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June Housing Market Posts Strong Numbers Despite Fewer Sales in Key Localities
June posted strong numbers despite a double-digit sales reduction in market leader, Stafford County. Total sold dollar volume increased 5.8%, settling at approximately $236.8 million in June of this year, compared to $223.9 million in June of 2018. Units sold increased over 5%, going from 678 last June to 714 units in June of this year. Median price saw a 3.3% year-over-year increase, going from $305,000 in June of 2018 to $315,000 in June of 2019.
However, the positive numbers from a regional perspective do not always translate directly into individual counties. Stafford County, the regional leader in home sales, saw a 10% year-over-year decrease compared to numbers from June of 2018. Stafford saw exactly 300 closed sales in June of last year, compared to 269 for this year, which corresponds to a more than 9% reduction in total sold dollar volume. Spotsylvania also saw a decrease in home sales compared to last year. The county experienced a nearly 8% drop in the number of sales which led to a nearly 6% reduction in total sold dollar volume. Orange, King George, and Caroline counties all experienced double digit increases in number of units sold in June of this year compared to last year.
FAAR Board of Director Carrie Danko comments, “Summer may be heating up but the market seems to be cooling off in some areas. After an extremely active spring market, the lazy days of summer have hit. The lull in the market could be due to school ending earlier than normal in some jurisdictions or constrained inventory in highly sought-after price points. The low inventory keeps our region in a sellers’ market but the continued low interest rates make this a great time for buyers, too.”
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, decreased almost 7% with houses averaging 56 days on the market in June of 2019 compared to 60 days in June of 2018.
Active listings were up for the sixth month in a row, with 1,755 listings on the market representing a nearly 6% year-over-year increase. New listings posted a 4.6% increase with 987 new homes coming on the market this June compared to 944 last year. Future settlement activity continues to post strong numbers with over 37% new properties under contract in June of 2019 compared to June of 2018. Inventory overall continues to remain low, especially in the lower-priced market segments. The median price of active listings is currently $396,000, the highest it’s been in more than 10 years.
Need a new head shot?
Update your Head Shot at the FAAR Expo!
- Images by Tiffany professional head shots
- $60 for a digitally retouched image
- Onsite makeup artist available!
- Proceeds benefit RPAC
- Appointments beginning at 10:00am on Wednesday, September 25 during the FAAR Expo
- Email Kim McClellan to schedule an appointment today
FAAR Adopts 2019 Legislative Agenda
The FAAR Public Policy Committee reviewed several legislative requests over the past few months and with approval of the FAAR Board of Directors, has submitted one of those issues to the Virginia Realtors®. The state association will review all submitted legislative requests from across the state at a July 22nd meeting. Accepted issues will be included in the 2020 Statewide Legislative Package that is submitted to the General Assembly. Read below for FAAR’s submission.
Virginia Landlord Tenant Act Revision
Background: Prospective tenants looking to secure a rental unit are often required to pay an application fee and an application deposit when submitting their application. This application deposit turns into the security deposit if accepted, and can be several thousand dollars. For tenants who secure a money order for the application deposit and then are not approved for the unit, this often presents a significant challenge to receive those funds back. The current law states that funds must be returned within 20 days, or 10 days if the deposit is paid by cash, certified check, cashier’s check, or postal money order. Many tenants cannot afford to apply to another unit until they receive that application deposit money back from the property management company.
Request; FAAR requests that the General Assembly amend the VRLTA to require that the application deposit not be collected until application approval and give tenants two business days to pay.
NAR Update on MLS system lawsuit…
From NAR General Counsel Katie Johnson…
On May 17, NAR filed a motion to dismiss the Moehrl v. NAR lawsuit which we believe demonstrated that the plaintiff’s case was not legally viable. In response, the class action attorneys filed an amended complaint on June 14. While the new complaint presents additional plaintiffs and factual allegations, as well as revised arguments, the underlying foundation of it remains the same. The plaintiffs’ attorneys continue to misunderstand and mischaracterize the pro-competitive, pro-consumer MLS system, which – as you know – is designed first and foremost with the best interests of buyers and sellers in mind. As expected, the amended complaint also consolidated one of the copycat lawsuits filed in Illinois after Moehrl v. NAR. We will file a motion to dismiss this consolidated complaint on August 9.
