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!
Digital Marketing
Digital marketing is an everyday necessity, the need for which is only amplified by the COVID-19 pandemic. Last week in our free Tech Time workshop, Chris Muldrow of Fredericksburg Today discussed how you can reach your potential clients through Facebook Ads, Google Ads, and MailChimp.
Digital Marketing through Facebook
Facebook is an excellent way to reach individuals interested in purchasing homes. One major factor, in the effectiveness of Facebook, is that their primary demographic fits with a general targeted market of home buyers. Additionally, Facebook has a wide reach. Before you get started with your Facebook ads, check out these great tips from Facebook Business.
Things to keep in mind when marketing on Facebook
- People browsing facebook like to stay on facebook – Sometimes it is better to push people to an active Facebook page than your webpage
- There are many different types of ad campaigns. Make sure you understand the differences before selecting one.
- Don’t forget to mark that your ad is in a special category to be sure your ad follows fair housing guidelines.
Marketing on Google
As Chris points out in Tech Time, everyone Googles at least once a day. A tried and true tool of marketing is to be where your clients are. Google targets audiences with search histories and habits related to your marketing campaign. Check out how to build a great Google ad from ads.google.com.
Things to keep in mind when marketing on Google
- Ads are targeted based on people’s search history and user profiles.
- You will want to direct people to either a personal website or specific listing (preferably hosted on your website.)
- Ads that run through Google can be built in several different formats to reach a wider audience.
Running a Newsletter Through MailChimp
Out of all the marketing channels discussed, MailChimp is the most direct. Unlike the other two marketing channels where you are looking for new potential clients, MailChimp helps you farm potential clients. By creating a monthly or bimonthly newsletter, you can reach out to your target demographic. Check out what all MailChimp has to offer on their website!
Things to keep in mind when marketing with MailChimp
- With a free account, you can email up to 2,000 people.
- In general, you will want to send out an email once or twice a month.
- You can collect subscribers by offering an option to subscribe on your website.
Tech Time Recording
Check out last week’s tech time below to get these great tips and more and then check out faarmembers.com/calendar for the next Tech Time!
How are American households doing? The Fed has a report for you…
The Fed released a study on the economic well-being of U.S. households, with extra data from April 2020. No surprise that financial circumstances were generally positive in 2019 but that financial conditions changed dramatically for people who experienced job loss or reduced hours during March 2020 as the spread of COVID-19 intensified in the United States.
Click the image to access the Fed’s website with the full report and a short video on the report highlights.
How happy are area residents? Very happy!
FAAR Releases 2020 Fredericksburg Area Smart Growth Survey
In early 2020, FAAR contracted with the National Association of Realtors® to conduct a survey on growth and development attitudes in the Fredericksburg region. The survey was conducted by the firm American Strategies and reached 425 adults aged 18 or older who indicated they live in the City of Fredericksburg, Spotsylvania County, or Stafford County. The survey was conducted March 5 through March 8, 2020.
The survey looked at people’s opinions on quality of life, availability of amenities like access to medical facilities, entertainment, restaurants, and places of worship, housing affordability, barriers to homeownership, and priorities of local government. The survey results provide the basis for further consideration by the FAAR Board of Directors about how the Association can continue to advocate for affordable housing and sustained, responsible growth.
Click the image above for the full survey results
Click the image above for the one-pager of survey highlights.
Local Real Estate Market Surges Despite Significant Restrictions
While continued governmental restrictions shutter businesses and completely change the way Americans operate in their day-to-day lives, the local real estate market bucked national trends and posted increases in volume, sold price, and units sold. While national news outlets are reporting decreased sales and falling prices, the local market saw sellers receiving 98.9% of their original list price, indicating that we are not seeing downward pressure on prices as a result of the restrictions in place to combat COVID-19.
Sold dollar volume was up more than 12% in April, jumping from approximately $189.8 million last April to more than $213 million this year. The increase in volume was fueled by a nearly 4% increase in units sold and a more than 6% increase in median sold price. There were 598 properties sold this year compared to 573 last April with a median price increase from $318,000 last year to $338,548 this year.
Stafford County led the charge in rising median price posting its highest sales price in the month of April since 2006. Median price in the County for April was $390,000, not too far off from the last highest price of $402,000 posted in April of 2006. Every other jurisdiction except for Orange County saw an increase in median price, and even that decrease was fairly negligible at 3.6%.
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 nearly 24% with houses averaging just 29 days on the market in April 2020 compared to 38 days in April 2019.
Overall active listings were down more than 26% this April compared to last year and new listings coming on to the market were down over 22%. Prospective buyers have just 1,220 homes to choose from right now, with 882 new listings coming onto the market. This is a significant reduction in new listings and active listing from March, indicating that as the area progressed deeper into economic restrictions and fears of contracting the virus, would-be sellers became more reticent about putting their homes up for sale.
