Blog - Lee County Association of REALTORS®

Real Estate Defined: Types of Contingent Offers

Posted on February 21, 2025

Before we explore the various types of contingent offers, let’s clarify what a contingency is. A contingency, or contingent offer, means specific conditions must be met before the sale proceeds. Otherwise, the contract is void and the seller can consider other offers.

Home inspection contingency

A home inspection contingency helps protect the buyer if the home inspection uncovers certain issues, allowing the buyer to back out.

A home inspector will assess the home’s condition, looking at all aspects, including unnoticeable details and things buyers might not consider. If the inspection reveals major flaws in the home’s interior or exterior specified in the contract, the buyer can back out or request repairs or a lower purchase price.

Mortgage contingency

Giving the buyer a specific period to secure home financing is known as a mortgage contingency. Typically, this contingency is done early in the process, but you will want to ensure you have been pre-approved for a mortgage.

Appraisal contingency

An appraisal contingency happens most often when you are taking out a mortgage. This is because lenders require an appraisal, which is a third-party assessment of what the home is worth.

Even if both buyer and seller agree on a sales price, your lender can’t offer you a mortgage for more than the home’s appraisal. But, hope for a sale isn’t lost. Buyers can put down a larger down payment if they have the money so they won’t need a loan for more than the house is worth, for example.

Title contingency

Next up on types of contingent offers is a title contingency. This means the buyer’s offer is contingent upon the home having a “clean title” free of liens or obstacles.

If there are any claims against the title, it can make a purchase risky for buyers. But luckily, a title search can reveal these issues before closing. However, even if concerns are addressed, title insurance protects against future claims.

Home sale contingency

One of the most common contingencies is a home sale contingency. This contingency means that the sale of the home you’re looking to buy will only go through if your current home sells first.

Although it is possible to move forward with buying a new house before your current home sells, a lender may be able to help you with a bridge loan or suggest another financial strategy. Or you can try to request a later closing date—this will rely on the seller’s agreement.

Summary

Now that you know more about the types of contingent offers and what to expect, connect with a trusted REALTOR to learn more. Check out our Lee County Association of REALTORS members to find a good fit.

For more news and information, continue reading our blogs.

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

Posted on January 21, 2025

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.

6 New Year’s Resolutions for Real Estate Agents in 2025

Posted on December 20, 2024

New year, new you—or so they say. But do you have what it takes to make the upcoming year different? Make it your goal and start thinking about next year now with these New Year’s resolutions for real estate agents in 2025.

Set goals.

First and foremost, start your turnaround by setting goals. Whether you want to enhance your work/life balance, learn new skills, create a bigger presence or update your headshots, setting clear goals will help you stay focused and organized.

Enhance your digital marketing.

A digital presence is essential in today’s marketplace, and this is especially true for real estate. Build your brand and connect with current and potential clients through social media. It is an effective way to establish yourself as an expert real estate agent in your local market.

Create a posting schedule to stay on track with daily posts. In addition to posting photos, creating videos is another impactful way to communicate with your target audience. Video topics can include market updates, buyer and seller tips, a new listing tour and more.

Attend a conference or webinar.

One of the best ways to learn something new is to attend a conference or webinar. Start by identifying the areas you want to work on in 2025 and look up webinars or professional conferences to increase your knowledge.

A webinar can be a low-cost and low-time commitment option. Although a conference might require more time, networking with other top agents is beneficial.

Connect with local businesses.

Forming relationships within your community is one of the best ways to create a good reputation. So, when it’s time for your New Year’s resolutions for real estate agents in 2025, remember to connect with those around you! Partner with local shops to provide discounts, welcoming gifts and goodies for open houses.

Stay in the know.

One of the most important parts of being a real estate agent is knowing how the marketing is faring. Make this one of your resolutions for 2025 so that your clients look to you as a trusted advisor.

Update your email marketing.

One of the most overlooked components of a marketing plan is email blasts. Email marketing done right can generate leads, strengthen relationships and more. Review your email marketing strategy and see where content can be refreshed—this can be rewording your message, creating new graphics or adding a new signature.

Summary

Sometimes a small change can make all the difference; that’s why these New Year’s resolutions for real estate agents in 2025 are key. In addition to these tips, continue reading our blogs to learn more about the world of real estate.

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

Posted on November 21, 2024

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.

The Spooky Side of Selling Your House on Your Own

Posted on October 22, 2024

Before deciding to sell your own home, it’s important to understand the potential risks involved. Discover the spooky side of selling your house on your own now, including scarce real estate knowledge, pricing challenges and more.

Legal risks.

Real estate transactions involve complex laws and regulations. When selling your home without a knowledgeable Realtor, you may be unaware of legal obligations that can lead to legal and financial liabilities.

Things you may not be aware of can include but are not limited to:

Information that must be disclosed to potential buyers.
Knowing what to ask lenders to ensure an easy escrow process.
The implications of buyers changing their minds and when they are entitled to their earnest money.
Deadline management.

