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June Posts Flat Numbers Compared to Last Year
The inventory shortage that continues to plague the Fredericksburg region may be partly to blame for the flat June numbers in the real estate market. The significant rainfall that occurred over a few weekends may also have put a damper on activity according to FAAR Board Member Carrie Danko. “After a very busy April and May, June brought this area heavy rain and a little lull in the market,” states Danko.
Total sold volume decreased over 2%, losing over $5 million in value from June of last year. June of 2018 saw a total sold dollar volume of $223.8 million while June of 2017 came in at $229.3 million. Median price remained the same as June of 2017, sitting at $305,000. Units sold decreased from 710 in June of 2017 to 678 in June of 2018, representing a 4.5% reduction in sales. Stafford County, which leads the region in homes sales, saw a nearly 8% reduction in total dollar volume and a 12.5% reduction in units sold.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract, fell significantly, going from 50 days in June of 2017 to just 37 for this June. That represents a 26% decrease and demonstrates how quickly well-priced homes are moving off the market. “We do continue to see low inventory and multiple offers in the lower price ranges. Sellers are discovering that if their house is priced right, it will sell quickly,” continued Danko.
Inventory decreased by 1.5% from June of 2017, with 1,703 active listings last year at this time and 1.677 homes on the market in June of 2018. New listings were up slightly, going from 927 in June of last year to 944 in June of this year, representing a 1.83% increase. Homes that went under contract in June but didn’t close increased nearly 4.4%, potentially forecasting a strong July.
The Fredericksburg Realtors Foundation grants over $15,000 so far in 2018
The Foundation has granted $16,200 so far in 2018 and has more applications waiting in the wings. So who has benefited from the money that our FAAR members and friends so generously donated? Check out the photos below to see the worthy organizations we support!
Take a ride on the FREE Downtown Trolley!
From now until the end of August, people will be able to ride the Trolley Tours of Fredericksburg shuttle from 6pm – 10pm every Friday and Saturday (with the exception of First Fridays). The shuttle runs on a 20-minute loop of Downtown Fredericksburg with 6 stops on the route. Fredericksburg will evaluate whether to continue offering the service upon conclusion. For any questions, please call (540) 373-1776.
Do you want to judge the Parade of Homes?
YOU be the judge!
Tour area new construction and pick the prestigious Realtors Choice Award winner!
Realtor judges will tour area homes and vote for the best home for the value. Each driver will be supplied with the list of homes to be visited in advance and will be responsible for mapping out the best route.
Judging will take place on Tuesday, October 2. A continental breakfast, lunch allowance, and gas card for the driver will be provided.
Do you have Gridlock Grumbles???
Gridlock Grumbles
Sick and tired of traffic throughout the Fredericksburg region? Tell us how being stuck in congestion impacts you and your business. FAAR will share these stories with the public and with our elected officials.
New and Revised NVAR Forms for July 1, 2018
NVAR Standard Forms Changes: Effective July 1, 2018
By Matthew L. Troiani, Esq.
The NVAR Board of Directors has approved the following new forms and forms changes, as proposed by NVAR’s Standard Forms Committee. Click on the title to download the form or download all the forms here.
- K1375 – Assistance Animal Addendum – This is a new form which was created to provide a lease addendum where the landlord has approved a request for an assistance animal in accordance with the Americans with Disabilities Act and the Fair Housing Act, and is not the same as the Pet Addendum. The addendum permits a tenant to have an assistance animal in the dwelling, subject to certain tenant responsibilities for the animal.
- K1376 – Assistance Animal Approval Notice – This is a new form which was created to provide a formal notice by which a landlord can approve a tenant’s request for a reasonable accommodation for an assistance animal.
- K1377 – Assistance Animal Denial Notice – This is a new form which was created to provide a formal notice by which a landlord can deny a tenant’s request for a reasonable accommodation for an assistance animal.
- K1378 – Request for Reasonable Accommodation/Rule or Policy – This new form was created to provide a formal request by a tenant or applicant for a reasonable accommodation to a rule or policy. This form will allow the landlord to review and either approve or deny the request. This form will work in conjunction with K1376 and K1377.
- K1379 – Reasonable Modification Addendum/Physical Structures – This new form was created to provide a formal request for a tenant or applicant to make a modification to the physical structure of a dwelling in order to reasonably accommodate a disability. The form is to be provided by the landlord upon request, and incorporated into the lease as an addendum if the modification is approved.
- K1380 – Verification of Disability – This new form was created for a tenant or applicant to complete with the assistance of a verifier who has a therapeutic relationship with the tenant/applicant in situations where a disability is not readily apparent. Once completed, the form will be submitted along with the Request for Reasonable Accommodation/Rule or Policy.
- K1382 – Notice – Lease – This new form was created to provide a blank form in which parties can provide notice under the VRLTA and Common Law Leases.
- K1273 – Notice Sale – This form was updated to distinguish it from the new Notice – Lease form, and to update changes in terminology since 2015.
- K1017 – Property Management Agreement – This form was significantly updated to reflect changes in the law, required disclosures, and property management practice since 2001. The form was also reorganized for convenience of use.
