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Events and opportunities you can get involved inLocal Real Estate Market Appears to be Normalizing
The frenetic real estate market of the last 14 months seems to show signs of slowing down just a bit. “Maybe it was the hazy, hot and humid days or the influx of sellers hoping to capture the “hot” market, or maybe it was buyers who decided this sellers’ market wasn’t for them. Whatever it was, things are seeming to slow down a bit and start to balance,” states 2021 FAAR President Carrie Danko. “I am seeing homes on the market for longer periods of time, prices more consistent with market value, and a decrease in multiple offers.”
While July posted very robust market numbers, there are continuing signs that the pace of business may be cooling. Sold dollar volume was up nearly 18%, coming in approximately $377.8 million in July of 2021 compared to $320.4 million last year. The increase was fueled by a nearly 12% jump in median price going from $349,000 in July of 2020 up $51,000 to $390,000 in July of this year. There was also a nearly 7% year-over-year increase in units sold with 907 properties changing hands in July compared to 849 last year.
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 63% with houses averaging just 11 days on the market in July 2021 compared to 30 days in July 2020.
For the first time in 2 years, the local real estate market has more homes for sale in a given month than the previous year. July of 2021 saw about 3% more homes for sale than the previous year, but we’re still talking about historically very low inventory. There were 740 homes for sale in July of 2020 and there are now 764 homes for sale. The last time we saw more homes in July than the previous year was 2019, when inventory was 0.1% higher than the previous year and there were 1,749 homes for sale. Since January of 2020, the market has experienced double digit year-over-year declines in active listings. While up for July of 2021, active listings are still significantly lower than the 5-year average of 1,337 homes on the market.
There is more good news in new listings, with July yet again beating the 5-year average of properties coming onto the market, with a nearly 20% increase from last July. In 2020, 854 new properties came onto to the market compared to the 5-year average of 909 and the July 2021 number of 1,020. New pending contracts, which indicates the pace of transactions, is holding steady at a modest year-over-year increase at 4%, with 883 new homes under contract. The market over the last year regularly saw double digit increases in new pendings with some months posting 30% or 40% increases.
Many Realtors® are celebrating the cooling market as a needed step towards more predictability in the process and more buyers being able to find a home that suits their needs. The super-charged competition and multiple offer situations of the market in recent months turned many buyers off and made it very difficult for moderate- and lower-income buyers to take advantage of the generational wealth creation benefits of homeownership. “It will be interesting to see what happens in the months to come but one thing is for sure…it’s still a great time to sell and a great time to buy with the still historically low interest rates,” concludes Danko.
Read the FAARside newsletter for real estate updates and more!
Your copy of the August Newsletter, the FAARside is here! Crack open a copy for updates on local real estate and so much more!
Inside you will find
- Farewell message from retiring CEO, Pat Breme
- 2022 Leadership candidate bios
- Message from the 2021 FAAR President, Carrie Danko
- Thank you to RPAC investors
- An update on short term rentals in Spotsylvania County
- Information on the revamped Professional Honor Role application
and more!
Right click here or the image and click “Save as” to download
2021 REALTOR Cereal Drive — Connect with past clients, friends, and the community
Go coo-coo for cereal collection!
2020 was an unprecedented year for cereal collection. Let’s keep the cereal flowing in an effort to reach 18,000 boxes in 2021, all of which go to the local area food banks!
Use the cereal drive as a touchpoint.
The cereal drive is a fantastic way to reconnect with your sphere— Look for REALTOR®-branded marketing pieces here or at the FAAR office(post-card and flyer) to enhance efforts of collecting cereal from clients and friends.
Tell us if you’re participating.
Let us know if your office plans to participate by filling out the form below or emailing Barbara Castillo with your office and contact information by September 26th.
Final cereal counts will be announced at 10/28 mixer.
Collected cereal can be dropped off at the October 28th Halloween Mixer at Wilderness Run Winery from 5-7 PM or for large pick-ups, the Fredericksburg food van can be scheduled to pick up from your location. Please email Barbara bcastillo@faarmembers.com with your final box tally sometime before the 10/28 Halloween Mixer where we will announce the winners. Scroll down to see who participated in last year’s cereal drive!
Cereal Drive Office Contest Sign Up
Yes.. I want my office to participate in the annual FAAR Cereal Drive.
Download the square graphic for sharing here!
