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November Real Estate Market Sees Typical Seasonal Slowdown
The November real estate market experienced a typical seasonal slowdown with decreases in total sold dollar volume and units sold and an increase in median sales price. Total sold dollar volume came in at $120.3 million, representing a nearly 3.8% year-over-year decrease from the November 2017 number of $125 million. Units sold decreased from 401 properties sold in November of 2017 to 382 properties sold in 2018. Median price increased 5.2% going from $285,000 last November to $300,000 this November.
“In November, the real estate market experienced a typical seasonal slowdown as we approached Thanksgiving,” commented FAAR Board of Director Arlene Mason. “Showing activity slowed early in the month and buyers seemed to be more discriminating and selective. The market transitioned from the seller’s market that we saw during the summer months to a more balanced and normal market.”
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, increased over 5% from November of last year. Homes spent an average of 83 days on the market in November of 2017 compared to 87 days on the market in November of this year.
Inventory increased 3.6% in November of this year, with 1,532 active listings on the market compared to 1.478 listings on the market in November of 2017. While active listings were up, every other measure of transactions decreased, indicating that the market is slowing heading into the holiday season. Total pending contracts at the end of November were down 15.5% from last year.
*brightMLS has changed the calculation for days on market leading to a higher overall number compared to past reports. The new calculation accumulates days when a listing is “active under contract” where the old system paused accumulation of days on market when a listing was in any contingent status.”
FAAR thanks Sonia Kuppert for her service
FAAR would like to thank Sonia Kuppert for her service as a committee chair, instructor, and long-time Affiliate Marketing Partner member during her tenure at STA Title & Escrow. The company received the FAAR Affiliate of the Year Award under Sonia’s leadership. Sonia recently announced her retirement from the company and will be focusing on her role as President of the Virginia Land Title Association.
Penelope Wesely, who has been acting General Manager of STA Title for the last several months, has assumed full operation control of STA and its sister company, American Insurances.
2018 Fall Award Winners
Icon Award
Frances Brintley
Retired
Fredericksburg Realty
Bev Mabbitt
Retired
Century 21 Redwood
Betty Jasmund
Retired
Coldwell Banker Elite
Priscilla Sheeley
Retired
Long & Foster, Inc.
Dottie McGinnis
Retired
Long & Foster, Inc.
Jo Knight
Aquia Realty
Melanie Thompson
Century 21 Redwood
Ann Black
1st Choice Better Homes & Land
Gail Penman
Retired
Century 21 Team
Kevin Breen
Coldwell Banker Elite
Raising of the Bar
Alicia Angstadt
Angstadt Real Estate Group
The Spirit Award
Judith Laxague
Exit Realty Expertise
Affiliate of the Year
John & Tammy Reid
Embrace Mortgage
Good Neighbor Award
Ann Black
1st Choice Better Homes & Land
Sarah Hurst
Coldwell Banker Elite
Ginger Walker
Coldwell Banker Elite
Tiffany Prine
Century 21 Redwood
Silver Circle Award
Tricia Barnes, 1st Choice Better Homes & Land
Gary Butler, Exit Realty Expertise
John Lafley, Green Tree Realty
Sherwood Moore, Exit Mid-Rivers
Shawn Palivoda, Century 21 Battlefield
Carl Wiberg, Coldwell Banker Elite
REALTOR® Emeritus
Alex Long, Weichert REALTORS®
Kevin Breen, Coldwell Banker Elite
Phyllis Clark, Century 21 Redwood
Harrison Simpson, Berkshire Hathaway HomeServices Select— Simpson & Associates
2019 Board of Directors
President Drew Fristoe, Coldwell Banker Elite, Massaponax
President-Elect Arlene Mason, Coldwell Banker Elite, Fredericksburg
Vice President Mark Geslock, Century 21 Redwood
Secretary Pam Kuper, Century 21 New Millennium
Treasurer Carrie Danko, 1st Choice Better Homes & Land
Immediate Past President Kevin McGrath- Long & Foster, Inc.
Directors
Cindy LeBrun, Exit Realty Group
Carol Sondrini, Coldwell Banker Elite, Massaponax
Deb Ellis, Coldwell Banker Elite
Jessica Anthony, Exit Realty Expertise, King George
Ben Keddie, Coldwell Banker Elite Commercial
Clay Murray, Coldwell Banker Elite
Affiliate- Phillip Blake, MBH Settlement Group
Pictures coming soon!
What happens if I fail to complete my Code of Ethics training on time?
What are the consequences of membership suspension?
What this means for a REALTOR® who is suspended for not meeting the REALTORS® Ethics Training Requirement is that all the rights, privileges and services she is entitled to receive because she is a REALTOR® are suspended until she satisfies the training requirement. If she meets the requirement the next day, then her rights, privileges and services are restored the next day. While suspended, though, her obligation to abide by the Code of Ethics continues, as does the obligation to pay dues.
