things to know about the National Association of REALTORS® Code of Ethics

4 Things to Know About the National Association of REALTORS® Code of Ethics

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Looking for a house, not to mention a Realtor, can be overwhelming. However, these four things to know about the National Association of REALTORS® Code of Ethics will help you see the benefits of working with one from the beginning!

But before we delve into the main things to know about the National Association of REALTORS® Code of Ethics, let’s first review what it is and why it was created.

What is the Code of Ethics, and why was it created?

In a nutshell, the NAR’s Code of Ethics is a self-improving guide for all real estate professionals. It was created to guarantee clients are served fairly by requiring Realtors to work together in promoting the clients’ best interests at all times.

Required continuing education courses ensure that Realtors stay up-to-date on the Code and any changes it undergoes year to year.

It was established over 100 years ago.

Did you know the NAR’s Code of Ethics was adopted in 1913? According to the NAR website, it was “one of the first codifications of ethical duties adopted by any business group.”

It embodies the Golden Rule.

Simply put, “Do unto others as you would have them do unto you.” Realtors apply this guiding principle to all their activities, from personal to professional.

There are three main sections.

There are three main sections outlined in the Realtors’ Code of Ethics.

Duties to Clients and Customers

When it comes to things to know about the National Association of REALTORS® Code of Ethics, know that the client is always the number one priority. But Realtors remain obligated to treat all parties honestly, even while promoting and protecting their clients’ best interests.

Duties to the Public

This section includes everything from equal professional services for all to truthfulness in all communications—from emails to advertising.

Duties to Realtors

Once again, the Golden Rule is a guiding principle in this case. Under the Code of Ethics, Realtors promise to be fair, honest and supportive of other real estate professionals.

It gives you—the client—peace of mind.

Knowing your Realtor has taken an oath to protect and promote your best interests in all transactions is comforting. Understanding your Realtor is obligated to disclose pertinent facts about the property is comforting.

Realizing your Realtor works diligently to promote a healthy, competitive marketplace is comforting. And, last but not least, knowing your Realtor is committed to staying current on issues affecting real estate gives you peace of mind.

Summary

Now that you have a better understanding of why “Realtor” has come to mean “competency, fairness and high integrity,” are you ready to connect with a local expert? We can help! Search for Lee County Realtors here. For more industry news and tips, keep reading our blogs.

home inspections and what to expect

Real Estate Defined: Home Inspections and What to Expect

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When purchasing a home, a home inspection can save you thousands of dollars in unexpected repairs. It’s important to know exactly what you are getting into. Let’s take a closer look at home inspections and what to expect.

What is a home inspection?

A home inspection is a visual assessment of a home’s physical condition and mechanical systems, including the roof, ceilings, walls, floors, windows, doors, plumbing and more.

An inspector helps make sure there are no hidden issues in a house before the buyer commits. It is important to know about home inspections and what to expect in order to do your due diligence before purchasing a home.

In addition to the home’s physical condition and mechanical systems, inspectors will also check major appliances and the heating and air.

What happens during a home inspection?

During a home inspection, the inspector has three main tasks.

  1. Identify any possible issues with the house.
  2. Suggest fixes.
  3. Write a report, including photos, noting all observed concerns.

This report is vital for the buyer and agent. Based on this report, a buyer can request repairs from the seller.

Things to look out for that home inspectors won’t check

While inspectors assist in determining physical and mechanical issues, they typically only address issues that can be seen with the naked eye.

Inspectors will not put themselves in danger. For example, if a roof is too steep, they will not climb up to check for missing shingles. Instead, they’ll try and use binoculars.

Basic home inspections do not include any of the following:

  • Swimming pools
  • Wells
  • Septic systems
  • Structural engineering work
  • Fireplaces or chimneys

For wood-burning fireplaces, many inspectors will open and close the dampers to make sure they’re working and look up chimneys for obstructions, but that is all.

Summary

Now that you know about home inspections and what to expect, make sure you show up with your agent on the day of the inspection. This allows you to ask questions, review the inspection report and prepare to negotiate repairs.

For more industry insights, continue reading our blogs.

things to keep in mind when buying a home in the fall

8 Things to Keep In Mind When Buying a Home in the Fall

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Just as the seasons change, so do peak real estate times. That means now is the ideal time to share eight things to keep in mind when buying a home in the fall that may work to a buyer’s advantage!

