The Real Estate Season is Here - How does it affect your HOA
Behold, the real estate season is here! It is one of those seasons that significantly affect homeowners. True, Homeowners Associations (HOAs) is one of the hottest topics in real estate.
Whether you are looking for a primary residence or exploring investment properties, the fact is; you will have to choose between an area with HOA or that without.
Let us look at some invaluable insights into the world or real estate and how it affects your HOA.
What is an HOA?
HOA is simply a legal entity formed in some planned communities and subdivisions that enforces their rules based on the residents or the properties themselves.
Typically, you automatically become a member when you buy property in an area with an HOA. Among some of the things you will do include paying the necessary dues such as upkeep.
However, you should also note that HOAs vary in the scope they control and the strictness of the company.
Why is it important?
One of the best things about belonging to an HOA is that its rules and regulations significantly contribute to the communities curb appeal. Among some of these regulations include:
- Vehicle regulation: An HOA may prohibit residents from parking a certain number of cars at their residence, particularly for extended periods. They may have rules on where boats and trailers should be parked. Cars parked on blocks in front of a house are likely to be frowned upon by HOAs.
- Maintenance: The majority of HOAs have rules and regulations to prevent properties from being too worn-out.
- Landscaping and lawn maintenance: An HOA may determine what you may or may not plant in your yard and what you must have or not have, such as a certain number of shrubs around your building. In some instances, such as condominiums, the HOA will provide landscaping services paid for by your dues.
- Extra structures: An HOA is likely to have other rules regarding the construction of extra structures other than that of a primary residence and will likely be strict. They can prohibit you from constructing a carriage house apartment separate from the main house as well as impose restrictions on mailboxes and satellite dishes.
How Does the Real Estate Season Affect Your HOA?
For starters, the real estate industry can be quite tricky, especially if you fail to perfect the timing. It can affect the outcome of getting any good deal.
However, how does it really impact real estate? Changing seasons such as the holiday season and weather are some of the most critical factors affecting real estate market trends. Below are some key factors you should take note of:
- The school year: Basically, most families avoid relocating in the middle of the school year. Statistics reveal that around 73 percent of parents looking to buy property choose to relocate after the school year.
- The holiday season: Technically, there are a lot of sellers and buyers during the holiday season. It is mainly because the majority of homeowners are either focused on running holiday errands or attending events.
What is the Best Season to Buy or Sell a House?
The best time to buy a house is during the cold seasons when the prices rise or drop.
The number of buyers tends to decrease, and, therefore, there is less competition. What's more, the lesser the demand in the market, the better the deals.
Also, more buyers will mean fewer agents. You will also check on the landscaping and see a prospective house and neighborhood compared to buying a home in winter.
On the other hand, the best time to sell a house is during the summer. Buyers are more inclined to go house hunting during this period, mainly because of the excellent weather.
While the real estate season is easy to grasp, this does not mean you can take matters into your own hands. Using the services of a real estate agent is critical when buying or selling a home. An expert understands industry dynamics and can assist you in securing the best deals.
Furthermore, real estate agents are familiar with the local market and can provide you with helpful information. Contact us at RealManage and let us work on ensuring you get the best deals.