real estate and the “Valentine's Day Effect”

Real Estate and the “Valentine’s Day Effect”

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While Valentine’s Day is traditionally a time for romance, it also sparks a surprising surge in the property market known as the “Valentine’s Day Effect.” This event marks a seasonal shift where romantic milestones often translate into real estate momentum. Keep reading to learn exactly how real estate and the “Valentine’s Day Effect” create a unique window of opportunity for buyers and sellers.

The “Valentine’s Day Effect”

To begin, let’s explore what the Valentine’s Day effect is. This effect is a real estate phenomenon in which the holiday’s focus on commitment encourages couples to take the next big step toward homeownership. This surge, combined with a “thaw” in inventory and motivated buyers—including single buyers—creates a unique increase in market activity following the holiday.

Cost-effective benefits

In today’s competitive landscape, the “Valentine’s Day Effect” underscores the financial advantage of a two-income household. This allows couples to combine resources to overcome high entry costs. In addition, many younger buyers are prioritizing property investment over traditional wedding expenses, a shift reflected in the fact that unmarried partner households have doubled since 2001.

By leveraging their combined purchasing power in February, partners can secure a long-term asset before the spring market’s peak.

Why February is a great time to buy

February offers a sweet spot, allowing buyers to secure properties with more negotiating power and stable pricing before the intense spring bidding wars begin.

Sellers also benefit from a market of highly motivated buyers eager to close deals, ensuring their listings stand out amid less competition. By acting now, buyers can gain access to fresh inventory and potentially lock in a home before the seasonal rush drives prices higher.

Summary

Now understanding how real estate and “Valentine’s Day Effect” create a unique seasonal surge, make a move before the crowd does and list your property or begin your home search now.

Connect with a Lee County Association member to find your perfect home match. And continue reading our blogs for more.

homeowners association

Real Estate Defined: Homeowners Association

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Established to create uniformity, care for the community and more, a homeowners association can be a big part of homebuying. From deciding whether to live in a neighborhood with a homeowners association to choosing one that fits your needs, keep reading for everything you need to know.

What is a homeowners association?

A homeowners association (HOA) is a group of homeowners within a particular area whose purpose is to ensure the provision and maintenance of community facilities and enforce property rules.

HOAs are run by volunteers and usually collect a monthly or annual fee. Residents pay these fees to cover the maintenance and upkeep of the community.

When purchasing property within an HOA’s jurisdiction, you become a member. The rules of each HOA vary, meaning some associations can be very restrictive while others allow their residents more liberties.

HOAs and their effect on property value.

A well-maintained and clean community offering useful amenities typically positively affects property value. With these benefits, homes can be seen as more desirable.

However, an HOA with high fees or a poorly managed community can deter potential residents, potentially decreasing property value.

Benefits of an HOA.

When deciding where to live, homeowner associations can provide many benefits. Under the management of an HOA, the burden of maintaining the community and dividing upkeep tasks is taken off of the homeowners.

By maintaining a cohesive appearance, an HOA can enhance community marketability. Additionally, an HOA manages and maintains community amenities such as pools, gyms, and parks. Some homeowner associations may also offer enhanced security measures like gated entries.

Challenges of an HOA. 

On the other hand, living in an HOA can pose some challenges, including additional costs, strict rules or possible disputes among the board and homeowners.

The good news is that an experienced REALTOR® can offer guidance and help you understand more about the HOA in the neighborhood, townhome community or other residence you are considering.

Summary

The bottom line is that owning a home comes with my responsibilities, including living in an area with a homeowners association. Need help navigating these decisions and finding a home? Connect with one of our skilled LCAR members for all your real estate needs.

For more real estate news and information, continue reading our blogs.

home warranty benefits for homeowners

6 Home Warranty Benefits for Homeowners

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A home warranty is the best way to protect your home and your investment. Home warranties can help keep your home looking its best and ensure everything in it, like appliances, is in working order. Whether your home is new or old, discover these six home warranty benefits for homeowners.

Home Warranty vs. Home Insurance

First and foremost, note that a home warranty is not the same as home insurance. A home warranty is a contract between a homeowner and a home warranty company that provides discounted repair and replacement services on a home’s major appliances, including your HVAC system, furnace, plumbing, electrical and other appliances.

Home insurance, on the other hand, protects your home against unforeseen damage caused by natural disasters. This can be damage caused by hail, high winds, rain and more. However, it will not help cover normal wear and tear on your home.

Reasons To Have a Home Warranty for a New Home

Your home warranty coverage does not change based on the age of your home. But your reasons for a warranty may vary depending on the age of your home. For new homeowners, check out these three reasons to consider a home warranty.