At the May 2005 Midyear Meetings of the National Association of REALTORS®, the NAR Board of Directors amended policy to provide that members suspended for failing to meet the REALTORS® ethics training requirement would subsequently be automatically terminated from membership if they did not complete their training.
What are the consequences of membership suspension on MLS access?
What happens if a REALTOR® doesn’t meet the training requirement on time?
What if a REALTOR® who is a sole proprietor, partner in a partnership, or corporate officer is suspended for non-compliance?
What if the REALTOR® who is suspended is not a principal, partner or corporate officer?
How long can a member be suspended for not completing their REALTORS® ethics training?
3 Tips from the October 2018 FAAR Town Hall
If you did not attend the October Town Hall meeting, you missed great discussion on topics ranging from the coming soon status, affiliated business disclosures, EMD misconceptions, and closing nightmares. The panel of experienced and newer agents, a lender and a title company representative skillfully handled the scenarios and audience questions rounded off a lively and highly informative discussion. The following are some of the distilled nuggets of information.
EMDs — nothing in the contract requires a broker to provide a copy of an EMD
Affiliated Business Forms — DO NOT SIGN these forms if you are the buyer/seller on the other side of the transaction
Coming Soon — Listing is NOT available to be shown and lockboxes are not permitted during the Coming Soon status
Searching for Rentals that Accept Subsidized Housing or Voucher Programs in Bright MLS
1. ALL agents who have listings that will accept housing vouchers MUST put that information in the remarks section of their listing. (there is no other way at this time to search for them otherwise). IF THE AGENTS DO NOT PUT THAT INFORMATION UNDER REMARKS, YOU CANNOT DO A SEARCH)
2. If agents are looking for rentals that will accept housing vouchers, you must first go into your SEARCH dropdown and choose RESIDENTIAL LEASE
3. Scroll down below the ORANGE “Clear/Matches/Map/Results” bar to “Additional Fields Add/Remove and click on Add/Remove
4. Under Available Fields, highlight “Remarks (Public and Private)“, choose ADD so it can move to the Selected Fields and then click on the RED”Back” button.
5. Now you are ready to search for your voucher rentals. Put in your desired criteria and scroll all the way to the bottom to Remarks (Public and Private).
6. In that box is where you need to type in ANY OF THE FOLLOWING: “Sec 8“, “Section 8“, “Subsidized Housing” or “Vouchers”
7. Then listings should appear. (IF agent searches NOW, nothing is showing up because there are no ways to list them the way they were listed in MRIS)
Experiencing other issues? Submit your issues to Bright MLS at support@brightmls.com. The Bright MLS support team is prioritizing fixes based on the number of times issues are mentioned. The FAAR technology committee is also gathering issues to prioritize and elevate to the Board of Directors at the December meeting. Submit your issues using the form at faarmembers.com/mris.
The National Flood Insurance Program set to expire on Friday
Information provided from NAR…
Without Congressional action, the National Flood Insurance Program (NFIP) will lapse at midnight on Friday, November 30, 2018. NAR is making every effort to secure a long-term reauthorization before then. Here are the answers to some frequently asked questions.
What are the prospects for an extension?
All early indications point to an on-time extension of the NFIP. Congressional leaders are engaged. Legislation to extend the program has been introduced, and there are multiple pathways to passage before November 30th. All previous extensions were on time or within a few days of the deadline minimizing the market impacts.
Why is it taking so long?
This is not a simple up-and-down vote on an extension bill by itself. Rather, the extension is expected to be attached to a broader legislative vehicle, possibly the Omnibus bill to fund the government. Because there are multiple moving parts, discussions have been on-going, and no decisions are likely to be made until closer to the deadline.
What is NAR doing?
- NAR is in regular communication with Congressional leaders.
- NAR is coordinating with a broad coalition of industry groups. Read our most recent coalition letter.
- Hundreds of members of Congress have been contacted about the importance of NFIP since August.
- NAR has raised the profile of the issue with multiple calls for action, talking points, op-eds and paid ads.
- Click here for the latest example of the heightened coverage the press is giving this issue.
- Attached is an advanced copy of President Smaby’s Op-Ed soon to be published in The Hill newspaper, which is read by many members of Congress and their staff.
What happens next?
NAR will continue to closely monitor the situation and is prepared to escalate our grassroots efforts if it becomes necessary. We should know more on Monday, November 26th.
What happens during a lapse?
The NFIP cannot sell or renew flood insurance policies. The NFIP can pay claims as long as funds are available, but may not borrow more from the U.S. Treasury. The federal requirement to purchase flood insurance is also suspended during a lapse, which means it is entirely up to lenders to decide whether to make loans in special flood hazard areas while flood insurance is not available from the NFIP.
What about my client’s flood insurance?