Pricing.

One of the most prominent risks of selling your house on your own is the pricing challenge. Pricing is key to a successful sale, and real estate agents have experience in the local housing market. Hence a thorough understanding of current housing trends and listing prices down to the neighborhood.

Homeowners often lack this knowledge and experience, leading to overpricing or underpricing the home.

Limited exposure.

With access to professional networks, multiple listing services and other marketing tools, real estate agents can get your property maximum exposure. With For Sale by Owner, your listing may not reach a broad audience, lengthen the selling process.

Complicated negotiations.

Coordinating with the buyer, the buyer’s agent, the inspection company, the appraiser and more can become overwhelming for an individual trying to sell their home. Plus, navigating negotiations and handling contingencies and contract terms can be challenging for sellers without representation.

Working with a Realtor can keep negotiations professional, accurate and on track to seal the deal.

Summary

Were you thinking about selling your home without a real estate agent? Now that you know more about the spooky side of selling your house on your own, consider working with Realtor for a smooth selling process.

Are you looking for a Realtor in the East Alabama area? Connect with one of our trusted Realtors! For more real estate tips and industry news, continue reading our blogs.

5 Interior Design Trends for Fall 2024

Posted on September 20, 2024

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.

New NAR Settlement Terms Are Now in Effect

Posted on August 21, 2024

With a deadline of August 17, the new NAR settlement terms are now in effect. But what does this mean for REALTORS? Let’s break it down.

About the NAR settlement terms

NAR Chief Legal Officer Katie Johnson outlined the new business practice changes and the revisions to NAR’s MLS policy handbook, including the following five changes:

Eliminating and prohibiting the requirement of compensation offers in the MLS between listing brokers or sellers to buyer brokers or other buyer representatives.
Prohibiting MLS participants, subscribers and sellers from making any compensation offers in the MLS to buyer brokers or other buyer representatives.
Eliminating all broker compensation fields and compensation information in the MLS and not creating, facilitating or supporting any non-MLS mechanism.
Prohibiting the use of the MLS data or feeds to directly or indirectly establish or maintain a platform of compensation offers from multiple broker or buyer representatives.
Agents and brokers must provide compensation disclosures to sellers. Buyers, sellers and MLS participants must have a written agreement before touring a property.

The MLS will terminate the participant’s access to any MLS data or feeds for violating this updated policy.

The written buyer agreement

Since the new NAR settlement terms are now in effect, let’s look at what the written buyer’s agreement includes.

A written buyer agreement must consist of four main parts. First, a specific and conspicuous disclosure of the amount or rate of compensation the participant will receive or how this amount will be determined, to the extent that the participant will receive compensation from a source. Secondly, the amount of compensation should be determined in an objectively ascertainable way.

Third, participants cannot receive compensation for brokerage services from any source that exceeds the amount stated in the agreement. Fourth, a prominent statement clarifying broker fees and commissions are not set by law and are fully negotiable.

Summary

As of August 5, the Lee County Association of REALTORS made these changes to the MLS and implemented the new regulations. If you have questions about these terms, refer to the NAR Settlement FAQ page for more information.

8 Ways To Make Your Open House a Success

Posted on July 22, 2024

As a Realtor in a competitive marketplace with inventory continually increasing, are you doing all you can to make your listings stand out? Planning an open house? Here are eight ways to make your open house a success in 2024!

Focus on the main objectives.

Remember the three main objectives of having an open house to make your open house a success. First, an open house generates leads. Second, it’s a time to promote your brand. And the third objective is to sell the listing.

Hence, every step you take before, during and after the open house should help achieve those goals.

Research the area.

Before the open house, get to know the ins and outs of your listing and those of similar listings in the area.

Go beyond online research and do a walk-through of some of the properties, and note what features each offer that your listing may not and what your listing offers that they do not. Then, you will be ready to share your local knowledge with comparable details on your listing and others in the area if a potential buyer asks.

Schedule appropriately.

And when it comes to scheduling, know your market. Will an afternoon or after-work open house be best? Or are weekends more flexible? Don’t forget to check the community calendar to plan your event around other popular happenings in town.

Use your network to partner with another local business.

Partner with one or several local businesses for cross-promotions. Whether it’s a local restaurant or bakery providing small bites and sweets or an interior designer offering a raffle item or a free consultation, create excitement with your open house.

Promote your open house.

Use various strategies to promote your open house. Consider writing a blog about the upcoming event and feature the home on your website. If you posted a property showcase on the home, re-share it on your homepage with a new graphic and blurb about the upcoming open house.

Share the open house details on social media, including any cool cross-promotions, giveaways and more. Create print materials to reach a wider audience. Send direct mailers to target markets. Hand out fliers, hit the streets with door hangers and post unique signage.

Make it an event.

