Business Resources

Resources for your real estate business.

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

Bright MLS offers on-the-go Solutions

In the fastpaced world of real estate, you need smart mobile solutions to keep you plugged into your business. Bright MLS answers the call for convenient onthego tools with a growing selection of mobile options. In May we’re going to offer brandnew mobile solutions designed to suit the way YOU work!

MLSTouch: 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 MLSowned 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)

Realtor® Magazine

Article in Mortgage Daily News with good heat map of changes 

FHFA Official Response from Director Thornton on LLPA

NAR Letter to the FHFA

NAR Letter to Congress

Apply for the 2024 FAAR Board of Directors

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

pbrowning@faarmembers.com

 

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

#MemberMonday Meet REALTOR® Macy Williams

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
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!

Tina Keene Exit Elite Realty
Honoring Excellence: FAAR Announces Award Winners for 2022

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

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. 

###

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.

#MemberMonday: Meet REALTOR® Amal Hall

#MemberMonday: Meet REALTOR® Amal Hall

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
Amal Hall

Hometown
Springfield

Current Location
Fredericksburg

Title
REALTOR®

Why do you love working in real estate?
I know real estate is a powerful tool that can help increase financial stability and wealth for many people all across America. I want to help as many people as I can achieve this goal and so much more.

Favorite Work Story
Purchasing my first home with my husband within my first year of real estate. We know this house is just a starter one for us, but we can’t wait to grow our family and create so many memories in it. I speak so highly of owning real estate because I went through what many Americans were experiencing over the last few years. We were worried about the market but knew that as long as we got something in our budget, it will create the stepping stones we need for generational wealth.

What are you most proud of in your career?
I’m proud of the work ethic I bring every day and the young, new positivity energy I bring to the industry. I think there are many new technologies and ideas that are going to change over the next decade and I can’t wait to experience all of it.

Do you have a special cause or volunteer your time?
I always try to donate blood as much as I can and attend Nativity of the Theotokos Greek Orthodox Church in Fredericksburg as often as possible.

Fun Fact
In my free time I like to play computer, board, and card games!

Tina Keene Exit Elite Realty
#MemberMonday: Meet REALTOR® Michael Blodgett

#MemberMonday: Meet REALTOR® Michael Blodgett

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
Michael Blodgett

Hometown
Fredericksburg

Current Location
Fredericksburg

Title
Realtor®

Why do you love working in real estate?
There are many reasons why I love working in real estate as a Realtor. I love being involved in the community and being able to educate my neighbors to help them make the best decisions for their real estate purchases.

Working in real estate allows me to be my own boss and set my own schedule. I can work around my family’s schedule and still have time for my hobbies and volunteer work. I also enjoy the challenges that come with working in real estate and the satisfaction of helping people find their perfect home.

The real estate industry is always changing and evolving, which keeps me on my toes and engaged in my work. I love being able to learn new things and apply them to my business.

I am passionate about making a difference in my community and being a positive force in the real estate industry. I believe that education is key when it comes to making good decisions about purchasing a home, and I enjoy being able to share my knowledge with others.

Favorite Work Story 
Working in real estate is a great way to build relationships and connect with people. I have met some amazing people through my work, and I am always excited to help my clients find their perfect home. I have so many interesting and good stories from clients, but I think one of my favorites is a simple story of a single mom doing her absolute best! A friend of mine, whom thought she could never own her own home, being a single mom, bought her first home with my help! I went through all the options that were available to her and it was amazing to see her demeanor change as she realized home-ownership was possible for her. All she ever wanted was a place to call home for her and her girls. Well, fast forward a year or two into the future, and I see her Facebook posts of the girls playing with friends at the house and seeing her comments about being fully content and happy with where she is. NOTHING can compare to the happiness I feel seeing her continue to love her home and build a beautiful life for her and the girls. I couldn’t be more thankful that I got to go through this experience with her; and because of situations like this I don’t think I will ever leave this industry.

What are you most proud of in your career?
In my real estate career, I am most proud of being able to lead by example for members of the community to get more involved and take better care of themselves and their neighbors. I believe that by taking care of our homes and communities, we can make a positive impact on the world around us.

I love being able to show others that it is possible to make a difference in the world, and I am so grateful to have had the opportunity to do so through my work in real estate. I believe that everyone has the potential to make a positive difference in the world, and I am committed to helping others realize that potential. I am not in real estate just to make money, I want to make Fredericksburg the best place to live for every client I sell a home to.

Do you have a special cause or volunteer your time? 
I frequently donate to the FXBG SPCA as I adore all animals. I have been able to adopt families for Christmas with my brokerage to provide presents to families in need. I recently signed up to volunteer time with Downtown Greens and be a Free Fridge Hero, which I am very excited for! In addition to that, our Real Estate Team, Property Lovers Real Estate Group LLC, has been able to host a monthly community cleanup with the help of community members that continue to grow in numbers. I have and will continue to donate some of my time to the Fredericksburg Area Food Bank at least once a month as well. Lastly, we have started a community gardening project to get more members of the community to grow their own produce garden in the spring, so we can’t wait to see how that turns out! I am currently looking into obtaining a gardening plot at a local community garden in Lee’s Hill to provide pumpkins to those who can’t afford one during Halloween.

Fun Fact
I have lived in the Fredericksburg area my entire life (25 Years) and I believe that is why I am so passionate about pouring into our community! Funny enough, as a kid I always wanted to be in the Air Force, but then decided on coding and networking when I found out my bad-back was way beyond the point that they would allow me in the service. Fast forward another 10 years and here I am practicing Real Estate when the thought had never crossed my mind to get into this business! Life has a funny way of getting us where we need to go y’all!

Tina Keene Exit Elite Realty

Press Releases

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...

Regional Sales Price Keeps Increasing

The regional median home price was up again in July, with all but one locality seeing increases.  The median sold price settled at $462,450 this month compared to $438,200 in July of 2022, representing a nearly 6% year-over-year increase.  Units sold were down 20%,...

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