Protect expensive appliances.

Many new homes come with new appliances. A home warranty can help protect those appliances if something stops functioning or needs fixing. With this coverage, many household appliances can be repaired or replaced with a comparable item.

Home system repairs.

Although new homes may have fewer issues than older homes, they still have maintenance concerns. For example, if your garage door isn’t working, your toilet won’t stop running, or your garbage disposal is clogged, your home warranty can help cover the cost of a service visit or repairs.

Handyman services.

Not sure who to call to repair an appliance? Your home warranty company has agreements with approved service providers. If one of your appliances breaks and is covered by your home warranty, contact the home warranty company. They will send a technician to assess the situation. Once your coverage is confirmed, they will arrange for the repair or replacement of the appliance for a small service fee.

Reasons To Have a Home Warranty for an Older Home 

Older homes may have more pop-up and planned maintenance projects than newer ones. To account for this and other cosmetic details that may arise due to age, here are three home warranty benefits for homeowners of older homes.

Repair of aging home systems.

Certain components of your home systems can deteriorate, even with routine maintenance. If a home system dies due to age, a home warranty can often help with the repair or replacement expenses.

Replace older appliances.

Are your aging appliances suddenly not keeping up with household demands? It may be time to replace them. Fortunately, a home warranty can help pay for new appliances without disrupting your household budget.

Home exterior maintenance.

If the older home you fell in love with needs some exterior work, a home warranty means using their handyman services to assist with the upkeep of your home’s exterior, from pressure washing to landscaping.

Summary

Even though a home warranty isn’t the perfect solution for every risk or hidden cost of owning a home, there are many home warranty benefits for homeowners. Ultimately, things can go wrong, and a home warranty can be the difference between draining your savings or paying a small fee and avoiding unexpected expenses.

Need guidance? Connect with a Lee County Association of REALTORS member, and continue reading our blogs for more.

interior design trends for fall 2024

5 Interior Design Trends for Fall 2024

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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

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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. 

safety tips for homeowners and buyers

7 Safety Tips for Homeowners and Buyers

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Whether you’ve lived in your home for years or just moved in, review these seven safety tips for homeowners and buyers to better protect your family and property.

Research an area before you buy a home.

A good place to start when it comes to researching a city you may move to is with a local expert, like a Realtor. They will have the knowledge and resources readily available to help you find a neighborhood and home you will feel comfortable in.

You can also find helpful search tools, data, tips and more with online resources like SafeWise, for example.

Get to know your neighbors.

This is one of the safety tips for homeowners and buyers that is also good for your social life! In general, neighbors who get to know each other tend to look out for each other.

Not only is a sense of community created among friendly neighbors, but it also creates a safety network. Your neighbors could be the first ones to notice if something isn’t quite right, including signs of a fire or unfamiliar faces roaming around your home.

Stay diligent with your home security.

Staying safe does take a little effort. For instance, it’s a good idea to keep windows and doors locked while you are home or away. Ask your neighbors to keep an eye on your property if you are going out of town.

Leave a light on, whether you are home or away. Another good safety tip is to keep your location secure by not tagging it on social media accounts when you are on vacation or just out and about around town.

Improve the lighting around your house.

This is a simple, yet effective home safety tip. Consider adding more outdoor lights to protect your property. Options include motion-sensor lights and automated lights connected to your home security system.

Store hazardous materials safely.

From cleaning supplies like laundry pods to gasoline for the lawn mower, remember to safely store any chemicals and hazardous materials away from children and pets.  

Test your smoke and carbon monoxide detectors.

As soon as you move in, walk through your new home and find all of the smoke and carbon monoxide detectors. If there aren’t any carbon monoxide detectors, consider adding a few.

After finding the detectors, double check the batteries or go ahead and replace them. Remember to check all your smoke and carbon monoxide detectors regularly.

Work with a Realtor.

Finally, when it comes to safety tips for homeowners and buyers, working with a Realtor is a good place to start! Think of local Realtors as your local experts in terms of home security and community safety. Oftentimes, they can connect you with additional community resources.

Summary

Are you asking yourself where to start when it comes to finding that local expert in Lee County? Start with us! You can search for Realtors, find other community resources and learn more about the local real estate market by reading our blogs.

summer energy efficiency tips for homeowners

9 Summer Energy Efficiency Tips for Homeowners

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Finally! We can officially say it’s summer. In fact, today is the longest day of the year, offering some of us more than 12 hours of sunlight! That’s why we’re sharing these nine summer energy efficiency tips for homeowners that are sure to help you stay cool all season long.