On July 10, NAR will file a motion to dismiss another copycat lawsuit filed in Missouri. That motion to dismiss will focus solely on the court’s lack of jurisdiction over NAR. We intend to file another motion to dismiss based on the merits of the complaint on August 5.
NAR continues to believe these lawsuits are wrong on the facts, wrong on the economics and wrong on the law. We remain confident in our position to stand by the pro-competitive and pro-consumer MLS system.
FAAR Members Mingle with Abe Lincoln…
FAAR members had a great time mingling with Abe Lincoln while sipping on craft beer at last Thursday’s Red, White and Brew event at Strangeways Brewing. We raised over $3,000 for RPAC, which allows us to engage in upcoming local and state elections. Thanks to all who came out!
FAAR Partners with Local Housing Non-Profits to Expand Affordable Housing Opportunities
By Kim McClellan, RCE, Public Policy Director
On any given day, 200 adults and children are homeless in our community. Homelessness is often a root cause of many other issues such as poor health, trouble in school, and lack of employment.
No one can feel stable without a place to call home.
The Fredericksburg Area Association of REALTORS® (FAAR) has partnered with local housing non-profits to help expand affordable housing opportunities through the launch of the Stable Homes Partnership.
FAAR began working last year with housing non-profits through the Continuum of Care (CoC), a federally-mandated local planning body that coordinates housing and services for homeless families and individuals.
Under the CoC umbrella, FAAR partnered with Micah Ecumenical Ministries, Loisann’s Hope House, Empowerhouse, and the Thurman Brisben Center to create a marketing and recruitment plan to expand the pool of property owners’ in the region willing to rent to families and individuals facing housing challenges.
The partner organizations assist tenants with rent and security deposits, while also providing case management and regular property inspections to smooth the path for long-term stability and success. Property owners engaged in the program have access to a ready pool of quality tenants paying fair market rent, reducing costly downtime advertising and showing their properties.
FAAR and the CoC agencies hosted two public information sessions on this program at the end of March. These informational meetings featured an overview of the program and panel discussions with both property owners and case managers involved in the program.
The program administrators aim to expand their pool of landlords by following up with the attendees of those meetings.
Fredericksburg REALTORS® Foundation: Changing of the Guard
Meet President-Elect Anne Overington
The Fredericksburg REALTORS® Foundation has enjoyed many years of forward-thinking leadership under President Mary Beth Rich. When Mary Beth joined the Foundation in 2014, the group made just 3 grant awards. In her first year as President, the Foundation made 7 awards for a total of $17,250. In 2018, the Foundation made 11 awards for a total of $30,319.83 granted out. FAAR and the Foundation are grateful for the incredible work Mary Beth inspired as President. It is now time for her to hand the baton to the next in line for a new chapter in the Foundation’s history.
Anne Overington has served on the Foundation since 2017 and comes to the group with a long history of giving back. Get to know what makes her tick and what she has planned for the future of the Foundation!
Name: Anne Overington
Company: Century 21 Redwood, The Overington Team
Years in real estate: 12
Passions: Family, The Middle East, adorable grandchildren, helping seniors, and volunteerism
1. How did you get your start on the Foundation?
Kim McClellan with FAAR called and asked me to meet her to discuss the opportunities. She had heard of my involvement with the Alzheimer’s Association and other community non-profits and thought this might be a good fit. We’ve lived in Fredericksburg for over 30 years and my desire to help area residents continues to grow. After learning more about the Foundation’s mission, I was thrilled to be a part of this incredible resource for our community.
2. In your opinion, what kind of impact does the Foundation have on our community?
The impact is increasing as we elevate our visibility and involvement in the Fredericksburg area. I think there may be a misconception about REALTORS® being “Million Dollar Producers” and that can translate into a public perception that we set ourselves apart from the community. That couldn’t be farther from the truth! As you know, many of us are committed to bettering the communities in which we live. Our region is diverse and the needs of people are complicated. Our ability to provide funds for housing-related needs is more important than ever.
