyers to shop for a new home while sellers get maximum exposure for the home they are trying to sell.
"Mortgage rates remain low, home prices are affordable, and the federal homebuyer tax credit is set to expire April 30 - all making this one of the best times to buy a home in years. The REALTOR® Nationwide Open House Weekend will showcase the many homes that are on the market, but which buyers might not have discovered," says Linda Nelson, GRI, GREEN, e-PRO, SFR president of the Capital Area Association of REALTORS®.
Eventually home prices and interest rates will climb, inventory will become scarce and the popular homebuyer tax credit will soon be gone. First-time buyers can qualify for up to an $8,000 tax credit and long-time homeowners buying their next primary residence can qualify for up to a $6,500 tax credit, but they must sign a purchase agreement on or before April 30, 2010 and close on or before June 30, 2010 in order to get the tax credit.
Under the tax credit, first-time buyers may qualify if they have not owned a principal residence in the last three years. Long-time homeowners buying their next home may be eligible to claim the tax credit if they meet certain criteria and can show they owned their primary residence for a consecutive five-year period during the eight years ending on the date the new home is purchased. Consumers can find more information about the tax credit at www.YourIllinoisHome.com or www.SeeHouses.com.
There are many advantages to owning a home. Homeownership is an investment in the future - one that offers immediate benefits and long-term value by helping homeowners build personal wealth over the long term. Homeownership also benefits the community as a whole. Homeowners are more likely to be invested in their community and engaged in local issues, something that has been shown to prevent crime, improve childhood education and strengthen neighborhoods.
For sellers, the REALTOR® Nationwide Open House Weekend is a unique opportunity to showcase their home to a bigger pool of potential buyers who will be motivated and actively looking during this special open house event. A 2009 study of home buyers and sellers done by the National Association of REALTORS® found that 46 percent of all homebuyers used open houses as a source in their home search process. View information on all area open houses being held by REALTORS® at www.SeeHouses.com.
"Home sellers and buyers can benefit from working with a REALTOR® during the REALTOR® Nationwide Open House Weekend. A REALTOR® can help sellers host the open house and help buyers find properties to tour," says Nelson.
Consumers can also learn more about buying and selling a home and the homebuyer tax credits by visiting www.YourIllinoisHome.com or www.SeeHouses.com .
The Capital Area Association of REALTORS® is the Voice for Real Estate in the Capital Area representing more than 700 members involved in all aspects of the real estate industry. The Capital Area’s Resource for Real Estate Information can be found at www.SeeHouses.com. ### |
