Business Resources
Resources for your real estate business.
Are you taking advantage of all Bright has to offer?
Are you taking advantage of all Bright has to offer? Recently, Bright added tools and features to help you provide even more value to your clients through your MLS subscription. Stand out from the competition and win new clients. Make the most of your MLS subscription this summer.
- Share Before You Publish Listing Preview now lets you share draft listings with key office members—and the sellers—directly from Bright’s Listing Management. Ensure the most complete and accurate listings every time! Get the latest at brightmls.com/ListingPreview
- Access the industry’s hottest headlines and market news with RISMedia Premier A $249 value, RISMedia Premier is included in your Bright MLS subscription! Enjoy the top source for residential real estate news directly from your Bright workspace. Learn more at brightmls.com/RISMedia.
- Free floor plans are now available through CubiCasa Did you know that homebuyers consider floor plans to be one of the most desired data assets on a listing? It’s true! Floor plans are second only to standard photos and listing data in terms of what buyers want to see. CubiCasa’s mobile app—now available through Bright MLS—makes creating floor plans easy, fast, and FREE! Get started at brightmls.com/CubiCasa
Kickstart your business! Our experienced Customer Success Coaches provide exclusive spots every week for coaching sessions. If you’re looking for the latest on Bright’s prospecting features, have some questions about the latest Bright apps or need a little help with search, sign up for Office Hours at BrightMLS.com/OfficeHours.
FAAR Expo 2023: Save the Date for Fredericksburg’s Largest Real Estate Expo!
The FAAR Expo is back, and it’s bigger and better than ever! This year’s event will be held on September 13, 2023, at the Fredericksburg Expo Center. The expo is a great opportunity for real estate professionals to connect with other professionals, learn about new trends, and find new ways to grow their businesses.
What to Expect at the FAAR Expo
The FAAR Expo will feature a variety of educational sessions, networking opportunities, and vendor booths. There will be something for everyone at the expo, whether you’re a new real estate agent or a seasoned veteran.
New additions
New additions to this year’s expo include the “Septic Adventure”! Come explore an above-ground septic exhibit in the middle of the expo center! The event will also feature the opportunity to book a headshot photography session ($50 per headshot) where you can get a new professional headshot. Not only will you get a new headshot, the proceeds from the session will benefit RPAC and count towards your annual investment.
Educational Sessions
The FAAR Expo will feature morning educational sessions including:
- What’s in Store for 2024? Market Forecast & Trends Panel
- Understanding Home inventory Seminar
These sessions will provide you with the insights to communicate the market changes prevalent in the real estate industry to your clients.
Networking Opportunities
The FAAR Expo is a great opportunity to network with other real estate professionals. You’ll have the chance to meet new people, learn about their businesses, and build relationships that can help you grow your own business.
Vendor Booths
The FAAR Expo will feature a variety of vendor booths from companies that offer products and services to real estate professionals. This is a great opportunity to learn about new products and services that can help you improve your business. Stop by Builders Row to meet with local builders and Retail Lane to connect with closing gift vendors and more.
Why Should You Attend the FAAR Expo?
There are many reasons why you should attend the FAAR Expo. Here are just a few:
- Learn about new trends in the real estate industry
- Find new ways to grow your business
- Network with other real estate professionals
- Get inspired by other successful real estate professionals
The FAAR Expo is a valuable resource for real estate professionals of all levels. Don’t miss this opportunity to learn, grow, and connect with other professionals in your field.
Vendor & REALTOR® Registration
Vendor registration & booth selection is underway. Contact Jennifer Saenz at jsaenz@faarmembers.com for more information.
FAAR REALTORS® who register on or by 9/5 will be eligible to register for FREE (including lunch) thanks to a decision by the 2023 FAAR Board of Directors. REALTOR® registration will open in July at faarmembers.com/calendar!
For more information on the education sessions and this year’s theme, visit faarmembers.com/expo!
We hope to see you there!
Is the local real estate market turning a corner?
Could the region finally see a stop to ever increasing home prices? April statistics show that it’s possible the tide is turning and that prices will finally cool after months of plummeting demand and high interest rates. April of 2023 saw prices dip across the region for the first time since March of 2019. The median sold price settled at $435,000 this month compared to $440,000 in April of 2022, representing a small 1% year-over-year decline. Units sold were also way down, coming in at 414 compared to 731 units sold last April, a more than 43% reduction. Those factors compounded to turn a nearly 42% decrease in total sold dollar volume with nearly $339 million in sales in April of 2022 compared to $198 million this year.