Showcase local talent and have live music in the living room or backyard. Display the works of local artists and host an “art exhibition.” Max out your cross-promotions with raffles and giveaways.

Have a sign-in sheet.

Start by kindly letting guests know upon entering that the homeowner requests each visitor sign in for security purposes. But instead of a pen and notebook, hand them an iPad and use an app like the Open Home Pro, for example.

Be ready to answer buyer questions.

Demonstrate your expertise by being prepared to answer common buyer questions, ranging from house background to information about the neighborhood. A few common questions include how long the sellers have lived there, why they are moving, the age of the appliances, the average monthly utility bill and how old the roof is.

Summary

Finally, make your open house a success by having informative handouts and promotional items set out. Share statistics about the home, the neighborhood, local services, the school district and other helpful information. Have water bottles with your name and contact info printed on the labels. Bring other seasonal goodies, like sunglasses or hats, with your logo to promote your brand. Keep reading our blogs for more Realtor tips and news!

How to Stay Safe When Selling Your Home

Posted on June 21, 2024

Selling your home involves several moving parts, including securing your property during the process. With a focus on safety, here are some ideas on how to stay safe when selling your home.

Do a walk-through with your Realtor.

The walk-through with your Realtor is the first step in learning more about how to stay safe when selling your home. Your Realtor will review safety tips and more.

During the walk-through, Realtors remind sellers to check all entrances and exits to the home, including all window locks, ensuring they are secure and in working order. They will also review what items to remove or store while showing your home.

Secure your valuables and personal items.

After the walk-through, go through your home and prepare it for future showings. Store personal items such as valuables, paperwork, prescription medicines and family photos, for example, in a safe location.

Check your locks and security systems.

Before and after every showing, check the locks on the doors and windows. If your home is not equipped with a camera doorbell or other security system and features, consider adding some for additional safety while selling your home.

Your Realtor will always be present to show your home.

If someone is interested in seeing your home, your Realtor will work with them directly and keep you informed. Realtors should always be present for the showing. They often arrange for the sellers to be away from the property during that time.

Go over your agent’s screening process.

Part of being a Realtor is prioritizing safety, not just that of clients and their homes, but their safety. Realtors typically have a screening process to help identify serious buyers.

As a seller, ask your Realtor about the steps taken to ensure safety during showings and open houses.

Use lockboxes.

Lockboxes secure your keys, and they are electronic, so they can track who has access to your home. They add yet another layer of security during the selling process.

Create an open house checklist.

Finally, work with your Realtor to create an open house checklist. Ask if anyone will assist your Realtor at the event, whether they collect contact information from visitors and more.

Summary

Now that you know more about how to stay safe when selling your home, it’s time to connect with a local expert! Are you in the Lee County area and ready to list your home? Connect with one of our REALTORS!

And for more real estate tips and industry news, continue reading our blogs.

Elevate Your Real Estate Career: Become an Accredited Buyer’s Representative

Posted on May 21, 2024

Are you passionate about real estate and helping clients find their dream homes? If so, becoming an Accredited Buyer’s Representative might be the perfect next step in your career, giving you the edge you need to stand out.

About the Accredited Buyer’s Representative designation

To clarify, an Accredited Buyer’s Representative is a real estate professional who has completed specialized training in representing buyers in real estate transactions. This designation is awarded by the Real Estate Buyer’s Agent Council (REBAC) of the National Association of Realtors (NAR) to agents who have demonstrated excellence in buyer representation.

Let’s review more about the benefits of becoming an Accredited Buyer’s Representative, what you’ll learn and how it can help you better serve your clients.

The benefits of being an Accredited Buyer’s Representative

First and foremost, becoming an Accredited Buyer’s Representative demonstrates your dedication and commitment to serving today’s homebuyers. Backed with specialized knowledge, you will gain valuable insight into working with buyers. Topics covered in the course include understanding homebuyers’ needs and preferences and guiding them through the entire home-buying process.

Next, having this special designation adds credibility to your name. Clients will feel more confident entrusting you with their home-buying journey knowing that you have undergone rigorous training and education.

Another benefit of becoming an Accredited Buyer’s Representative is continuous learning through professional development. Realtors can access exclusive resources, networking opportunities and ongoing training.

Finally, having the Accredited Buyer’s Representative designation gives you a competitive edge. Clients are more likely to choose an agent with specialized training in buyer representation, leading to increased business opportunities and referrals.

What you’ll learn

During the two-day course, and the following elective course, participants will learn how to create a buyer representation agreement, conduct a successful buyer consultation and more. Upon completion of the course, Realtors will have a thorough understanding of each step in the home-buying process.

The material covered includes the search-showing-selection process, making an offer, negotiations, appraisals and closing on the property. What’s more, learn how to promote yourself in the competitive buyer’s market and grow your business with the designee member benefits!

Summary

Are you ready to take the next step? Register for a free live virtual instructor-led course for classes offered from June through December. Continue reading our blogs for more industry news and current real estate topics.