Key items to remember:
October 1-28- Collect cereal! Let Barbara Castillo (bcastillo@faarmembers.com) know if you need postcards.
October 26- If you have more that 250 boxes, just let Barbara know and she will arrange pick up.
October 27- if you had your cereal picked up — PLEASE CONTACT BARBARA WITH BOX COUNT
October 28- Drop off cereal (less than 250 boxes) to the FAAR Halloween Mixer at Wilderness Run Winery. Cereal can be dropped between 4-7 PM
October 28th, 7:15 PM Winners and totals announced!
Please feel free to reach out with any questions, and please post lots of fun pics and video on your cereal gathering and displays of cereal on social media to get all FAAR members excited about this very worthwhile cause!
2020 Participants
Affiliate collecting the most boxes – 4-way tie!
Tim Liddy with Charden – 200 boxes
Donna Schmidt with 2-10 Home Buyers Warranty – 200 boxes
Tony Bolding with Alcova Mortgage – 200 boxes
Katie Williams – First American Home Warranty – 200 boxes
Most Cereal Per Agent
1st Choice Better Homes and Land – 10,118 boxes total
Most Improved
Long and Foster – from 3,361 boxes in 2019 to 7,256 boxes in 2020
Runner-ups Most Cereal
Century 21 New Millennium – from 2,772 boxes in 2019 to 3,699 boxes in 2020
Weichert Realtors – from 527 boxes in 2019 to 3,303 boxes in 2020
United Real Estate Premier – from 806 boxes in 2019 to 1,554 boxes in 2020
Honorable Mention
Hometown Realty – first time participating and collected 325 boxes!
Grand Prize
1st Choice Better Homes and Land – 10,118 boxes!
Thank you also to these cereal collectors!
CTI Real Estate
Berkshire Hathaway Home Services
Century 21 Redwood
Universal Title
Coldwell Banker Elite King George/Colonial Beach
Topside Federal Credit Union
Regarday
FAAR to interview candidates seeking local election
On Tuesday, August 3rd, FAAR will host candidate interviews where members of FAAR’s Public Policy Committee will meet with individuals seeking election throughout the region to discuss issues and talk about their priorities should they be elected.
The goal of FAAR’s public policy program is to create lasting, positive relationships with elected officials through early outreach and support of those candidates who understand the value of real estate to the local economy and are willing to work with Realtors® on issues of vital importance to the industry and to property owners. The Association accomplishes this goal through making RPAC contributions to endorsed candidates with the goal of helping those candidates win in their elections. Running for office is very expensive, even at the local level, so any financial support is a big deal for candidates.
FAAR bases those endorsements on candidates’ responses to a detailed survey about real estate issues that can be reviewed here. The Public Policy Committee then follows up on those surveys with an interview that aims to dig deeper into their written responses by sharing information about the market and our Legislative Positions, which can be accessed here. This process is a long one but gives the Committee members a great introduction to potential new elected officials.
The Public Policy Committee decides which candidates to interview and often declines to interview challengers in seats of those incumbent elected officials who have been long-time supporters. Those decisions are made each election cycle and on a case-by-case basis. In the event of an open seat where the previous incumbent is retiring, FAAR makes every effort to touch base with all candidates running and give them the opportunity to interview. The Committee also decides endorsements on a case-by-case basis and does not always endorse in every race.
Members are invited to observe these interviews. They are taking place in the FAAR Board Room located in the Annex on the 1st floor of the building. Only members of FAAR’s Public Policy Committee are permitted to ask questions of the candidates. If you would like to attend any of the interviews listed below, please contact FAAR Public Policy Director Kim McClellan.
August 3 Candidate Interview Schedule
8:00am Andy Reese (I-City-Ward 2)
8:30am Amber Peebles (I-City-Ward 4)
9:00am Tim Duffy* (I-City-Ward 3)
9:30am Monica Gary (I-Stafford-Aquia)
10:00am Nick Ignacio (Zoom) (I-Spotsy-Battlefield)
10:30am Todd Rump (I-Spotsy-Lee Hill)
11:00am Chris Yakabouski* (R-Spotsy-Battlefield)
11:30am Phil Scott (R-House of Delegates-88th District)
12:00pm Meg Bohmke* (R-Stafford-Falmouth)
1:00pm Pam Yeong (D-Stafford-Garrisonville)
1:30pm Rene Rodriguez (I-City-Ward 3)
2:00pm Baron Braswell (I-Spotsy-Battlefield)
2:30pm Paul Milde (R-Stafford-Aquia)
3:00pm Lori Hayes (I-Spotsy-Lee Hill)
3:30pm Jon Gerlach (I-City of Fred-Ward 2)
*denotes incumbent
Sample Ballot for the 2022 Leadership Slate of Candidates
Review the Sample Ballot-
2021 Election Slate for the 2022 FAAR Board of Directors announced
Get the info on the candidates—Read the candidates’ bios in the August edition of FAARSide.