While April’s regional price reduction is incredibly small at just 1%, it is notable considering how sticky price increases have remained in the face of falling demand. However, the decreases were not evenly distributed across all jurisdictions. Caroline, Spotsylvania, and Orange counties actually saw year-over-year price increases while King George County remained flat. Stafford County, the City of Fredericksburg, and Colonial Beach experienced price decreases from last year. The City saw a 3% decline with Stafford and Colonial Beach both seeing 2% declines. While prices might have come off a little bit, they are still very high with Stafford’s median price close to $490,000, the City just shy of $450,000 and Colonial Beach at $280,000.
FAAR Board of Director Gary Gardiner comments, “Overall the market continues to shift. Buyers active in the market are seeing less competition with the reduced demand and can take advantage by negotiating more contingencies. Sellers are seeing increased days on market, but prices remain high and sellers continue to command list price offers.”
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 93% up to 27 days this April compared to just 14 days last year.
Inventory was also down slightly in April, finishing out the month with 717 active listings compared to 727 last year. New listings were down 39% from last year with 1,057 homes coming on the market in April of 2022 compared to 646 this past month. New pending sales were down 20% in April, with 615 pending contracts compared to 773 last April.
Bright MLS offers on-the-go Solutions
In the fast–paced world of real estate, you need smart mobile solutions to keep you plugged into your business. Bright MLS answers the call for convenient on–the–go tools with a growing selection of mobile options. In May we’re going to offer brand–new mobile solutions designed to suit the way YOU work!
• MLS–Touch: This MLS app is included in your Bright subscription and is the best way to search for, view, and share listings on your smartphone or tablet. Download now on the apple or google app stores!
• CubiCasa: Coming May 23, CubiCasa will offer free floorplans to all Bright subscribers. Looking for more? For a small fee, you can purchase Fixed Furniture, GLA Report, and 6 Hour Turnaround time. Look for more information coming soon.
• Nestfully App: Expected later this month, the search app for interested buyers and sellers will be available through Nestfully. This is just the beginning of MLS–owned tools you can trust and share with your sphere. In May, we’ll share more about what’s coming next from Nestfully.
Kickstart your business! Did you know? Our experienced Customer Success Coaches provide exclusive spots every week for coaching sessions. If you’re looking for the latest on Bright’s prospecting features, have some questions about the latest Bright apps or need a little help with search, sign up for Office Hours at BrightMLS.com/OfficeHours.
Loan Level Price Adjustments (LLPAs) Digest
There has been a lot of buzz about the loan level price adjustments (LLPAs) that go into effect in May 1 per the GSEs. Below are some linked articles on this topic going back to 4/26/2023. Links will be updated as more information becomes available.
NAR: FHFA Heard Industry Loud and Clear on Proposed Fee
FHFA Announces Rescission of Enterprise Upfront Fees Based on Debt-To-Income (DTI) Ratio
NAR Dedicated Landing Page for LLPA
NAR Washington Report on Loan Level Price Adjustments (LLPA)
Article in Mortgage Daily News with good heat map of changes
Apply for the 2024 FAAR Board of Directors
At FAAR, we are on the lookout for individuals who are driven, passionate and ready to take on leadership roles. We have had an incredible year with the addition of new leaders to our membership and committees, and we are excited to continue this momentum by expanding our team of exceptional individuals on the Board of Directors. This is an excellent opportunity to contribute your skills and experience to an organization that values growth, innovation and collaboration. Join us in our mission to make a positive impact in the real estate industry and beyond!
Are you interested in serving?
The Nominating Committee is accepting nominations until June 30th.
What is the Board anyway, and what does it do?
The Board is made up of 13 members (12 REALTORS® and 1 Affiliate) who set policy for the entire association. The group meets monthly to address issues, solve problems, and keep the association financially solvent by carefully managing funds and investments.
How many members are nominated and elected?
The Nominating Committee shall select one but not more than three nominees for each Director position to be filled. The candidate getting the highest number of votes from the general membership receives the position.
How long are the terms?
Director positions are for one, two, or three years. Officer positions are for one year, except Treasurer, which is for two years. The Affiliate Director position is for one year.
How do I express interest?
- The Candidate Profile Form to be reviewed by the Nominating Committee is here.
- Board Job Descriptions are here.
Return the completed Profile Form to:
Page Browning, CEO of FAAR
What’s next after I apply?
Eligible applicants will be notified of an interview time to occur in person at the FAAR office on July 19 or July 20.
Questions?
