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!
VAR Chief Economist Checks Her Crystal Ball for FAAR
Despite the fears of many that the real estate industry would see swift and severe impacts from COVID-19, the last three months all posted strong numbers by any account, but especially in this time of upheaval. March saw sold dollar volume up 30%, units sold up 20%, and median sold price up 9%. April saw similar increases, with sold volume up 12%, units sold up 4%, and median price up 6%. May saw slight declines in total sold dollar volume and units sold, but an increase in median price to the highest level the market has seen. Low inventory was already something this area was grappling with and that issue intensified during this time, with active listings down 26% in April and a whopping 45% in May compared to the prior year. Even with low inventory plaguing the market, the fundamentals seem solid, but what does the future have in store?
A recent survey of FAAR members indicates that over 66% are more optimistic about their real estate business now compared to last quarter with just 16% saying there were less optimistic and 16% saying there was no change in their feelings.
What’s next is the question on everyone’s mind so FAAR brought in Virginia Realtors® Chief Economist, Dr. Lisa Sturtevant, to share what she’s seeing in the market.
- Inventory issues are causing some disruptions to the market as buyers cannot find what they are looking for or are seeing stiff competition with multiple contracts.
- Even so, pending home sales were up between April and May, indicating strong buyer demand.
- Current trends suggest no major impacts to home prices going forward.
- 2020 will overall be a slower market with stable prices, but no major impact from short sales or foreclosures.
- Right now, 8% of mortgage holders are in forbearance but 70% didn’t truly need it, indicating that there is not a coming foreclosure crisis.
- Apartments buildings are seeing approximately 90% of tenants paying. Even though unemployment is high, people are largely still able to pay their bills.
- The housing market will most likely see a crazy start to the year in 2021.
- Big question is will COVID-19 change preferences for home features like dedicated home office spaces or more outdoor space and amenities?
- Will location decisions be impacted with more buyers looking for suburban or rural properties?
Fredericksburg REALTORS Foundation donates $2,500 to Mary’s Shelter
COVID is keeping us from doing in-person check presentations, but this blast from the past shows that we have a long history of support!
The Foundation approved a $2,500 grant for an emergency bathroom renovation at Mary’s Shelter. At any given time, Mary’s Shelter provides housing for up to 18 women and their children in need of safe refuge. In addition to the homes they own, they also offer financial assistance to women in our community so that they can avoid homelessness. The shelter has been in operation for 14 years.
Mary’s Shelter has expanded their services because the needs are so great, while their donations have shrunk due to the pandemic. One of their homes experienced a very ill-timed bathroom leak, necessitating the move out of two families from units that were impacted. It is vital that Mary’s Shelter repairs the water damage and the leaky bathroom to get folks back into these units, and that’s where the Foundation’s money comes in.
While the Foundation was so pleased to give the $2,500 in funding, it falls far short of the $7,000 needed to repair the bathroom. If you are interested in learning more about Mary’s Shelter or donating to their operation, please visit http://marysshelterva.org/.
FAAR Louder Ep. 3: Caroline County Habitat for Humanity
In this session, Government Affairs Director Kim McClellan talks to the Caroline County Habitat for Humanity. They discuss their accomplishments thus far and how they plan to move forward in the future. Finally, learn how you can support this great organization.
Real Estate Market Holds Steady in Wake of Continued Pandemic Impact
Numbers hold steady, but inventory challenges hamper sales
The big story coming out of May real estate numbers is the dire situation the market is facing in terms of seriously constricted supply. At the end of May, there were just 964 homes on the market for buyers to choose from, almost half of what was for sale at the same time last year. That represents a less than 2-month supply of homes on the market at the current buying pace. A healthy, balanced market is generally considered to have a 5-month supply of homes. In May 2014, we had a 5.6-month supply of homes on the market which translates into just over 2,000 homes for sale. This area has been experiencing supply shortages for a long time now as the last time there was a 5-month or more supply of homes on the market was September of 2015. While the COVID-19 crisis did not start the inventory issues, it has certainly exacerbated it as prospective sellers are holding back due to concerns about transmitting and contracting the virus.
“Although the state is using a three-step phased approach to reopen, it appears the real estate market was one phase and BOOM,” comments FAAR Board of Director Kelly Bradshaw Walker. “We had a slight slow period and now we seem to have busted wide open! Inventory is low, making it quite an impressive seller’s market despite the current pandemic. Agents are continuing to use existing and new technologies to market, sell, and keep transactions going with agent and client health in mind.”
The market held steady in May, with some localities reporting slight declines in median price and units sold. Sold dollar volume was down nearly 3% in May, decreasing from approximately $224.5 million last May to just over $218 million this year. The decrease is reflected in nearly 7% less homes sold in May of 2020 versus May of 2019, with 661 last year compared to 621 this year. Median sold price was up across the region as a whole to the highest level the region has ever seen, coming in at $339,000. That represents a year-over-year increase of nearly 7% and was fueled by price increases in Stafford and Spotsylvania counties. The City of Fredericksburg and the counties of King George, Caroline and Orange all saw price declines in May.