3. If you could tell FAAR members one thing about the Foundation, what would it be?
The Fredericksburg REALTORS® Foundation is the charitable giving arm of FAAR and is here to assist area residents with basic housing-related needs. The money we give away is all raised through fundraising efforts (golf tournament, bingo, 50-50 raffles, etc…) and does not come from member dues.
Non-profits rely on us to grant money to fund basic projects like plumbing, roofing, ramps, security, and more, so that area residents can live safely and comfortably. Each Foundation Governor has a non-profit, or two, that they develop a rapport with so we can anticipate their needs. Mine happens to be senior housing for our aging population.
4. What are you goals for the Foundation’s future?
My goal is to continue to increase awareness and develop new income streams so we have more grant money to give away! It’s important for community non-profit organizations to know we are available to them. The need is increasing and we don’t want to rely just on REALTORS® and Affiliates to fund our grants.
Asking other area businesses to become involved will be a major focus as we move forward. Our annual golf tournament and other fundraising efforts will continue to help us raise money but I’d love to see corporate dollars come rolling in to help us help Fredericksburg.
#MemberMonday Meet Affiliate Kent Schrader
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
Kent Schrader
Hometown
Fredericksburg
Current Location
Fredericksburg (Spotsy)
Title
Mortgage Loan Officer at Assurance Financial
Number of Years in the Industry
39 in lending
Why do you love working in real estate?
Everyone needs a place to live, and to work. Real estate affects everyone. I thoroughly enjoy helping people and getting them into new homes is exciting! There are so many aspects of real estate – legal, financial, and physical – all of which interact in unique ways with each transaction. I’ve said for years that ‘part of me’ always wanted to be a detective. Being a lender is the closest thing I could think of to being a detective where I don’t have to be shot at!
Favorite Work Story
One comes to mind. As the 2008 recession was ending, I had a business client who owned his house plus several commercial properties and a business. He wanted to refinance as rates had fallen but had difficulty due to cross-collaterization of some of his debt and lenders that wouldn’t budge. Finally at just the right time, I was able to develop a plan to complete four refinances. While we completed the process over several years, I had changed employers twice, but between the three companies, we completed everything and the client was able to reduce his monthly debt payment by almost $10,000.
What are you most proud of in your career?
I’ve worked in many types of lending, from car loans and personal loans to indirect lending, commercial lending, commercial real estate, construction, and of course mortgage. I have financed a number of the hotels and churches in the area. Early in my career, however, I was fortunate to learn about win-win outcomes. Somehow I also figured out that to be the most successful in lending, the most important thing is to always make the customer a winner first. This means looking at each transaction to accomplish what’s best for the client rather than what’s best for me. It is the “other-focused” approach to people that I believe is actually the most important in any career.
Do you have a special cause or volunteer your time?
The most important cause in my life has been helping disadvantaged children. Last year my wife and I finally “retired” from doing foster care in our home after 20 years. During those years we cared for several dozen children for varying lengths of time, from a couple days to a few months to life (adoption). Foster care taught us so much about raising kids, about people, about ourselves, and about life in general. We learned how huge the need is for positive influences in our kids’ lives. We learned that the most important job in the world is parenting. It has been a tremendous blessing in our lives.
Fun Fact
Lending is not exciting or fun for most people, and I accept that. But somebody’s got to do it and I love it. Once JM High School had a career day and I was invited to speak about my job. I was really looking forward to it until I arrived and found out the schedule. My talk was to be sandwiched in between a prison guard and an airplane pilot. So I figured my hour would be nap time. (Actually it turned out pretty good.)
Are you ready?
Board of Directors Application Deadline: Friday, June 21st
by Pat Breme, RCE, CEO
The question is are you ready to step up be a participant in the organization or will you remain an observer perhaps a complainer without knowing all the facts. Every year the Association sends out an invitation to consider running for a director position on the Board of Directors.
Last year three new directors were elected, Cindy LeBrun, Carol Sondrini and Deb Ellis. They offer their reasons for getting involved—
Carol Sondrini
I am very happy to be a part of FAAR because I believe in the mission of FAAR and I know that without the hard work of volunteers, it cannot be as effective. I first joined Education Committee and was so impressed that I also joined the REALTORS® Foundation and Awards Committee and was honored to be elected to the Board of Directors. I decided to run for the Board because I want to help continue the vision and pathway set forth. The staff and committee members are knowledgeable, professional and inspiring.