“Additional candidates for the offices to be filled may be placed in nomination by signed petition of at least twenty percent* of the REALTOR® members. The petition shall be filed with the Secretary (Chief Executive Officer) by August 3, 2921. The Secretary (Chief Executive Officer) shall send notice of such additional nominations to all REALTOR® members before the election.”
(As of 7/12/2021 there are 1809 REALTOR® members. 362 names are needed to complete the petition requirement. Send to FAAR at pbreme@faarmembers.com, no later than August 3, 2021.)
Sample Ballot
Slate of Candidates- 2022 Leadership
Electronic Balloting begins August 17, ends September 15 at noon
FAAR offers electronic voting. The ballot will be sent in an email to each REALTOR® member on August 17. The balloting closes September 15 at noon. The results will be announced at 2:30 pm at a general membership meeting on the floor of the trade show. The results will be communicated to the entire membership soon after this announcement.
President Deb Ellis, Coldwell Banker Elite
President-Elect Carol Sondrini, Coldwell Banker Elite
Vice President Randy Walther, Nest Realty
Secretary Dawn Josemans, Coldwell Banker Elite
Treasurer Lauren Tate, Century 21 Redwood
Immediate Past President Carrie Danko, 1st Choice Better Homes & Land
Directors- Five candidates for three positions. Select up to three..
__ Nick Brown, Weichert, REALTORS®
__ Abby Fitzsimmons, Coldwell Banker Elite
__ Gary Gardiner, Jr., Coldwell Banker Elite
__ Stephanie Michael, Dodson Property Management
__ Matthew Rathbun, Coldwell Banker Elite
(Continuing from the 2021 Board- Clay Murray, Pathway Realty, Pia Contreas Sanchez, Prime Realty, Kardin Lillis, Weichert, REALTORS®)
Three candidates for 1 affiliate position. Select one.
__ Richard Bibb, Goosehead Insurance
__ Michele Freemyers, Ekko Title
__ Laura Pate Rodier, The Title Professionals
FAAR rations lockboxes due to Sentrilock’s manufacturing supply shortage
Global COVID-related supply shortages have affected the manufacturing of Sentrilock lockboxes. In order for FAAR to have boxes to sell during the shortage crunch, the following guidelines were established by staff and approved by the Board of Directors:
- The 2-for-1 lockbox sale has ended
- FAAR has 150 boxes in stock PLUS an additional 50 on order (The 150 will be sold first, before the new shipment)
- A set of batteries is given at purchase for the remaining boxes since they are the original boxes acquired at conversion
- No member may purchase more than 2 boxes at FAAR
- Members with a large supply may want to sell some of their boxes
- The procedure to sell a lockbox to another agent-
- The agent selling the lockbox must give a bill of sale to the Primary FAAR agent who is purchasing the box
- The bill of sale consists of the seller’s name, the buyer’s name, and the serial number of the lockbox
- The bill of sale is emailed to FAAR’s Membership Services Director Lori Hillard-Wehr, lhillardwehr@faarmembers.com (There is a transfer fee of $5.00 per lockbox due to FAAR at time of transfer)
The Membership Services Director logs into Sentrilock and transfers the lockbox from the seller to the buyer (The buyer must open the lockbox in order to take possession)
Thank you for your understanding and patience.
Summer Selling Season is in Full Swing
The summer selling season is in full swing in the Fredericksburg area with June real estate statistics blowing the record-breaking 2020 out of the water. Total sold dollar volume increased by 29% fueled by a more than 17% rise in median sold price and a more than 10% increase in units sold. Total sold dollar volume settled at approximately $434.3 million compared to $336.6 in June of 2020. Median sold price was flirting with $400,000 for the month, coming in at $397,500, a more than 17% year-over-year increase from 2020. Closed sales far exceeded the five-year average, showing how strong buyer demand throughout the region. The 5-year average for closed home sales in June, typically real estate’s hottest month, is 813. In June of 2021, a whopping 1,031 homes changed hands, a more than 10% increase over 2020’s already record-breaking number of 934 homes.