Some of the summer energy efficiency tips for homeowners below are free and can be applied each day, while others are inexpensive ways to help keep energy affordable.

Use window coverings.

Window coverings can be used to keep heat out during the day. In fact, certain materials and styles may even improve energy efficiency in your home.

Put fans to work.

Use ceiling fans and electric fans to circulate cool air around the room. But remember to turn them off if you leave the room for more cost savings in the long run.

Bathroom fans, for example, help draw out heat and humidity, so turn them on when you are taking a shower.

Operate your thermostat efficiently.

You may be tempted to set your thermostat to a cool setting and just leave it there. However, setting it to a comfortable temperature while you are home and setting it to a slightly higher temperature when you are away is a good way to lower your energy bill.

Generally, the smaller the difference between indoor and outdoor temperatures, the lower the cooling bill.

Add shade around your home.

Create shade around your home to help combat the heat during the day. This could include natural elements, such as trees and shrubs, along with decorative elements like awnings.

Swap out the light bulbs.

If you haven’t done this already, there’s no better time! Switch all your light bulbs to LED bulbs. They keep rooms cooler than options like incandescent bulbs, for instance.

Consider rearranging lamps and TVs.

Here’s one of the summer energy efficiency tips for homeowners you may not consider. Did you know items such as lamps, TVs and computers generate heat?

If these or other hot appliances are too close to your thermostat, it can sense the heat, making it think the room is warmer than it actually is.

Change the air filters.

Another easy way to keep your energy bill lower is to regularly change your HVAC filters. It’s also a good idea to vacuum the air intake vents to help reduce dust and buildup.

Take advantage of the breeze.

If there is a cool breeze, use it to your advantage. Leave doors open, apply cross ventilation and use other techniques to circulate the air throughout your home.

Cook outside.

Do you need another excuse to barbecue? Limit the use of your oven and stovetop by grilling outdoors more this summer. You can also opt for lighter, healthier meals that don’t require much cooking.

Summary

Last but not least, talk to your local Realtor about other ways to make your home more energy-efficient. Think of us as your local, friendly experts that love to share helpful knowledge! You can find more helpful tips for homeowners, plus local real estate trends, when you continue to read our blogs.

how homeownership can help during rising inflation

How Homeownership Can Help During Rising Inflation

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Americans across the country are concerned about inflation—and understandably so. If you’ve heard the news, but need a little economics refresher, we’ve got you. Inflation is a fluctuating value. It assigns value to money, causing currency to be worth more or less than it was previously. As of June 2022, inflation was up drastically by 9.1 percent in the past 12 months, as per the Consumer Price Index, or CPI. Though this may seem worrying, there are ways how homeownership can help during rising inflation.

Homes are an appreciating asset.

Some people like to get a return on their money by investing in stocks, bonds, or even a home. Unlike cars or boats, homes tend to grow in value over time. And, unlike renting, your money will be going toward something that you can own.

Another facet of how homeownership can help during rising inflation is the future economic value of your house. If you end up deciding to sell it, your home will likely be worth more during a time when the dollar value is rising. That gives you extra financial capital at your disposal.

Homes mean fewer future moving costs.

Rent prices have also seen a sharp rise in the past few months—and it’s a trend that’s likely to continue. Unfortunately, that can mean some people may have to move again and again as they seek rentals with prices that fit their budgets.

Having to pay to move multiple times can actually eat into your savings, making eventual buying even more difficult.

While it will require a bit of number crunching, you should think about how often you plan to move in the next few years. It can put the costs in starker relief, and it may even give you a good push into home buying.

Fixed-rate mortgages don’t vary from year to year.

Unless you refinance for a better value, fixed-rate mortgages don’t vary from year to year.

That’s a huge advantage over renting—and it means your home will likely get more affordable over time. Just remember that this applies to fixed-rate mortgages only!

Remember: You can always refinance.

Mortgage rates have recently climbed a bit.

While this may keep you from buying for the time being, it may also be helpful to remember that you can eventually refinance when rates are lower. You can also lock in a mortgage rate with your lending company or pay to have it extended.

Talk to your lender—and your Realtor—about options!

Summary

If you need one last nudge to explore the market, now you have one: knowing how homeownership can help during rising inflation.

Still have questions? Want to start house-hunting?

We’re here to help! Contact us to find a Realtor. You can also learn more about the market on our blog here.

