News
Recent news, business resources and press releases.New Real Estate Podcasts
Listen to hot topics in real estate whether you’re on the go or lounging at home!
2022 REALTOR Cereal Drive Returns this October
The REALTOR® Cereal Drive is back!
2021 was an epic year for the annual REALTOR® cereal drive. Help us reach the 2022 goal of 18,000 boxes, all of which go to the local area food banks. Use the cereal drive as a way to reconnect with your sphere and look for REALTOR®-branded marketing pieces (post-card and flyer) to enhance efforts of collecting cereal from clients and customers.
Let us know if your office plans to participate by emailing Barbara Castillo with your office and contact information by September 23rd.
Collected cereal can be dropped off at the October 27th Halloween Mixer at Wilderness Run Winery from 5-7 PM or For large pick-ups, the Fredericksburg food van can be scheduled to pick up from your location!
Download this square image to help with your marketing
Download this square image to help with your marketing
Download this 8.5"x11" flyer to help with your marketing
Download the two-sided 8.5″x11″ flyer image to help with your marketing
Cereal Drive Office Contest Sign Up 2022
Yes.. I want my office to participate in the annual FAAR Cereal Drive.
The local housing market continues to cool
The local real estate market in June repeated its performance from May with increasing prices, falling sales volume, and growing available inventory. June closed out the month with a nearly 20% decrease in total sold dollar volume, going from approximately $434 million in June of 2021, down to just over $349 million in June of 2022. Fueling the decline in total volume was a steep dip in market activity potentially due to increased mortgage rates. Units sold declined nearly 28%, going from 1,031 in June of 2021 and declining to 748 in June of 2022, just one transaction less than last month. At the same time that demand is waning, median sold price posted another big year-over-year jump, clocking in at an all-time high of $441,000 in June of 2022 compared to $397,500 in June of 2021.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, stayed nearly flat from last year at 11 days.
Active listings have shown year-over-year growth since July of 2021 with June posting another 30% increase in homes on the market. There were 955 homes on the market at the end of June compared to 735 last year. New listings were down this June by 20%, with 918 new homes coming on the market compared to 1,147 last June. New pending sales were down over 26% and overall pending sales are down 30%, indicating that increasing interest rates could be dampening demand for the third sustained month in a row.
The rental market is also experiencing significant price increases with Realtors® seeing potential tenants offering greater than the posted rent to sweeten their application. FAAR Board of Director and active Property Manager Dawn Josemans comments, “The rental market is still pretty hot. We have multiple applications for every listing and very soon after putting the listing active. People have been offering higher rents and asking for longer term leases as well. There is such a high demand that the prices have increased by about 30-40%. The supply has been low due to the high number of owners either not wanting to be landlords anymore or just wanting to take advantage of the hot sales market.”
#MemberMonday Meet REALTOR® Stephanie Hiner
The Fredericksburg Area Association of REALTORS® Member Spotlight feature allows members of the community to get to know each other before working with each other in a transaction. Each member answers a series of questions to reveal more about themselves as people. It is FAAR’s hope that learning about an individual may spark connections that blossom via email, phone conversations or in-person meetings at events and classes.
Name
Stephanie Hiner
Hometown
Fredericksburg
Current Location
Spotsylvania
Title
Realtor at Berkshire Hathaway Home Services PenFed Realty
Why do you love working in real estate?
I love assisting people into new beginnings during the selling or buying process. I enjoy getting to know people and hearing what their dreams and goals are. Selling or buying a home can be a stressful process, my goal is to take that stress away for my clients as much as possible. The other side of real estate that I love is the interaction with other agents. It is always fun to learn a thing or two from the agent on the other side and build that relationship as well.
Favorite Work Story
I had a client my second year licensed that was a single Mom looking for a rental property. We were having trouble finding one, so I suggested she look into getting pre-approved to purchase her own home. She was hesitant thinking there was no way she would be able to on her own. She qualified though and we were able to find her the perfect home for her and her kids.
What are you most proud of in your career?
Becoming a top agent while maintaining an amazing client experience.
Do you have a special cause or volunteer your time?
Part of my commission from every transaction is donated to two amazing foundations the Sunshine Kids and PenFed Foundation.
Fun Fact
I am a mother of four (2 boys and 2 girls) ranging from ages 14 years old to 4 months old. I was a former mortgage loan officer in Stafford, Virginia.
#MemberMonday Meet #Realtor Brooke Sumners
Name
Brooke Sumners
Hometown
Stafford
Current Location
Locust Grove
Title
Real Estate Agent/Realtor at ULTA Realty
Why do you love working in real estate?
Real estate has been my passion for as long as I can remember. From the architecture of all of the different style homes to the character, decoration, history etc. I always knew that I wanted to be involved in real estate one way or another. Now I get to help families close a chapter in their lives or begin a new one and help them along the way make their dreams come true.