- Existing NFIP policies will remain in effect until their expiration date (which is the renewal date plus a 30-day grace period), and claims will continue to be paid as long as FEMA has the funds on hand.
- Existing policies may also be “assigned” to/assumed by property buyers during a lapse (see p. 3 here).
- Renewal policies are generally issued as long as the application is received prior to a lapse and the premium is received within the 30-day grace period. Other renewals must wait for reauthorization.
- Private flood insurance backed by a source other than NFIP (e.g., Lloyd’s of London) are not affected by a lapse. Click here and here for some options.
- During a lapse, some lenders may opt to make special-flood-hazard-area loans without NFIP insurance, but they must be willing to bear the full risk of their decision and few do in NAR’s experience.
Represent FAAR as delegate to Virginia REALTORS®
Want to serve as a FAAR delegate to VR? Apply today!
Members,
You are invited to apply to be FAAR’s 2019 At- Large Delegate to the Virginia REALTORS®. If selected, the Delegate must attend the two VR meetings, the Economic & Advocacy Summit, February 5-6 in Richmond and the annual convention, We’re going back!, September 17-19 in Williamsburg. FAAR covers expenses including mileage, hotel room, per diem and the convention registration. The Delegate is expected to keep abreast of the state issues he or she will be asked to vote on. Deadline for application is December 3. The application requirements are a brief resume and stating why the applicant wishes to serve. The FAAR Board selects the Delegate from the applications. The At-Large Delegate joins FAAR’s two other Delegates, the 2019 president and the president-elect, Drew Fristoe and Arlene Mason. Send the applications requirements to me, Pat Breme, at pbreme@faarmembers.com.
Deadline for Application: December 3rd
2018 Candlelight Tour: Guide a Historic Home Tour in Fredericksburg
Light the way
Meet, greet, and get festive with historic Fredericksburg homes
Make connections this holiday season
Don’t miss this opportunity to be the tour guide for one of Fredericksburg’s finest historic homes on this annual tour presented by the Historic Fredericksburg Foundation Inc. (HFFI). Enjoy meeting new people and showing off a home professionally decorated for the holidays in downtown Fredericksburg.
Preview meeting
Thursday, December 6, 2018, 10 – 11 AM we will have our Preview and Run Down meeting for the house we are presenting. You will also have a chance to get discounted tickets if you have signed up to host for the Candlelight Tour at this time
Tour hours
Saturday and Sunday, December 8th and 9th, from 11 AM to 5 PM and Saturday evening from 6 – 8 PM.
Address
We are hosting the Candlelight Tour at 804 Prince Edward St, Fredericksburg, VA 22401.
Details
House guides receive all of the information available for their hosting scripts. This will include information about the decorations and the house history/ architecture. This information is just as important as the items contained in the home and is necessary to not only meet the expectations of our guests, but also to make sure our decorators get all the credit and attention they deserve. Finding willing decorators can be a challenge some years and we have found that “making it worth it” needs to be done through a variety of methods. Promotion of them through our website and Facebook is one way, but ensuring that visitors hear about aspects of the decor, as well as hear the decorator’s name, is important.
Additional Information
Click the host a tour button above or below to sign up. Look for additional information about the Candlelight Tour at hffi.org/holiday-candlelight-tour/
Light the way
Meet, greet, and get festive with historic Fredericksburg homes
Local Real Estate Market Rebounds Slightly in October
The October real estate market posted increases in total sold dollar volume and median price, while units sold came in at the same amount as 2017. Total sold dollar volume increased from $128.8 million in October of 2017 to $138 million in October of 2018, representing a 7% year-over-year increase. Median sold priced increased 3.5% going from $285,000 in October of last year and increasing to $295,000 in October of this year. Units sold was on par with last year, with 419 properties sold in October of 2018.
“Heading into the end of the 2018 real estate market, it’s been a great year overall in the Fredericksburg area. October has seen a typical, seasonal slow-down in sales. Notably, the beginning of the month was slower while there were encouraging signs of strength in activity as November approached,” states FAAR Board of Director Chip Taylor.
“The market has been a little “mixed” in King George County and surrounding areas with pockets of homes that literally fly off the market while there are others that linger longer with days on market on the uptick,” continued Taylor. “Housing inventory remains quite tight and interest rates are stable but continue to edge up.”
Inventory remained static in October, with nearly the exact number of homes on the market now as there were in October of 2017. Prospective buyers have 1,654 homes to choose from right now, with 733 new listings coming onto the market. That represents 2.5% more new listings in October of this year versus October of last year. October posted at or above 5% increases in new homes under contract, new contingent contracts, and new pending contracts in October, but all pending transactions were down almost 10% from October of last year.
Please note that this report does not contain any data on days on market. Those statistics are unavailable at press time due to the transition of local real estate data from the old MRIS platform to the new brightMLS platform.
Press Releases
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