“The local market continues to be strong for sellers but very competitive for buyers, as it is across the country,” states FAAR Board of Director Sandy Pearce. “The lack of inventory seems to be the primary stumbling block even though low interest rates should be enticing to buyers. Buyer fatigue has some buyers stepping back from the home search and continuing to rent, although rental prices are also rising. The new home communities that are popping up all over the area are out of reach for many buyers in terms of cost, but even so the inventory of those “to be built” homes are often sold out before the shovels go in the ground. There are pockets of “softening” where the days on market are a bit longer or the number of above-list offers are fewer, but sellers are still seeing good return on their investment and this most likely won’t change any time soon,” continues Pearce.
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 a staggering 68% with houses averaging just 10 days on the market in June 2021 compared to 31 days in June 2020.
Overall active listings were down over 9% this June compared to last year, with just 735 homes available in the entire FAAR footprint at the end of June. New listings continue to be a bright spot with yet another month beating the five-year average with a 40% increase over last June. In June of 2020, 815 new homes came onto the market compared to 1,147 new homes listed this June. New pending sales were up nearly 4%, indicating that buyer demand will remain robust into the height of the summer.
Let’s TACO-bout Fair Housing Fairhaven Contest
New Fairhaven Contests for Offices & Agents
FAAR is introducing a two-part competition for FAAR REALTORS® and Brokers!
Agents are asked to complete the FREE Fair Housing training at fairhaven.realtor. The office with the highest percentage of agents to complete the Fairhaven training on September 6th will win a taco party for their office. If two offices have the same percentage of completion then the winning office will be drawn at random from the offices tied with the highest percentage.
Any agents who have completed the training by 9/6 will also be entered into a grand prize drawing for 2022 FAAR REALTOR dues* (a $320 value), or 3 $25 visa gift cards. *Does not include 2022 VR or NAR REALTOR® dues
Get started at fairhaven.realtor
About Fairhaven
Fairhaven is a town every REALTOR® should visit. Online, that is.
In November 2020, NAR launched Fairhaven, a new fair housing simulation training for REALTORS® that uses the power of storytelling to help members identify, prevent, and address discriminatory practices in real estate. Inspired by real stories, this innovative online experience has agents work against the clock to sell homes in the fictional town of Fairhaven, while confronting discrimination in the homebuying process. Learners will also walk in the shoes of a homebuyer facing discrimination. The training provides customized feedback that learners can apply to daily business interactions.
This innovative training platform is available to all 1.4 million NAR members at no additional cost. Be an advocate for fair housing and the future of our industry. Commit to combating discrimination in real estate.
Congratulations to our winners!
#MemberMonday Meet Affiliate Member PJ Moore
Name
PJ Moore
Hometown
Ashburn
Current Location
Ashburn
Title
Marketing Specialist with Donofrio & Associates Property Inspections
Number of Years in the Industry
4
Why do you love working in real estate?
Meeting new people and forging relationships.
Favorite Work Story
I’ve shown up for a presentation at an office and surprise I am a woman but the Broker thought I was a man since we scheduled it via email. 🙂
What are you most proud of in your career?
The constant change and learning. Increasing our company’s market share.
Do you have a special cause or volunteer your time?
I volunteer on the NVAR Cares Committee; DAAR Affiliate, Membership, Annual Meeting and Award’s Committee’s; PWAR Affiliate, Community Outreach and 5 K Task Force Committee’s.
Fun Fact
I was a bar owner at the age of 21.
#MemberMonday Meet Senior Mortgage Originator Gene Newman
Name
Gene Newman
Hometown
Lake Anna
Current location
Lake Anna
Title
Senior loan officer/ mortgages
Number of years in the industry
25
Why do you love working in real estate?
I work for Fulton Mortgage which is a division of Fulton Bank and do all kinds of loans including single close construction loans in the greater Fredericksburg/Richmond area. I have a wonderful assistant named Kristy Hite.
What are you most proud of in your career?
Communication and returning phone calls is the key!
Do you have a special cause or volunteer your time?
Lake Anna Business Partnership