Being a part of FAAR has definitely helped me to become a better and more informed REALTOR®.
Cindy LeBrun
I have been involved with FAAR for many years, Chair of the Grievance Committee, member of the Events Committee and my most rewarding time, as a Governor on the REALTORS® Foundation. Our members don’t fully understand the Governors’ commitment of their time and talents to raise money for many needy local residents.
The work only happens when people get involved.
My reason to serve on BOD was to assist the new President with his vision of bringing the membership together, whether they are experienced or just being sworn in. I want to support the BOD’s efforts to educate, encourage and support our members to be successful REALTORS®. I have advanced my career by taking advantage of educational opportunities, networking and assuming leadership roles.
Deb Ellis
I am very passionate about education. I see a need in our industry for ongoing education because the industry is constantly changing. I want to learn from other educators so I can make a positive difference as an instructor. Better training will increase the number of agents with a deeper knowledge base and who live the Code of Ethics.
One benefit of serving on the Education Committee, is getting to interact with many other talented instructors the other is to nurture agents from many different backgrounds at all levels in their careers. This exposure has helped me grow as an instructor, broker and leader as well. Committee work is collaborative and positive changes are generated in the friendly, respectful environment but FAAR’s committees need new faces and points of view.
Rewarding Committee work lead to a desire to join the Board of Directors. I believed that as a Board member, I could bring a fresh perspective as well as communicate to association members the amazing value the association offers.
In the short time I have been a Director, the experience has given me more than I expected. The Board does more than agents realize. I am honored to have been chosen to be an advocate for the members and a spokesperson for the benefits the association offers.
By being involved, I continue to gain more industry knowledge and how to use the information to succeed. I want to share what I learn with members.
Be a participant in the process. Make your opinions and concerns heard. Be a catalyst for change!
Interviews to take place in June. The Board votes on the slate at its July meeting. The election ballot is pushed out to the members in August. The winners are announced at the September 25th Expo.
Questions? Contact me at pbreme@faarmembers.com.
FAAR Partners with NAR in Amicus Brief Supporting AHPs
The Fredericksburg Area Association of Realtors® (FAAR) has agreed to join the National Association of Realtors® (NAR) amicus brief in defense of the Department of Labor’s (DOL) Association Health Plan rule. Amicus briefs are legal documents filed in appellate court cases by non-litigants that have a strong interest in the subject matter in question.
Earlier this year, a federal court ruled that provisions of the DOL’s rule were unlawful, a ruling adversely impacting Realtors® seeking more cost effective and comprehensive health insurance solutions through AHP options.
“Passage of the Patient Protection and Affordable Care Act resulted in significant regulatory changes to the individual insurance market, some of which have benefited Realtors®,” the brief reads. “However, ACA changes have also resulted in significant increases in health care costs, leading many individuals to forgo coverage, which jeopardizes the health, safety and financial stability of their families and others.”
FAAR, along with a number of other state and local associations, has agreed to join NAR in protecting AHPs, which has been the subject of litigation since shortly after the rule was finalized in June of last year. Others participating in the amicus brief include five state and local associations that are currently offering AHPs to members, including the Baldwin County Association of Realtors® in Alabama, the Greater Las Vegas Association of Realtors®, the Kansas City Regional Association of Realtors®, the Nevada Realtors®, and the Tennessee Realtors®.
To date, over 3,000 Realtors® and their families have found cost-effective health insurance solutions through these five association health plans. Many more Realtor® associations are also exploring AHP options but have been delayed due to this litigation uncertainty. “FAAR is supporting this amicus brief to support the work already happening in Virginia to expand access to AHPs. Too many of our members are paying exorbitant premiums or forgoing insurance altogether,” states 2019 FAAR President Drew Fristoe.
If the courts final ruling is adverse and pending any appeals, independent contractors may lose the ability to access insurance coverage through an AHP, sacrificing valuable savings on premiums, and broader network access with more comprehensive benefits. Overall, AHP plans have proven to have lower cost options and better overall coverage, leading countless sole proprietors and small employers alike to purchase association health plans over the past year.
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