Business Resources
Resources for your real estate business.
2019 February FAARside Newsletter is here!
Your copy of the February Newsletter, the FAARside is here! Crack open a copy to learn about what’s going on at the Association including a letter from the President, 2018 accomplishments, the Virginia REALTORS® legislative agenda, links to Fall photos, and more!
This edition includes
- How REALTORS® gave back over $30,000 to local charities in 2018
- How you can raise the professionalism bar with the C2EX
- The March is for Members Free Events & Classes Schedule
- “Recognizing the Leader in you!” Introducing Leadership Tribute Coins
and more!
Right click here or the cover image to the right and click “Save as” to download
#MemberMonday Meet Lisa Dario
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
Lisa Dario
Hometown
Fredericksburg
Current Location
Fredericksburg
Title
REALTOR® at Coldwell Banker Elite
Number of Years in the Industry
6 years
Why do you love working in real estate?
Being a REALTOR® is truly my dream job! I’m obsessed with looking at homes with my clients. It is so rewarding being part of one of the most important decisions of their lives.
Favorite work story
I’m not sure this is a true work story….but because I’m a REALTOR® I was able to film an episode of “Beach Front Bargain Hunt” on HGTV!
What are you most proud of in your career?
Every time my phone rings and the voice on the other end says—you helped my friend/family member and they said I have to call you!
Do you have a special cause or volunteer your time?
I have hosted “Walk-A-Mile in Her Shoes” for the past 4 years to raise awareness/money for Empowerhouse and Survivors of Domestic Violence. Over 200 men, women and children walk in high heels from the downtown VRE to the Inn at the Olde Silk Mill. The community has embraced the event beyond my expectations!!
Fun Fact
I LOVE 90’s Rap!! When it’s playing (anywhere…literally) I will sing until I lose my voice…haha!!
#MemberMonday Meet Tammy Reid
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
Tammy Reid
Hometown
Fredericksburg
Current Location
Fredericksburg
Title
Business Development Associate at Embrace Home Loans
Number of Years in the Industry
25
Why do you love working in real estate?
In all honesty, helping people with the biggest “memory making” investment of their life is a true passion. Memories start in a home and helping people get into their dream home or first time home to make lasting memories in either is what makes it all worthwhile! Not to mention, the best friendships I have ever made are with my fellow real estate and mortgage colleagues.
Favorite Work Story
We have a lot of favorites here at Embrace. We love what we do!
If I had to pick just one, it would be the day Rusty Cowper joined our team and remembering how excited we were to make that announcement!
What are you most proud of in your career?
First, getting my LO license. Test taking is not my favorite thing. Having the courage to do that was a lot!
I would have to say the awards I have won and been completely surprised each time.
FAAR Affiliate of the Year
FABA Associate of the year two times
FABA Chair of the Year
FABA Rookie of the Year
To name a few.
Do you have a special cause or volunteer your time?
First Priority: volunteering whenever I can to watch my granddaughter Hazel Rose!
Food Bank
516 Project
Lifepoint Church
Fun Fact
Private Investigator 🙂
2018 Local Housing Market Posts Modest Gains
The 2018 real estate market posted gains in total sold dollar volume and median price, but saw a slight reduction in units sold. The year closed out with a total sold dollar volume of $1.925 billion which represents a 3.7% increase over the year-end totals for 2017. The market saw a 4.3% year-over-year increase in median price, going from $287,556 in 2017 to $299,990 in 2018. Units sold remained nearly static from 2017, finishing out the year at 5,997 compared to 6,036 units sold in 2017. The year-over-year decline was less than 1% and could be driven in part by inventory constraints.
2019 FAAR President Drew Fristoe states, “2018 had its usual ups and downs, but overall it was a great year. Inventory levels in the $200,000 to $300,000 price range are still on the low side and very competitive. There is still a lack of affordable entry-level housing in the Fredericksburg area.”
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 over 12% with houses averaging 72 days on the market in 2018 compared to 82 days in 2017. The vast majority of sales were of 3 or more-bedroom single family homes, with that segment making up over 93% of the total units sold.
December, a traditionally slow month in real estate, ended the year with significant declines in units sold and total sold dollar volume compared to December of 2017. The month saw just over $99 million in total sold dollar volume, down nearly 17% from December of 2017. This is the first month that the region has fallen below $100 million in sales since February of 2017. Median price posted the only notable year-over-year increase in the market, settling at $307,500 in December, representing a more than 10% increase. Units sold were down over 23% from December of 2017, with 403 properties selling last year compared to just 309 in December of 2018. The decrease in units sold impacted both attached and detached homes. Attached homes sold decreased by over 36% while detached homes sold decreased over 21%.