What are you most proud of in your career?
I think the thing that I’ve become the most proud of in my career is that my kids have seen that no matter how long it takes you to get where you want to be that anything is possible if you set your mind to it and want it enough. Most recently, my oldest son graduated high school and for his graduation gift he wanted to take the real estate course to become an agent himself! This makes my heart happy!
Do you have a special cause or volunteer your time?
The Toys for Tots program is very near and dear to me. I have worked at the Foundation for over 11 years and each year I am more grateful to be a part of such a great charity that helps give back to their communities and most importantly the children in those communities, our future!
Sample Ballot for the 2023 FAAR Board of Directors Slate of Candidates
Sample Ballot
Slate of Candidates- 2023 Leadership
Electronic Voting begins August 9 and ends September 14 at noon
FAAR offers electronic voting for its members. The ballot will be sent via email to each REALTOR® member on August 9. Voting closes September 14 at noon. The results will be announced on September 14, 3:00 p.m., at the General Membership Meeting on the floor of the FAAR Expo (bit.ly/22faarexpo). The results will be communicated to the entire membership September 15.
Here are the candidates for your 2023 Board of Directors:
President Carol Sondrini
President-Elect Randy Walther
Vice President Dawn Josemans
Secretary Kardin Lillis
Treasurer Lauren Tate
Immediate Past President Deb Ellis
Director Candidates – three (3) positions open. Select up to three (3).
__ LeAnn Black
__ Michelle Caldwell Thompson
__ David Cropper
__ Stephanie Hiner
__ Meghan Kala
__ Evelyn Martin
__ Tamar Myers-Moffatt
__ Don Pett
(Continuing from the 2022 Board- Abby Fitzsimmons (2023 & 2024), Gary Gardiner (2023), Matthew Rathbun (2023)
Two candidates for one (1) affiliate position. Select one (1).
__ Chad Hallett
__ Sherrie Shaw
From Section 8 a. of the Bylaws:
“…Additional candidates for the offices to be filled may be placed in nomination by signed petition of at least twenty percent* of the REALTOR® members. The petition shall be filed with the Secretary by August 1, 2022. The Secretary shall send notice of such additional nominations to all REALTOR® members before the election.”
*As of 6/22/2022 there are 1,880 REALTOR® members; 376 names are needed to complete the petition requirement; and the petition must be sent to the CEO of FAAR (Page Browning pbrowning@faarmembers.com) no later than August 1, 2022.
REALTOR® Members can log in to vote from 8/9 to 9/14 at https://vote.electionrunner.com/election/omfVe
Your Voter ID is your NRDS/M1 Number
Your Voter Key is your NRDS/M1 Number
1-Minute Candidate Videos
LeAnn Black
Michelle Caldwell Thompson
David Cropper
Stephanie Hiner
Tamar Myers-Moffatt
Don Pett
Sherrie Shaw
Has the local housing market reached its peak?
The local real estate market in May showed signs of cooling, with the largest year-over-year decline in units sold since 2017 and the first drop in total sold volume in years. While demand may be abating due to rising interest rates, inflation pressures, and economic uncertainty, prices continue to skyrocket in many markets. May closed out the month with a more than 6% decrease in total sold dollar volume, going from approximately $365 million in May of 2021, down to just over $343 million in May of 2022. Fueling the decline in total volume was a steep decline in market activity. Units sold declined nearly 16%, going from 889 in May of 2021 and declining to 749 in May of 2022. At the same time that demand is waning, median sold price posted another big year-over-year jump, clocking in at $436,000 in May of 2022 compared to $390,000 in May of 2021.
FAAR Board of Director Lauren Tate comments, “The May 2022 market is seeing a slight shift. While inventory remains low, it is starting to become a more level playing field for buyers, impacting demand due to the increase of mortgage rates. In previous months, sellers held the cards pulling multiple contracts, driving over list price offers to exclude enticing key contract elements such as waived appraisals, appraisal gaps, no contingencies and no seller contributions to sway the seller to pick the best offer. Today we are seeing inventory remain on the market slightly longer with price adjustments, which is confusing those sellers who have expectations that the market will mimic previous months. The market will continue to level out due to the uncertain economic changes.”
The decline in units sold was seen in every jurisdiction in the FAAR footprint. Orange County was down the least from last year with a 6% decline while Caroline County took the biggest hit with a nearly 42% decline in units sold. These declines translated into a decrease in total sold dollar volume in all areas but one. Spotsylvania County managed to hold onto a near identical sales volume as May of 2021, with a scant 0.08% increase. Despite decreasing sales volume, prices are staying high in all of our jurisdictions. Caroline County saw its third highest median price on record coming in at $320,000 while Spotsylvania’s median price skyrocketed over 21%, coming in at $443,000 in May compared to $365,505 last year.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, stayed flat from last year at 11 days.
