3 good reasons to buy a home this weekend

1. First, the cost of owning a home is at an all-time low. Freddie Mac reported 30-year mortgage interest rates fell to new lows this week, averaging 4.56 percent in the North Central Region, which includes Illinois. Combine these rates with more affordably priced homes and you have an opportunity not seen in a very long time. In fact, the National Association of Home Builders reported its nationwide housing affordability index during the first quarter of 2011 rose to its highest level in the more than 20 years. With investors and cash buyers in the market, according to the National Association of REALTORS®, it’s another clear sign now is a good time to buy.

2. In Steve Harney’s recent blogpost on the rent vs. buy debate, three independent sources including JP Morgan say with demand for rentals and rental rates increasing, the current environment favors buying a home. If you have the financial wherewithall and are looking to put down some roots in a community for a period of time, it would be wise to put pen to paper with your budget to seriously consider homeownership.

3. This weekend June 4-5 is the Nationwide Open House when REALTORS® around the state and nation will be hosting open houses for their listings, so you will be able to see a lot of housing options on Saturday and Sunday. Check your local newspapers and REALTOR.com for open houses in the neighborhoods you’re interested in.

REALTOR® Nationwide Open House Weekend, June 4-5, 2011

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About Ann Londrigan

Ann Londrigan is Director of Association Outreach and Marketing for the Illinois Association of REALTORS®. She is responsible for increasing member engagement in and awareness for IAR Governmental Affairs and the RVOICE program as well as increasing participation in the REALTORS® Political Action Committee. She is responsible for overall marketing plans for IAR member benefits, educational products and events and is the content manager for IAR's Facebook page and LinkedIn discussion group. She manages the IAR Welcome Center, serves as staff liaison to the University of Illinois Regional Economics Applications Laboratory, and coordinates the IAR housing stats program.

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