America needs to get going.
Last April 10, the National Association of Realtors started the National Open House to “provide residents throughout the country with a chance to view homes in specific neighborhoods as the home buying season officially kicks off.” The two-day event was scheduled this month as part of the National Fair Housing Month.
It was a successful event that thousands of sellers were able to benefit from. In Massachusetts, extensive promotion was made by the state’s NAR organization in promoting houses in the market. The Northern Virginia Association of Realtors agreed to provide participants with Nationwide Open House logos in their press materials. While in North Carolina, the NC Association of Realtors has encouraged brokers and agents to participate by opening houses at listings they selected.
Likewise, consumers were treated with a lot of perks from brokers, agents and other professionals. Potential buyers didn’t need appointments to visit a home for sale. They were also reminded of the Expanded First-time Home Buyers Federal Tax Credit that they’ll receive if they have their house under contract by the end of the month. A very optimistic Thad DeMulder, Realty USA Southern Tier Vice President, announced to WBNG News, “The tax credit is going to go away, the other parts of the equation are going to stay in place, so we may see a slight drop in demand after April, but with the combination of stabilized prices, and nice inventory of homes to purchase, and historically low interest rates, we see that our industry will do extremely well in the near future.”
The only thing that I disapprove of in this event is that it was too short. They could’ve made it a week-long marketing affair since sellers were able to participate for free and have their property listed. Several realtor associations have also stressed the fact that interest rates are still lower as well as prices. And in most states, buyer turnout was pretty convincing. Therefore, there shouldn’t be any reason why the event was that limited.
If affairs like this can slowly bring a huge push in demand, I say we must hold open house events every month.