“The inventory of homes on the market has been affected as some sellers are reluctant to have buyers tour their homes,” states FAAR Board Member Sandy Pearce. “Realtors® are using creative means to showcase the homes that ARE on the market with virtual showings and Facebook Live open houses, and many buyers are facing bidding wars when they find their home of choice. Some buyers are putting their home search on hold until the time they feel more comfortable being out. All this could portend for a very active summer market as interest rates remain at historic lows.”
Apply for the 2021 FAAR Board of Directors
Would you like to be part of the decision making as FAAR moves into the post COVID-19 new normal?
Does a leadership role in FAAR interest you?
Are you ready to give back to the REALTOR® community?
-Pat Breme, CIPS, RCE
CEO
If you have answered yes to one or more of the questions than you might be interested in running for the 2020 FAAR Board of Directors. The Nominating Committee is accepting applications until June 5.
The Board is a hard working body of 13 people who set policy for the entire association. The group meets monthly to ponder issues, solve problems and keep the association financially solvent by carefully managing funds and investments.
A new Director commented, “ I had no idea the Board did so much.” A lot of deliberation is given to each topic on the agenda. The reoccurring question asked? “Is this good for the membership?”
Affiliate Candidate
The members voted in 2017 to add an affiliate member position on the Board of Directors. Affiliate members are welcome to submit an application. The Affiliate Director has full voting rights, serves no longer than a two-year term and may not serve as an Officer. Affiliate members applying for consideration follow the same application and vetting process (interviewed by the Nominating Committee) as an agent member would follow in applying to run for the Board of Directors.
Affiliate applications are reviewed by the Nominating Committee and those persons who meet the basic requirements of service to the Association, exhibit leadership characteristics and a willingness to dedicate time and energy will be considered for an interview by the Committee. The Committee can recommend all the applicants, one or none, but not more than three may be placed on the ballot. The affiliate candidate getting the highest number of votes receives the position.
Application Below
Below is the application for a new director and the Leadership Code of Conduct forms. Return the completed forms to me at pbreme@faarmembers.com on or before June 5. Selected applicants will be notified of an interview time.
Questions?
Please contact me, pbreme@faarmembers.com with questions you might have. View the contact information for the 2020 Leadership Team at faarmembers.com/leadership. Each would be happy to answer any questions you might have about serving.
The terms are either for 2 or 3 years. Is the Board a clique? Yes, if you define the word as a group of people with common interest. The common interest is YOU!
Do you have a passion for helping?? The Thurman Brisben Center needs you!
Can you help you the residents of the Thurman Brisben Center? The shelter is trying to find stable, long-term housing for many clients right now and they are looking to the Realtor® community for some volunteers to help with that effort. Do you have a passion for helping under-served communities and know your way around the area rental market? Then you could be the perfect fit! Contact Kim Lally or David Cooper with the shelter for more details.
Thurman Brisben Fast Facts:
- Only about 1% of Brisben clients are served by local housing programs, leaving the rest to be “self-resolvers” and figure it out on their own.
- In April 2020, over 60% of residents moved into temporary housing including about 20% into hotels.
- 43% of people entering the shelter have been housed there before.
- Thurman Brisben does not receive any funding to help with re-housing (rent subsidies, security deposit assistance, etc) and they have only two case managers who are trying to assist a large number of people move into stable, long-term housing. This is where YOU can play a part!
Get our top tips for keeping your business on track!
FAAR’s Education Committee and our Affiliate Marketing Partners have weighed in to give you a set of tips to keep you sane and sailing through this time of upheaval due to COVID-19. Check it out!
Looking for more resources? Visit faarmembers.com/coronavirus
Gov. Northam announces a path to reopening
Information about Reopening: Broken down by the Loudon County Chamber of Commerce and shared by the Fredericksburg Regional Chamber of Commerce. Thank you!
Governor Northam announced Virginia’s plan to “reopen Virginia” and move into Phase I of the Governor’s three-phase plan. In order to move into Phase I, the Governor has extended Executive Order 53 to May 14. This order, originally signed on March 23rd, prohibited all gatherings of more than 10 individuals, closed all dining establishments for dine-in, and effectively closed all entertainment and personal care businesses such as gyms, beauty salons, and theaters.
As long as the new COVID-19 cases continue to show an average downward trend, Phase I will allow the reopening of most services, prohibited in the executive order, on Friday, May 15th. The expectation of the Governor is that Phase I will last three weeks. Assuming the downward trend continues for an additional three weeks, Virginia will move into Phase II.
The details of Phase I include:
- Stay-At-Home has been replaced with Safer-At-Home to remind residents that a risk continues to exist when leaving the home.
- Gatherings of more than 10 remain prohibited.
- Businesses are encouraged to develop policies for their employees returning to the workplace.
- Physical distancing and face coverings are encouraged while at work.
- Personal care businesses may reopen on a reservation-only basis.