Please contact Page at pbrowning@faarmembers.com or reach out to any of our current leadership team at www.faarmembers.com/leadership.
#MemberMonday Meet REALTOR® Macy Williams
Name
Macy Williams
Hometown
Spotsylvania, VA
Current Location
Spotsylvania, VA
Title
REALTOR®
Why do you love working in real estate?
I love serving the community that I’ve called home for 30 years. Connecting with people, building lasting relationships, and playing a role in their real estate journey is so rewarding.
Favorite Work Story
I was given the opportunity to help my best friend’s family sell her grandmother’s home. It was my first listing and everything went smoothly! It was and will always be such an honor to be trusted as a REALTOR®.
What are you most proud of in your career?
My very first real estate accomplishment – taking the class and passing the exam while on maternity leave with my newborn daughter AND with a 16-month-old little boy at home, too!
Fun Fact
I come from a family of REALTORS®. Combined, we have 187 years of experience!
Honoring Excellence: FAAR Announces Award Winners for 2022
The Fredericksburg Area Association of REALTORS® Awards Ceremony was held on April 19, 2023 at Brock’s Riverside Grill to celebrate the achievements of outstanding professionals in the industry for 2022. The event recognized excellence in various categories, including the Rookie of the Year, Good Neighbor Award, Manager of the Year, Silver Circle Award, Icon Award and more! The awards ceremony was an opportunity to highlight the accomplishments of these professionals and showcase the positive impact they have on the real estate industry.
The Awards committee sends thanks to each and every nominator that provided a nomination recognizing a deserving FAAR member. It is important to recognize individuals going above and beyond to serve as an inspiration for all.
36 total awards were presented at the ceremony. The winners of each award category are listed below. Full awards descriptions can be found at faarmembers.com/awards.
Awards
YPN Travel Scholarship – Makaila Jones, Samson Properties
Melanie Thompson Award – Selina Kim, Summit Mortgage
Manager of the Year – Deanna Beltran, Ulta Realty
Spirit Award – Glenda Morales, Cropper Home Sales
Good Neighbor Award – Brittani Hill, Coldwell Banker Elite
Good Neighbor Award – Clay Murray, Pathway Realty
Affiliate of the Year – Sherrie Shaw, Summit Mortgage
DEI Travel Scholarship – Catrina Schmeidler, eXp Realty
Rookie of the Year – Joseph Goins, Ulta Realty
REALTOR of the Year – Deb Ellis, Coldwell Banker Elite
Icon Award – Linda Laub Canty, 1st Choice Better Homes & Land
Icon Award – John Cheadle, Service Realty
Silver Circle Award Recipients
Helen Chapman, HRC Properties
Kim Gunselman, Berkshire Hathaway HomeServices PenFed Realty
Dorothy Pett, Coldwell Banker Elite
David Smith, Century 21 Redwood Realty
Mark Worrilow, Fathom Realty
Professional Honor Roll Recipients
Valerie Dellandre
Century 21 New Millennium
Deb Ellis
Coldwell Banker Elite
Abby Fitzsimmons
Coldwell Banker Elite
Drew Fristoe
Coldwell Banker Elite
Allison Graves
Coldwell Banker Elite
DeAnna Hamn
1st Choice Better Homes and Land
Janet Holt
Holt for Homes
Lynn Lenahan
1st Choice Better Homes & Land
Robin Marine
Coldwell Banker Elite
Brooke Miller
Long & Foster
Clay Murray
Pathway Realty
Sharon Shade
RE/MAX Allegiance
Carol Sondrini
Berkshire Hathaway Home Services PenFed Realty
Sarah Stelmok
Nest Realty Group
Melissa Stewart
Berkshire Hathaway Home Services PenFed Realty
Lauren Tate
Century 21 Redwood Realty
Penny Traber
1st Choice Better Homes & Land
Randy Walther
Nest Realty Group
Sha Williams- Hinnant
1st Choice Better Homes & Land
View the pictures from the event here.
Fredericksburg Area Association of REALTORS® Maintains, Strengthens Focus on Fair Housing, Racial Equality
The Fredericksburg Area Association of REALTORS® (FAAR) announced today that it will use a $2500 grant from the National Association of Realtors® (NAR) ‘to provide Bias Override Training for local area REALTORS®’ at no cost as part of a FREE day of education on November 1st. The three-hour training will help real estate professionals interrupt stereotypical thinking so they can avoid fair housing pitfalls and provide equal professional service to every customer or client.