Less competition.

Fall is typically considered the off-season in real estate. Therefore, buyers may have less competition.

What’s more, inventory more often than not tends to stay the same, which means there are still plenty of homes available.

Buyers have time to negotiate.

Less competition also means the odds of getting caught in a bidding war go down. Hence, buyers can take back a little more control.

This includes everything from negotiating the price to asking for your preferred closing date.

More available help.

In general, since it’s slower, real estate professionals and other service workers have more time on their hands. Thus, they have more time to focus on you!

Expect prompt responses from your Realtor, lenders, contractors, inspectors and more this time of year.

Sellers are motivated.

Some sellers may have come on strong in the peak spring and summer months. They may have overpriced their properties or struggled to find the right buyers.

New sellers usually have a good reason for listing their homes this time of year. In the end, all signs point to motivated sellers, which is good news for buyers!

You might enjoy better rates.

As the year winds down, mortgage lenders and bankers may be open to discussing a slightly better deal just to get the deal done.

No matter what, it’s always good to shop around and ask about savings when it comes to interest or even down payments.

First-time buyers get tax breaks.

Remember, first-time homebuyers receive property tax and mortgage deductions. This holds true even if you don’t close until December.

You’ll see the house in a different light.

Next on the things to keep in mind when buying a home in the fall is how it looks without the spring flowers and summer sun. When you shop for a house in the fall, you may get a better idea of what it’s like on a cloudy or rainy day.

You may also get a better look at the exterior without all that landscaping acting as camouflage.

Save on home décor.

Who doesn’t love shopping for their new home? If you move into your new home at the end of the year, you will hit the jackpot on year-end and holiday sales!

You will be able to bargain hunt for everything from new furniture to new appliances to new throw pillows.

Summary

Did these things to keep in mind when buying a home in the fall come as a pleasant surprise? If you think the time is right to start your home search, connect with a local Lee County Realtor today. For more industry insights and home buying-and-selling tips, keep reading our blogs.

the pros and cons of renting a home

The Pros and Cons of Renting a Home

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Renting is often the first step before home ownership. But when is it time to make a move to buy instead of signing another lease? The pros and cons of renting a home may help you decide.

The Pros

Maybe you just graduated from college. Perhaps you just moved to town. Regardless of the why, looking at the pros and cons of renting might help you see the big picture. Let’s start with the pros of renting:

  • Limited responsibility. As a renter, if something breaks or needs repairing, you tell the landlord who in turn handles the expenses and the repairs.
  • Renting can be budget friendly. To clarify, renters know exactly what they owe each month without the worry of unexpected home repair expenses. This helps you plan and stick to a budget.
  • No down payment. Not having to cough up a large lump sum of money for a down payment is one of the pros of renting a home that’s hard to argue with!
  • More flexibility and freedom. For example, renting offers the comfort of being able to make a quick move if needed. Leases typically range from 12-months to 24-months but can be month-to-month for a higher cost.
  • Good for anyone who travels a lot. For those who travel often, renting allows them to do so easily without the worry of property management.

The Cons

Now, it’s time for the flip side.

  • Not building home equity. Oftentimes, people say renting is throwing money away. While that is not exactly true (as you are paying for a home whether it’s rent or a mortgage) what they mean by that is when you rent, the home is not your asset. When you pay mortgage toward home ownership, you are building valuable equity.
  • No tax benefits. Simply put, there are no tax benefits to renting.
  • Lack of stability. When renting, the landlord can increase the rent at any time. Moreover, you could be evicted at any time and not necessarily with much notice.
  • Less opportunity for customization. When it comes to picking a new paint color for the walls or making any aesthetic change, renters usually need the landlord’s approval. On top of that, often restrictions imposed by the landlord or property management company will make any allowable changes limited.
  • Bound by the terms in the lease agreement. You are obligated to keep the terms of the signed agreement. That could even mean restrictions like no pets!

Summary

If you are struggling to decide what’s best for you and your current situation, these pros and cons of renting home may help make the decision easier. Thinking it’s time to buy? Reach out to a trusted local Realtor for guidance!

Looking for more real estate news, trends and advice? Keep reading our blogs!