update on Alabama REALTORS® bills

In the News: An Update on Alabama REALTORS Bills in the Legislature

Posted on

The first quarter continues to be busy and productive in Alabama real estate—from emerging trends to bills filed with the Alabama Legislature! If you haven’t had a chance to catch up on the latest news, review our update on Alabama REALTORS® bills in the legislature so far this session.

About Alabama REALTOR® Priorities 

As the Alabama real estate market undergoes significant changes, the Alabama Association of REALTORS® is promoting three bills to help clarify real estate matters for Alabama consumers and real estate professionals. 

From license laws to battling real estate scams, three main Alabama REALTORS® bills are now taking priority. According to news from Alabama REALTORS®, each bill will—or has been—filed separately as they move through the legislature.  

Three license law proposals 

As we continue with an update on Alabama REALTORS® bills, let’s recap what the three bills propose and the current status. The first bill deals with buyers’ agreements. The second bill will update RECAD and other license laws on several issues, while the third focuses on education and broker license requirements.

Bill One – Buyers Agreements

The first bill introduced, HB 230, clarified the timing of buyer agreements. It protects consumers from being bound by early contracts and emphasizes the importance of discussing brokerage services and compensation upfront while adhering to Alabama’s RECAD structure.

The bill states that buyers in Alabama cannot be made to sign a legally binding agreement to view a home. It does require a written buyer agreement before any purchase offer, ensuring clear representation terms and promoting transparency for consumers and Realtors.

This bill passed the House in the second week, has passed the Senate, and is awaiting Governor Ivey’s signature. It is expected to become law within 30 days of signing.  No delays are expected, so AAR anticipates it becoming state law in April.

Bill Two – RECAD and Teams

The second bill outlined updates for RECAD and additional license laws. The main expectations for this bill include dual agency changes, one-year listing agreements, reasonable requirements on teams, failed payments to AREC and definitions and disclosure updates. 

Bill Three – Education and Broker License Requirements

The third bill addresses education and broker license requirements, including multiple revisions to the current language, such as grammatical corrections, editing redundant information and similar corrections, nothing substantive. 

Furthermore, the bill will allow AREC to approve distance education courses with certain requirements for pre-licensure/post-licensure and CE-only courses, including approving one-hour CE courses. 

It also proposes raising the requirements for qualifying brokers. Bill Three mandates that applicants complete a qualifying broker course and hold a license for four years instead of two.

Summary

While this update on Alabama REALTORS® bills provides a brief overview, visit the Alabama REALTORS® Capital News & Notes page for more background, details and future updates from week one through week five, including the next edition on March 25. 

Whether you are a consumer or a Realtor, read our blogs for more real estate news, local market statistics and other tips from home buying and selling to owning. 

Lee County’s housing stats for 2024

Year-End Review: A Look at Lee County’s Housing Stats for 2024

Posted on

An analysis of Lee County’s housing stats for 2024 provides insight into the year-over-year changes compared to 2023. It also lays the groundwork for understanding future real estate trends by highlighting the current state of the local market, including inventory levels and average sales prices.

More properties sold in all areas.

Overall, Lee County, Auburn and Opelika experienced a boost in total properties sold year-over-year. In Auburn, 1,050 properties were sold in 2024 versus the 895 properties in 2023. That’s a 17.3% increase! For Lee County, 180 more properties sold within a year, going from 1,876 in 2023 to 2,056 in 2024—a 9.6% change.

Opelika experienced the smallest shift—but an increase nonetheless—at 1.1%, jumping from 734 in 2023 to 742 last year.

New listings were up and down in some areas.

While Auburn and Lee County saw an increase in new listings in 2024, Opelika experienced a slight decrease. More specifically, Auburn experienced the highest year-over-year change with a 19.2% increase in new listings. In 2024, 1,506 new listings hit the market, compared to 1,263 new listings in 2023, a 243-home difference! 