“Realtors® recognize the significance of the Fair Housing Act and reaffirm our commitment to upholding these laws and to offering fair, equitable service to every American in their search for homes and property,” said Carol Sondrini, REALTOR® and 2023 FAAR President.
As part of NAR’s new Fair Housing Action Plan, abbreviated ‘ACT,’ which emphasizes Accountability, Culture Change, and Training to ensure America’s 1.4 million Realtors® are doing everything possible to protect housing rights in America, the Fredericksburg Area Association of REALTORS® is doing our part to solidify the role fair housing plays in our industry and in our communities. The training this grant provides will give attendees a history of bias in real estate, explain how implicit bias may result in violations of Fair Housing Laws and industry ethics, identify interventions to prevent implicit bias, and provide methods to increase personal motivation to confront these phenomena in their business and community.
NAR offers Fair Housing Grants to state and local Realtor® Associations around the country in effort to support a wide range of activities and initiatives, including fair housing education and curriculum development, fair housing partnerships with local organizations and fair housing commemoration ceremonies and events.
Details on the November 1st Day of Education will be announced soon. To learn more about National Association of Realtors® Fair Housing Grant program visit, https://realtorparty.realtor/state-local-issues/issues/fair-housing.html.
More of the Same in March for Local Real Estate Market
FOR IMMEDIATE RELEASE
Contact: Carol Sondrini
540-373-7711
news@faarmembers.com
More of the Same in March for Local Real Estate Market
High prices, falling demand continue
Fredericksburg, VA – (April 17, 2023) – 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.
March 2023 saw more of the same in the local real estate market with falling demand, rising prices, and increasing days on market. Total sold dollar volume was down nearly 30% coming in at approximately $204.6 million compared to more than $289.1 million in March of 2022. Units sold decreased by nearly 31% from last year with 452 homes sold in March versus 652 last year. Despite the continued dip in demand, prices rose more than 3% year-over-year, settling at $420,000 this year compared to $406,500 in March of 2022.
FAAR Board of Director Meghan Kala comments, “March really proved itself to be the kick start to the spring real estate market, and our buyers are out in full swing. Many buyers who put the brakes on last year have chosen not to wait any longer on the volatile interest rates. They are stepping out into the growing pool of consumers in a low inventory market. Because of this, we’ve been seeing multiple offer situations, buyers waiving home inspections, and the return of appraisal gap coverages. Smart and prepared sellers should be able to cash in on their advantages as we continue into the busy months ahead!”
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 106% up to 37 days this March compared to just 18 days last year.
Inventory was up 23% in March, finishing out the month with 693 active listings compared to 562 last year. New listings were down nearly 37% from last year with 948 homes coming on the market in March of 2022 compared to 602 this past month. New pending sales were down nearly 36% in March, with 509 pending contracts compared to 795 last March.
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About the Fredericksburg Area Association of REALTORS®
Founded in 1957, the Fredericksburg Area Association of REALTORS® (FAAR) is the trade association for more than 1,700 Realtor® and affiliate members serving the City of Fredericksburg, the Counties of Caroline, King George, Orange, Spotsylvania, and Stafford, along with the Colonial Beach area of Westmoreland County. Members also work in the surrounding counties of Westmoreland, Louisa, and Prince William and in Northern Virginia. For more information about FAAR, visit www.faarmembers.com or contact Kim McClellan, Public Policy Director at kmcclellan@faarmembers.com or 540-373-7711.
Press Releases
Sell at Lake Anna in Louisa County? Take action against short-term rental restrictions!
Louisa County has spent the last 18 months crafting short-term rental regulations. A working group recently reported a revised version of an ordinance to the Planning Commission. This draft is the least restrictive of all that's come out of these discussions. This...
Celebrating Excellence: FAAR Honorees Shine at the 2023 Virginia REALTORS® Awards Event
Wednesday's Virginia REALTORS® awards event in Richmond was a night to remember, filled with excitement and celebration. We are thrilled to announce and congratulate our very own Fredericksburg Area Association of REALTORS® (FAAR) members who received well-deserved...
FAAR Endorses Candidates for Public Office
The Fredericksburg Area Association of REALTORS® (FAAR) announces endorsements for local Board of Supervisors and City Council races on the ballot for the November 7th general election. The endorsed candidates represent areas throughout FAAR’s service territory...
Regional Housing Market Shows No Signs of Price Cooling
The regional median home price was up again in August, with every locality seeing increases. The median sold price settled at $450,000 in August of 2023 compared to $427,000 in August of 2022, representing a nearly 6% year-over-year increase. Units sold were down...