Days on market remained nearly static with houses spending an average of 87 days on the market in December of 2018 compared to 86 days last December. Active listings were up 2.5% with buyers having 1,338 listings to choose from. New listings coming onto the market were down nearly 6% with 398 sellers putting their homes on the market in December of 2018 compared to 423 in 2017.
Several factors in 2019 could impact the performance of the local real estate market. “Trying to predict what will happen with the market in 2019 is a hard one,” says Fristoe. “The partial government shut down and the uncertainty with how long it will last, the volatility in the stock market, and raising interest rates are all going to be factors in the 2019 market. Buyers and sellers are keeping an eye on all of these factors.”
*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.”
Bright Launches LIVE YouTube Hands-on Clinics
Virtual Clinics
Bright is launching interactive Training Clinics on YouTube! Join Bright as they host these virtual “hands-on” clinics that will cover time-saving tips and tricks, answers to top support center questions, and a live Q&A from bright instructors.
- Mondays at 10:00 a.m.
- Wednesdays at 2:30 p.m.
- Fridays at 12:30 p.m.
Have a question you’d like to submit for future LIVE coverage? Submit it here: https://www.surveymonkey.com/r/2MQ5RFS
Registration is not required for these events. To participate , visit: https://www.youtube.com/BrightMLS/live. To watch previously recorded clinics visit the Bright youtube page.
How you can ensure you’re ready:
- Create your own YouTube Channel. Please Note: This is not required to attend the LIVE event. Create your channel by visiting youtube.com/create_channel. Need instructions? You can find them by searching for “Create a New Channel” in YouTube Help or by clicking here.
- Subscribe to Bright’s YouTube Channel. Get notified any time we go LIVE or new videos are posted. Turn on notifications by clicking the bell icon next to the Subscribed button. Subscribe on Bright’s YouTube Channel at youtube.com/brightmls or subscribe here.
For questions, please contact training@brightmls.com.
Help Collect Items for Hope House
Help the Hope House by dropping off these items at FAAR through the month of February
Find these 3 items for less at Aldi
Paper Towels
Bleach
Trash Bags
Find these 2 items for less at Big Lots
Bed in a bag (twin/toddler)
Bed Pillows
Download and share the flyer with your office
How to search for Subsidized or Voucher-eligible Housing in Bright MLS
When entering a listing do the following: Under Documents — “Section 8 Approved” is a dropdown that the listing agent can select for rentals that have already been approved as Section 8 rentals.
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)
Tutorials on 20% Deduction and other Tax Law Changes
Changes to the U.S. Tax Code that potentially can save you thousands of dollars were enacted last year as part of the Tax Cuts & Jobs Act. The changes include a new deduction available to you as an independent contractor or sole proprietor for reducing your tax liability by 20 percent. How to take this deduction and apply other changes in the law are discussed in a series of video tutorials released by NAR last month.
The tutorials are timely now that the year is winding down and final 2018 tax filings need to be submitted to the IRS.
The tutorials are organized into a dozen topics that affect your taxes, both as a real estate professional and as a homeowner or renter. I encourage you to familiarize yourself with the changes and to pass along this email to your colleagues.
John Smaby
NAR President
Tax law changes, by topic:
Elimination of business entertainment deduction.
Taking the 20 percent business income deduction.
Changes to the mortgage interest deduction.
Limits on state and local tax deductions.
Curtailment of casualty deduction.
Curtailment of moving expenses deduction.
Retention of capital gains exclusion on home sale proceeds.
Increase in standard deduction.
Elimination of personal exemptions.
Access and share page that includes videos, links, slides, transcripts, and embed codes.
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
Press Releases
FAAR Public Policy Director, Kim McClellan, Receives Prestigious RCE Designation from NAR
Kim McClellan, Public Policy Director of the Fredericksburg Area Association of REALTORS®, is being honored by the National Association of REALTORS® with the REALTOR® Certified Executive (RCE) designation, which recognizes exceptional efforts made by...
February Picks Up the Pace in Local Real Estate Market
While February statistics tracked fairly closely to 2018 numbers, pending sales indicate a warming in the local real estate market. Total sold dollar volume increased 2.4% in February, coming in at $106.4 million compared to nearly $103.9 million in...
FAAR Partners with Local Housing Non-Profits to Expand Affordable Housing Opportunities
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...
January Ushers in a Sluggish Start to 2019 Real Estate Market
The 2019 real estate market kicked off with mixed results. Total sold dollar volume fell 14.5% in January, coming in at $88.961 million compared to over $104 million in January of 2018. The number of units sold decreased year-over-year over 13.7%, going...