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, fell more than 9% with houses averaging just 29 days on the market in May 2020 compared to 32 days in May 2019. That 29 days has held steady from last month and the market has been experiencing a quick turnaround on well-priced properties for a long time now.
Overall active listings were down a whopping 45% this May compared to last year and new listings coming on to the market were down nearly 29%. New pendings were up over 14% indicating that there are ready and willing buyers in the marketplace.
Review This!
This week Sherrie Shaw with Universal Title shared with us the best ways to get a review and how to share them with others.
Reviews are a great way to stand out in a crowd. The sad truth is, many agents are not curating their reviews and sharing them. In the digital age, many people consider an online review to carry the same weight as a personal endorsement. So here are six steps to collecting great reviews.
How To Start
- The first step is to check out how your digital presence is. Use an incognito tab to see what other people see when they google your name.
- Don’t forget to ask for a review. It can be great to get reviews throughout the process, but the easiest way can be after the closing. If you have your phone you can even capture a quick video review to post on your website right after the closing! To make sure you get that written review you can add a nice handwritten card asking for them to let others know how you did
Where Should My Reviews Be?
- In her webinar, Sherrie shares eight websites that you can curate reviews on. These websites include Realtor.com, Google, Homesnap, Yelp, Rate My Agent, Trulia, Zillow, and The Better Business Buro.
- Create a Google Business page. Google is the leading search engine. Because of Google’s incredible search engine optimization, you will want to create a page that integrates directly with Google itself.
- Curating your Facebook page is also a major component of creating a good referral network. By creating a business page on Facebook you can be found more easily and share relevant content with your network. There is also the added benefit of being able to reply to your reviewers and thank them for their time!
- As mentioned above, there are eight major websites that you can be gathering reviews on. Chances are you don’t want to ask your clients to go to every one of these websites. There are great tools out there like Arrivala where you can link all of those review sites. With tools like this, you provide the link to your clients and they can leave their review one time and it will be uploaded to all the review websites automatically. The best part is that you can utilize this tool for free!
Check out some of these great tips and more in the video below!
Allstar Awards Wine and Dine Guide
For our starter, we are suggesting The Path Chardonnay paired with a Cave-Ripened Mild Brie.
For those who are interested in a Rose, we suggest pairing Dark Horse Rose with a Citterio Prosciutto & Mozzarella Rotolino.
For your sweet tooth, a Dreaming Tree Crushed Red with a Chocolate Dome Petite.
If you are interested in a mocktail option Try our FAAR Star! You can make this light drink by combining, 6 oz of sparkling water, 2 oz of white cranberry juice, 2 oz of Orange Juice, and pouring over ice. This drink will pair well with all of our suggested hors d’oeuvres!
Print out the shopping list!
Thank you to our sponsors!
A Statement from the 2020 FAAR President and FAAR CEO
REALTORS® are passionate about helping people find a home. A safe place free from discrimination, fear, and pain. As we become more accepting of our differences, FAAR is committed to supporting our members and the community by renewing its focus on promoting Fair Housing and racial equality, encouraging inclusive communities, and advocating for affordable housing for all citizens.
FAAR provides comprehensive Fair Housing and Code of Ethics education and opportunities for engagement from a diverse cross-section of our membership. In the community, the Association is represented on area agencies and supports local housing-related non-profits through grants from the Fredericksburg REALTORS® Foundation. We can always do more. Please provide input on how, together, we can strengthen our commitment to serve the community by submitting an email to dfristoe@coldwellbankerelite.com.
Drew Fristoe, 2020 President Pat Breme, CEO
FAAR Senior Housing Resources
FAAR hosted a panel discussion called “Booming Business: how to capitalize on the growing 55+ market” featuring a stellar group of speakers moderated by 2020 FAAR President, Drew Fristoe. Below you will find a new resource guide with contacts to all of the panel members in pdf form for easy printing and sharing and a recording of the event. Here is the list of panelists with contact information.
Anne Overington
Century 21 Redwood
Anneo@c21redwood.com
540-207-0526
Kim Moulds
Smooth Transitions Fredericksburg
559-847-2131
kim@smoothtransitionsfredericksburg.com
www.STFBURG.com
James Roberson
516 Project
info@516project.com
516project.org
Facebook.com/the516project
Cindi Bowen
Spring Arbor of Fredericksburg
fbmktg@hhhunt.com
540-548-2133
Springarborliving.com
Jennifer Sloat
Hovnanian Homes
jsloat@khov.com
703-885-7133
Pat Holland
Healthy Generations, Area Agency on Aging
pholland@healthygenerations.org
540-371-3375
A question was also asked about how to find qualified local attorneys who specialize in elder care. Kim Moulds was kind enough to share a resource she received from ElderCare Matters. If you’re interested in investigating this resource, please visit eldercarematters.com. FAAR does not have a relationship with this organization nor does the Association endorse using their services. It is being shared for informational purposes only.
Prospecting In a Pandemic
Prospecting in a pandemic is different than any other prospecting we have done before. This week Deb Ellis shares with us how we can retool old tactics to work for us in a pandemic.