Questions to Ask Yourself When Considering a Neighborhood

6 Questions to Ask Yourself When Considering a Neighborhood

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Maybe you’re a longtime local looking for a change. Or, you’re an out-of-town buyer who has a bit to learn about the area. Either way, these questions to ask yourself when considering a neighborhood can have a big impact on your quality of life. Don’t make an offer without running through them first!

Will you be dealing with a Homeowner’s Association (HOA)?

Opinions on HOAs can be mixed. Some love how they ensure that home values stay high in the neighborhood with regulations in place. Others think they can be a little overbearing.

They will also come with additional costs, so you should keep the financial aspect in mind as well. When perusing a potential neighborhood, be sure to ask whether there is an HOA and if so, how that specific HOA operates.

What is the neighborhood close to?

Proximity can be a big advantage—or disadvantage, depending on what’s near your neighborhood.

Grocery stores, schools, and great downtown areas are all a plus. Sewage treatment plants, livestock farms, and highways, on the other hand, can ding your property value—and make life a whole lot more stressful.

It’s always wise to take a drive around the area, just to see if you’ll like where you’ll be living.

What are the schools like?

Speaking of schools—they’re one of the questions to ask yourself when considering a neighborhood. What schools is the neighborhood zoned for, and what are they like?

You don’t even need to have children to benefit from a great school system. The better the education, the higher your home value will be—and it could even make it easier to sell in the future.

Is it safe?

Some neighborhoods are safer than others. Buying a home is a big investment—and you will do yourself a disservice if you don’t determine how safe the area is.

If you don’t know where to start, call the local police departmentand ask them about safety and crime rates.

Is it new construction or an established development?

New construction neighborhoods may be in the development phase for months or years to come. While they offer the advantages of a brand-new house, you may find the construction distracting or overwhelming.

Meanwhile, established developments likely will not have the same level of activity. As a drawback, they may need updating.

How do the other homes look?

The appearance and value of surrounding homes can impact your house’s property value. Take a little time to drive around the neighborhood. You can also look up estimates on nearby homes online.

Summary

The homebuying process can be confusing. Even with these questions to ask yourself when considering a neighborhood to help, you’ll benefit from having expert guidance. That’s why it’s so important to hire a skillful, experienced Realtor who knows the area inside and out.

Well, our members fit the bill! Contact the Lee County Association of Realtors to begin. As for learning more about how to navigate the market, browse our blog here.

items lenders look for when reviewing a mortgage application

5 Items Lenders Look For When Reviewing Your Mortgage Application

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Before you score your dream home, you usually need to secure a loan. What’s a good way to do that? For starters, you can review these five items lenders look for when reviewing your mortgage application now to see how you stack up.

Income and Expenses

Obviously, lenders will look at your income—and having steady income is a good thing. In a nutshell, good income equals good chances of making your payments consistently.

However, lenders will look on the other end of the spectrum too. They will review your expenses—fixed and flexible—to help determine your debt-to-income ratio.

Down Payment

Down payments vary and depend on buyers’ personal situations. With that said, typically the larger the down payment, the better.

For instance, lenders are more likely to give lower interest rates with lower loan amounts. In general, a solid number to aim for when it comes to down payments is 20 percent.

Credit History

This is one of the items lenders look for when reviewing your mortgage application that is in-depth. First of all, it goes well beyond your credit score. Lenders will want to see a full credit report.

Below is a quick look at other factors lenders might check:

  • Payment history: It pays to make payments on time. Having a good payment track record when it comes to credit cards and past loans reflects well on potential borrowers.
  • Negative marks: This includes missed payments, collections, delinquent accounts or bankruptcy.
  • Recent credit applications: Some lenders may see too many recent applications for lines of credit as a sign of financial woes.
  • Being an authorized user: Be careful who you share credit card accounts with. If you are an authorized user on someone else’s card, how they handle it reflects on your report as well.

These are but a few prime examples of what lenders will discover in your credit report. The good news is you can also access your credit report for free at least once a year at AnnualCreditReport.com.

Employment History

Basically, proof of stable employment for multiple years works in your favor. It demonstrates a pattern of responsible behavior.

Liquid Assets

Perhaps liquid assets can be thought of as security blankets for lenders. Knowing what assets borrowers could turn to cash quickly in a pinch is comforting when it comes to their return.

Summary

Remember, this list of items lenders look for when reviewing your mortgage application is just a start. Consider being proactive and accessing your credit report. Then make any adjustments you can to improve your overall report.

In the meantime, you can always talk to your Realtor more about what lenders may consider as well as what you, as a borrower, should look for in a lender. Check out our other blogs for more real estate news and local market trends!