Lee County wasn’t far behind with a 9.1% boost, equal to 231 more new listings in a year going from 2,520 in 2023 to 2,756 in 2024. 

Opelika, on the other hand, had a slight dip in new listings last year. In 2024, the city had 881 new listings hit the market and that figure was 957 the year before. 

Properties spent more—and less—time listed, depending. 

It’s another of Lee County’s housing stats for 2024 that depends on location. By and large, home seekers had more time to find what they were looking for with homes spending more time on the market. The average days on the market for Lee County and Opelika listings increased while Auburn decreased.

Homes in Lee County spent an average of 60 days listed in 2024 versus 58 in 2023, a 3.4% difference. Opelika listings spent 66 days on the market last year, a 24.5% increase from the 53 days in 2023. 

In this case, Auburn saw a 7.8% decline in average days on the market at 59 days in 2024, five fewer days than the 64 in 2023.

Average sales prices had highs and lows.  

Auburn home buyers benefited here and there last year as average sales prices fluctuated month-to-month, leading to a slight 1.5% decrease overall, equivalent to $7,023. To clarify, Auburn’s average sales price in 2024 was $471,893. The previous year’s figure was $478,916.

But Opelika’s average sales prices jumped by 6%, or $20,453, increasing from $341,308 in 2023 to $361,761 in 2024. 

Summary

To summarize, Lee County’s housing stats for 2024 show a healthy real estate market that shows no signs of dramatic shifts. Inventory in the area should continue to add new and existing properties. Home seekers have more time to find a property and make an offer. This could be the year to take advantage of shifting average sales prices and lowering interest rates to secure your dream home! 

Are you ready to speak to a local expert more in-depth? Find your Realtor using our Member Search. Continue reading our blogs for more real estate updates and tips. 

new National Association of Realtors® consumer guides

Realtor® Resources: New National Association of Realtors® Consumer Guides

Posted on

In an ever-evolving real estate landscape, staying informed is crucial for home buyers and sellers—and one group is making it easier for everyone. Explore the new National Association of Realtors® consumer guides designed for Realtors to share with clients.

About the new “Consumer Guide” series

The new National Association of Realtors® consumer guides are single-page documents crafted to simplify complex information, ensuring consumers have the resources to make informed decisions. For use by Realtors, the informative documents cover the recent practice changes that took effect in August. 

Covering a range of topics so far, the NAR® plans to provide additional guides in the future. 

The six guides

Currently, there are six National Association of Realtors® consumer guides available as PDFs, including:

Why Am I Being Asked to Sign a Written Buyer Agreement?

Summarizes what buyers should know about working with a real estate agent since the policy changes. 

Open Houses and Written Agreements

Explains what buyers need to know about attending an open house, touring homes and when a written buyer’s agreement is necessary.

Realtors’® Duty To Put Client Interests Above Their Own 

Condenses NAR’s Code of Ethics that all Realtors® must adhere to and their ethical duties to act in their client’s best interests.

What Veterans Need To Know About Buying a Home

Reviews how the NAR promotes access to financing for veterans and highlights available options for veteran buyers during the home buying process.

Offers of Compensation 

Recaps the process and options for offering compensation to a buyer’s agent to attract buyers and explains why sellers should consider this option when marketing their property.

Negotiating Written Buyer Agreements

Shares what home buyers should know when negotiating a written buyer agreement with a Realtor®.

Summary

Stay up-to-date with the latest NAR consumer resources and information by visiting facts.realtor. For more local real estate updates, community highlights and other news, keep reading our blogs. 

interior design trends for fall 2024

5 Interior Design Trends for Fall 2024

Posted on

As the leaves start to change and the air gets crisper, it’s time to update your home’s interior to reflect the warmth and beauty of the season. Embrace simple yet stylish designs incorporating cozy textures, warm hues and natural elements with these five interior design trends for fall 2024.

Velvet is big this fall.

Velvet is making a comeback this fall, adding a touch of elegance and sophistication to any space. This luxurious fabric is a must-have for creating a cozy and inviting atmosphere in your home, whether it’s a velvet sofa, an accent chair or throw pillows. 