- Restaurants may reopen for dine-in patrons by spacing out their tables, disinfecting more regularly, and serving with facemasks and gloves.
- Retail businesses may reopen with limited capacity and clear signage to customers communicating the spacing rules.
- Gyms may reopen with limited capacity and increased cleaning intervals.
Governor Northam estimates that Phase I will last two to four weeks before moving into Phase II. Once we enter Phase II in mid-late May, even more restrictions will be lifted. The Governor did say that more details are currently being developed for Phase I and Phase II, but as of now the expectations of Phase II are:
- Stay-At-Home for vulnerable populations.
- No social gatherings greater than 50.
- Continued use of teleworking, social distancing, and face coverings while in public.
- Further easing of business limitations.
We will remain in Phase II until there is no evidence of a rebound of COVID-19 for a sustained period of time. The Governor expects Phase II could last 6-8 weeks before we move into the “longer-term” Phase III. The guidance of Phase III includes:
- Safer-At-Home practice for vulnerable populations.
- Removal of ban on social gatherings.
- Removal of capacity limits on establishments.
- Continued heightened cleaning and disinfecting.
- And other possible measures.
FAAR Releases 2020 1st Quarter Home Sales Report
How things have changed from January and February! COVID-19 crashed into our market in mid-March and virtually ground life as we know it to a halt, so how did that impact the local real estate industry? The first quarter of 2020 was strong, with increasing volume and pricing, and decreasing inventory and days on market. The leading edge of COVID-19 impacts started to be felt in late March, but overall the quarter was a strong one. Access the full report below and share with your clients and customers. Questions or feedback about the report? Send Kim McClellan an email.
Zoom and Real Estate
Zoom
Zoom has become an important part of the real estate digital evolution and our new normal. On Tuesday, April, 28, 2020 Matthew Rathbun walked us through some important tips, tricks, and best practices for digital meetings through Zoom. Check out these great tips from the webinar or watch the video at the end!
Getting Started
The Right Set-Up
Before you even open the program there are three key things you will want to run your meeting. The first thing you will need is a pair of headphones with a built-in microphone. The headphones and microphone help prevent feedback and other technical difficulties. The second thing you will want is a good webcam. In his webinar, Matthew suggests that your camera should be above eye level and that investing in a good webcam can make you look more professional than your built-in camera. The final thing you will want to check is your lighting. Good lighting from the front helps your video to look bright instead of shadowy. Standing in front of a strong light source, such as a window or lamp can make your face hard to see through video.
You will also want to consider the paid account for Zoom. The free account allows you to those meetings for up to forty minutes, while the paid account has an unlimited meeting time. Additionally, many of the tools covered in this article and the webinar are part of the paid version. A monthly subscription is $15 a month and a year-long subscription is $150. You can check out the Zoom website to see all the cool features and exact pricing!
Organizing Your Zoom Real Estate Meeting
Preference Settings
- If you are using dual monitors, make sure that is selected in your settings.
- Set up reminders to automatically send before your meeting so you are always on time.
- Take the opportunity to turn on the touch-up filter to soften your appearance.
Security Settings
- Enable the waiting room so that you have to admit people joining the meeting. This helps protect your meeting from hackers and allows you adequate time to check your set up.
- Allow clients to share their screen. Allowing another user to share their screen can help throughout your meeting so you and your clients can compare notes.
- You can set up a password for your meeting if you have multiple attendees.
Inviting Your Clients
Once you have selected a date and time for your Zoom meeting, you can send the invitation to your clients. You can copy the meeting link straight from zoom and embed it in your email. You will want to restate the time and date of your agreed-upon meeting. Additionally, you will want to prompt your clients to set up a free account and test the program for themselves. Zoom can be used on a computer, smartphone, or tablet. Allowing your client to see what works for them ahead of time will ultimately help your meeting go smoother.
Check out these great tips and more in the Zoom’inars webinar below!
Press Releases
April Posts Gains in Total Volume and Units Sold
April typically signals the start of the spring selling season with increasing sales and this year did not disappoint. Total sold dollar volume increased over 8%, coming in at $164,683,573. That increase was fueled by 517 units sold in the month of...
FAAR Announces Endorsements for 2018 City of Fredericksburg Elections
The Fredericksburg Area Association of REALTORS® announces endorsements Fredericksburg City Council races on the ballot for the May 1st general election. “Regardless of whether you live or work in the City of Fredericksburg, a vibrant downtown benefits us...
March Real Estate Market Brings More Gains
Despite cold weather, ice, and snow, buyers and sellers got together in the month of March to produce year-over-year increases in total sold dollar volume, median sold price, and units sold, further contributing to the decline in days on market. Total...
February Real Estate Market Remains Strong
February continued more of the same for the local real estate market with year-over-year increases in total sold dollar volume, median price, and units sold and a decrease in days on market. Total sold dollar volume saw a more than 10% increase from February of 2017...