- K1374 – Property Management Information Form – This form was updated to reflect changes in the law, Property Management Agreement, and property management practice.
- K1333 – Lease Common Law – This form was updated to create a new separate Paragraph 11 addressing smoking on the Premises, including electronic cigarettes. Paragraph 31 (formerly Paragraph 30) was updated to provide notice to the parties, not just to the tenant, that separate commission may be owed if the tenant purchases the property. The Assistance Animal Addendum was added as an option in Paragraph 38. Paragraph 43 was added to provide the statutorily-required notice that one or more parties may be real estate licensees. Brokerage Information was added to the end in the same manner as the Residential Sales Contract.
- K1354 – Lease VRLTA – This form was updated as follows:
a) To create a new separate Paragraph 11 addressing smoking on the Premises, including electronic cigarettes.
b) Paragraph 31 (formerly Paragraph 30) was updated to provide notice to the parties, and not just to the tenant, that separate commission may be owed if the tenant decides to purchase the property.
c) The Assistance Animal Addendum was added as an option in Paragraph 40.
d) A new Paragraph 45 was added to provide the statutorily-required notice that one or more parties may be real estate licensees.
e) Brokerage Information was added to the end in the same manner as the Residential Sales Contract.
- K1321 – Residential Sales Contract – This form was updated in four areas:
- Paragraph 4 – The clause requiring that the Settlement occur on the prior business day in the event the Settlement Date falls on a Saturday, Sunday or legal holiday was moved from Paragraph 33(E) to Paragraph 4.
- Paragraph 13 – Clarifies that while wall mounted electronic components/devices do not convey with the property, related mounts, brackets and hardware do convey with the property unless the parties agree otherwise in writing. This is intended to clarify conveyance and to address disputes between parties regarding the removal of the mounts and the adequacy of repairs of the holes left behind when mounts are removed.
- Paragraph 20 – Adds a check box for situations where no Wood-Destroying Insect Inspection is required or requested by a lender or the parties.
- K1282 – Exclusive Right to Represent Tenant – These changes were administrative in nature to correct a typographical error in Paragraph 15.
Click here to download all of the forms
FAAR Releases 2019 Legislative Package
- Professionalism Issues: FAAR aims to raise the level of professionalism for licensees throughout the Commonwealth by increasing education and broker supervision.
- Housing Discrimination: FAAR recommends adding sexual orientation and gender identity as protected classes in Virginia.
- Transportation Infrastructure Funding: FAAR advocates reforming the SmartScale funding process, extending the HOT lanes to Massaponax, continuing investments in mass transit, and allowing all jurisdictions, regardless of size, the right to establish a regional transportation authority.
- Proffer Reform: FAAR advocates for easing the communications restrictions on elected officials and staff with builders and developers when negotiating proffers.
- Virginia Real Estate Board Responsiveness: FAAR encourages VREB to add additional staff to process the expanding pool of licensees and expedite agent transfers.
NAR Issues Call for Action on Flood Insurance
Let your Members of Congress know that extending the program until a long-term reauthorization can be worked out is vitally important to the real estate industry and to our local market. Take action today!
FAAR paints a house!
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 shortage that the Fredericksburg region is experiencing had an impact on the real estate market in the month of May. Total sold volume remained static, posting a meager .78% increase from May of 2017. May of 2018 saw a total sold dollar volume of $195.2 million while May of 2017 was less $2 million shy of that at $193.6. Median price saw a 6% year-over-year increase going from $282,000 in May of 2017 to $299,450 in May of 2018. A higher median price didn’t translate into a higher sold volume due to the nearly 3.5% drop in units sold. In May of 2017, 630 properties sold in the market compared to just 608 in May of 2018.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract, fell significantly, going from 55 days in May of 2017 to just 40 for this May. That represents a more than 27% decrease and demonstrates how quickly well-priced homes are moving off the market. “The market is still seeing a real lack of inventory and the inventory that is available often has been on the market for a while,” stated 2018 FAAR President Kevin McGrath.
Inventory numbers continued to increase in May, consistent with seasonal trends. Active listings posted a nearly 3% increase with 1,658 properties on the market in May of 2018 compared to 1,611 in May of 2017. There was also a sizable increase in new listings with 1,128 new homes coming on the market in May compared to 977 in May of last year, representing a nearly 15.5% increase. “If you are a seller with a home that will show well, it’s a great time to list as buyers are struggling to find homes that meet their needs,” continues McGrath.
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About the Fredericksburg Area Association of REALTORS®
Founded in 1957, the Fredericksburg Area Association of REALTORS® is the trade association for more than 1,600 Realtor® and affiliate members serving the areas noted above. Members also work in the surrounding counties of Westmoreland, Louisa, Orange and Prince William and in Northern Virginia. FAAR strongly supports the availability of affordable housing for all market segments and supports government policies designed to enhance homeownership opportunities. For more information about FAAR, visit www.faarmembers.com or contact Kim McClellan, Public Policy Director at kmcclellan@faarmembers.com or 540-373-7711.
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