Active listings have shown year-over-year growth since July of 2021 with May posting another 46% increase in homes on the market. There were 838 homes on the market at the end of May compared to 573 last year. New listings were down this May by about 15%, with 1,024 new homes coming on the market compared to 1,200 last May. New pending sales were down over 23% and overall pending sales are down 30%, indicating that continued supply challenges
Want to know more?
View more statistics on our Market information page
#MemberMonday Meet REALTOR® & Broker David Cropper
Name
David Cropper
Hometown
Fredericksburg
Current Location
Fredericksburg
Title
Broker Owner
Why do you love working in real estate?
I see real estate as a way to build wealth and security. I consider myself a coach and mentor, and I see a family setting down roots, and buying their first home, it makes me proud to do what I do.
Real Estate is not just a transaction, buying or selling a home is a story, and I strive to be a hero in that story.
What are you most proud of in your career?
I am very honored to be able to become a broker and start my own brokerage, in doing so I am now able to coach and mentor the agents who work with me and see them succeed in their professional careers.
Do you have a special cause or volunteer your time?
Cropper Home Sales LLC. is built on community service. All my agents are encouraged to volunteer. I am proud to be the current president of the Realtor Foundation, Helping those in our community get into and retain housing. I am also a member of the Lions Club, assisting in eye care and hearing aids for low-income families.
Fun Fact
I am an animal advocate and have 5 cats and a dog, through my volunteer work have been know to ride a motorcycle dressed in a cat suit to raise money
FAAR sends letter to Louisa County expressing concerns over short-term rental ordinance
Louisa County released a draft ordinance on short-term rental regulations in April which included limiting occupancy to 2 transient visitors per bedroom. Many homeowners at Lake Anna purchased their homes with the intent to rent to make it financially feasible and have followed the rules for many years. This reduction in rental capacity could have significant impacts to those property owners who focus on family rentals by limiting how many children are permitted in each bedroom. FAAR also has privacy concerns about the proposed amount of information that each property owner would have to collect on short-term renters, including minor children.
FAAR partnered with the Charlottesville Area Association of Realtors (CAAR) to send a letter of concern. An overview of the proposed regulations and the letter that was sent are both accessible below.
FAAR on TownTalk
FAAR President Deb Ellis and Public Policy Director Kim McClellan were on 1230 WFVA’s TownTalk with Ted Schubel talking about the local real estate market. The wide-ranging conversation covered the current market status, factors that led us to this point, and what buyers and sellers can expect going forward. Listen to the show by clicking the button below!
#Member Monday Meet REALTOR® Dalal Abilmona
Name
Dalal Abilmona
Hometown
Fredericksburg , VA
Current Location
Fredericksburg , VA
Title
REALTOR®
Number of Years in the Industry
10
Why do you love working in real estate?
I get to meet new people every day and help them make life changing decisions. No two days are ever the same and we have the freedom to work from anywhere. I can work from home, my car, the coffee shop, or even the beach in Bali?! My most favorite reason for working in real estate is creating lifelong friendships!
What are you most proud of in your career?
Getting Buyers and Sellers through complex situations and seeing them smile at the end!
Do you have a special cause or volunteer your time?
I volunteer for the Spotsylvania County Sheriff’s Department. I love sharing my time in our local community and helping with public events. Two charities near and dear to my heart I support are Wounded Warriors and St. Jude’s Children’s Hospital.
Fun Fact
I am bilingual. My great grandfather was in the third class group on the Titanic and was a survivor. My aunt,(Elsie Belman), became the first female limousine driver in Washington D.C., and later started her own local Limousine company and chauffeured some pretty big stars.
Press Releases
More Normalizing in the Fredericksburg-area Real Estate Market
The local real estate market continues to experience high transaction volume, inventory challenges, and rising prices, but those increases are moderating and significantly more inventory is available for buyers. As summer faded into early fall, inventory was up a...
2022 Board of Directors Election Results
2022 FAAR Board of Directors announced Election Results 2022 Leadership Electronic balloting began August 17, ended September 15 at noon Results were announced at a general membership meeting after the virtual education originally scheduled for the FAAR trade show. ...
FAAR Endorses Phil Scott for Virginia House of Delegates
The Fredericksburg Area Association of Realtors® endorses Phil Scott for the Virginia House of Delegates 88th district. The seat is being vacated by the retiring Mark Cole and features a three-way race. Phil Scott met with members of FAAR's Public Policy Committee...
Fredericksburg-Area Real Estate Market Continues to Normalize
While it’s not a buyer’s market yet, the Fredericksburg-area housing market continues to show indications of normalizing. August still posted very robust market numbers, but that is tempered by rising supply and slight reductions in future demand. Sold dollar volume...