Build Your Relationships
Do you have a good CRM (customer relations management) program? If you do, Great it is time to break that out! If you don’t, it is time to build one. There are three key things that will contribute to a successful CRM. The first thing you will want to check is your contact list. Do you have a database of all your contacts? A great way to keep track of your contacts can be a simple Google Sheet. You will want to make sure your contacts have the name of the contact, an email address, and possibly a phone number.
The second thing you will want is a collection of notes that help you reach out to people such as the day they adopted their dog, their wedding anniversary, or the day they bought their home. Sending people handwritten notes acknowledging both the big events and the small events is a great way to create a real connection.
Finally, setting up an email campaign to go out once a week can be a great engagement tool. Many times the topics in your “newsletter” don’t even have to be about real estate. Selling real estate is all about selling a lifestyle, so connect your newsletter to lifestyle such as what local restaurant is having a special.
Videos
Another great way to do prospecting in a pandemic is to utilize video. Short videos of things around your area, you talking about the great refinancing rates, or even interviewing local businesses about how they’re currently doing business, can get a lot of interaction. Videos are a great way to get face to face time with potential clients and engage them on topics that are relevant to them right now.
Posting videos on Instagram, Facebook, and in your newsletter can get you the greatest reach. Make sure your social media pages stay up to date and relevant to get the most exposure.
Pandemic Foodtruck
Serving your local community can seem nearly impossible in a pandemic. Luckily, there is a great new resurgence of food trucks! Organizing a food truck for your community can be a free marketing tool. It may only cost you time. Organizing an event like this is not only timely, it is fun!
Update Your Bio
Now is a great time to update your bio and your photo. Some experts suggest your photo should be updated every two to five years. Take a look at your bio and see if there is anything new you would like to add or if you would like to reword anything. Check out this great class by Matthew Rathbun on writing a Bio for Success.
Hold a Pandemic Friendly Open House
Get face time and engagement with potential buyers. Better yet, show other sellers how hard you’ll work to get their property out there. Try hosting a digital open house. If you’re not quite sure how Shaw with Universal Title made a great video with a variety of ideas on How to Make Your Virtual Open House a Success.
For more on these great tips and other ideas, check out the video below!
FAAR Office reopens on May 18th, with guidelines for safety
While the staff at FAAR has been hard at work from home, the easing of restrictions on businesses announced by Virginia Governor Ralph Northam has the staff excited to come back and serve our members in real life. The safety of our staff, our members, and the public is paramount to FAAR so we have created a phased reopening approach.
The entire office was deep cleaned. At the front desk, plexiglass partitions were installed to minimize person-to-person contact during transactions. We are stocked up on hand sanitizers and disinfectants so that the staff can regularly clean the frequently used areas such as door handles, bathrooms, and classroom.
FAAR is open on an appointment-only basis to start and then will reopen fully with adherence to the Governor’s requirements and with continued virtual capabilities. Check out the full details of the reopening schedule, the staff looks forward to continuing to provide the membership with great service!
May 18: FAAR staff returns to work
- Members are welcomed in the building on an appointment-only basis
- For your safety and for the safety of those around you, we require that face coverings and a 6-foot social distance be maintained at all times
- Staff will wear masks when interacting with members
- We will continue all current services virtually as well as serving you in the office
- Staff will conduct frequent wipe downs of high-touch areas such as the front desk, elevator buttons, shared equipment, kitchen counter, faucets, microwave, refrigerator, etc.
June 1: FAAR resumes normal business hours for all members
- For your safety and the safety of those around, FAAR encourages all members and the public visiting the building to wear face coverings and maintain a 6-foot social distance
- Staff will continue to disinfect high-touch areas on a frequent basis
- FAAR will continue to offer classes, meetings, and events in a virtual format in addition to in-person at the office, as allowed by the Governor’s orders
Enjoyed conducting all of your FAAR business remotely? No need to stop! We will continue to offer virtual processing of all membership services, touchless store pickups upon request, and virtual learning for CE credit.
Press Releases
September Posts Disappointing Total Volume Numbers
September posted disappointing year-over-year decreases in total sold dollar volume and units sold while posting a median price increase, indicating that the local real estate market may be slowing down heading into the cooler months. Total sold dollar...
July Posts Modest Gains in Local Real Estate Market
Rain continued to be the story of our region throughout July with severe weather potentially impacting the pace of home sales. “July was a challenging month,” states FAAR Board Member Mark Geslock. “The rains slowed open houses and some showings were...
May Sees Impact from Inventory Shortage
Fredericksburg, VA – (June 14, 2018) – The following analysis of the Fredericksburg, Virginia area housing market has been prepared by the Fredericksburg Area Association of REALTORS® based on analysis of brightMLS multiple listing data. The inventory...
6 projects, 50 volunteers…how FAAR gives back!
The Fredericksburg Area Association of REALTORS® (FAAR) hosted six community service projects throughout the Fredericksburg area on Saturday, May 19, 2018. FAAR volunteers prepared a home for exterior painting, painted the entire interior of...