News and Resources for the Public
Median home price swings back up in May
The regional median home price was up in May, but individual localities saw wins and losses in the price department. The median sold price settled at $454,950 this month compared to $436,000 in May of 2022, representing a 4% year-over-year increase. Units sold were...
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...
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...
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...
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...
More of the Same in March for Local Real Estate Market
FOR IMMEDIATE RELEASEContact: Carol Sondrini 540-373-7711news@faarmembers.com More of the Same in March for Local Real Estate MarketHigh prices, falling demand continue Fredericksburg, VA – (April 17, 2023) – The following analysis of the Fredericksburg, Virginia...
FAAR Sends Letters on Stafford County Tax Rate and Caroline County FHA Loan Limits
FAAR has sent a letter expressing concerns about the advertised tax rate in Stafford County. The proposed tax rate would increase the real estate tax from the current 0.85 per $100 of assessed value to $1.145 and would add a 0.03 fire levy for a total of $1.175. ...
NAR Founding Member of the Housing Solutions Coalition
NAR is a founding member of the recently formed Housing Solutions Coalition to address the sharp rise in rent control policies and the constraints that housing supply is facing, leading to high prices and many families and individuals feeling squeezed out of their...
Stafford County eyeing historic tax increase
Stafford County has set an advertised tax rate of 1.175 for the upcoming fiscal year, a whopping 32-cent increase from current levels. This number includes a nearly 30-cent increase in the real estate tax from the current rate of 0.85 per $100 of assessed value to...
Real estate market demand continues to cool
February 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 20% coming in at approximately $158.7 million compared to nearly $200 million in February of 2022. ...
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