Choose rich jewel tones like emerald green, deep navy or burgundy to add color and texture to your space.

Earth tones are still in.

Earth tones are a timeless choice for fall decor, evoking feelings of warmth and comfort. Shades of brown, tan, terracotta and olive green are perfect for designing an inviting space. Consider incorporating these hues through furniture, wall paint or accessories to bring a hint of autumn inside.

Bright colors add cheer.

But don’t expect a completely neutral color palate. While the earth tones remain a popular staple, throw in shades of orange, turquoise, greens and yellows for bold, uplifting pops of color. Think of accessories like pillows and artwork to showcase this trend.

Comfy throws and textured layers.

Another one of the interior design trends for fall 2024 to look forward to is comfy throws and textured layers. Bring out the soft throws and textured layers to keep you warm as the weather cools off. 

Add chunky knit blankets, faux fur throws and plush rugs to add depth and dimension to your space. Layering different textures creates visual interest and adds a touch of luxury to your home.

Natural elements.

Bringing the outdoors in is a key trend for fall, with natural elements like pumpkins, leaves and pinecones taking center stage. Incorporate these organic elements into your decor through seasonal arrangements, wreaths or decorative accents. Not only do they add a touch of rustic charm, but they also create a whimsical ambiance.

Summary

With these interior design trends for fall 2024 fresh in your mind, visit local thrift stores to see what you can find to repurpose to add to your home’s charm this season. And shop at local boutiques for more unique décor to prepare your home for autumn. For more real estate news and interior design tips, keep reading our blogs. 

things for home buyers and sellers to consider in 2024

5 Things for Home Buyers and Sellers to Consider in 2024

Posted on

Does 2024 include a big move for you? From first-time buyers to seasoned investors, here’s a list of five things for home buyers and sellers to consider in 2024 to better prepare them for the real estate journey ahead.

Interest and mortgage rates.

It’s always a good idea for potential home buyers and sellers to keep an eye on interest and mortgage rates. Since October 2023, mortgage rates have begun to steadily decline from 8% to 7–6%. But rates will most likely remain volatile.

Experts suggest paying attention to the Federal Reserve’s interest rate decisions for a hint at where mortgage rates are going in 2024. 

The long-term value of owning a home. 

Homeownership is one of the most reliable and quickest ways to build wealth for a variety of reasons. First of all, it stabilizes a homeowner’s housing expenses with fixed monthly payments. Second of all, as you continue to pay off your mortgage loan, you build equity in the home.

Hence, you add value to your net worth.

Think about what you need versus what you would like. 

Whether you are a first-time home buyer or you’ve done it before, figuring out your needs versus what you want helps you narrow your search. And, from there, you can begin adding on those wants. 

Industry experts have predicted that a few of those key features for 2024 include sustainability, luxury amenities and seamless outdoor-indoor living spaces. 

Calculate your budget. 

Knowing your budget is not a new idea, but it remains one of the top things for home buyers and sellers to consider in 2024. In general, designating about 25% of your net income toward a mortgage payment is a good rule of thumb. 

It’s a good idea to work with your local Realtor or mortgage lender to help calculate your budget. 

Working with an experienced local Realtor. 

Finally, when it comes to things for home buyers and sellers to consider in 2024, working with a knowledgeable local expert is key. In terms of finding the right Realtor for you, talk to a few different Realtors. Ask them questions, read their reviews and ask about their rates and fees, for example.

If you aren’t sure where to start when it comes to finding a Realtor in Lee County, our member search offers a listing of Realtors, real estate offices, affiliates and more. 

Summary

A new year goes hand-in-hand with new possibilities and opportunities, and that includes investing in real estate. Become more familiar with our local market and the opportunities ahead by connecting with us on Facebook, Instagram and LinkedIn, where we share local statistics, insights and more. For more buying and selling tips, local news and trends, continue to read our blogs.