REALTOR® Nationwide Open House April 10-11

REALTOR® Nationwide Open House Weekend April 10-11, 2010

Opportunity to showcase listings prior to the expiration of the homebuyer tax credit

Illinois REALTORS® will join real estate professionals across the nation as part of the REALTOR® Nationwide Open House Weekend celebrated April 10 and 11 of this year. The National Association of REALTORS® encourages REALTORS® and real estate firms to participate in this campaign focused on increasing consumer awareness of the benefits of homeownership and drawing attention to the many opportunities available in today’s Illinois housing market.

The Nationwide Open House Weekend will enable sellers to showcase their homes for sale and potential homebuyers to shop for a home while interest rates are low, home prices are affordable and before the April 30 deadline for the federal homebuyer tax credit.

“For many people, now really is a good time to buy a home. Inventories have moderated and mortgage rates are still at historic lows,” said REALTOR® Mike Onorato, GRI, president of the Illinois Association of REALTORS® and broker-owner of Onorato Real Estate in Coal City. “And first-time buyers have until April 30 to get up to an $8,000 tax credit while long-time homeowners may qualify for as much as $6,500 if they purchase their next primary residence before the deadline. The Open House weekend April 10 and 11 will create an attention-grabbing buzz among buyers and sellers.”

According to the Internal Revenue Service, buyers who wish to qualify for the tax credit must sign a contract to purchase a home on or before April 30, 2010, but they have until June 30, 2010 to close on the home. Income limitations apply and the home purchased must be used as a primary residence with a purchase price not to exceed $800,000.

Adds Onorato: “Eventually, home prices and interest rates will climb. Inventories are lowering and the tax credit will soon be gone. So the timing of this event is very important to help create awareness at the open houses.”

Home sales activity surged in Illinois over the last five months spurred by the tax credit and the strong buyer-market conditions. In January, sales increased 14 percent statewide and 29.2 percent in the nine-county Chicagoland Primary Metropolitan Statistical Area (Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties).

“While the tax credit has been a strong incentive for buyers, ultimately homeownership is an investment in your future offering tax benefits and long-term value over time,” said Onorato.

The Illinois Association of REALTORS® encourages its members to share their plans for the Nationwide Open House Weekend. Write to iarnews@iar.org with the details and link here for event logos and graphics.

The Illinois Association of REALTORS® (IAR) is a voluntary trade association whose 50,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, IAR works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.