Get Involved
Events and opportunities you can get involved inFAAR Members, get out and VOTE!
November 5th is Election Day in Virginia and it’s less than 2 weeks away! Your vote is important and truly does make a difference. In 2017, one of the seats on the ballot was decided by just 84 votes so plan to get out there and make your voice heard! Not sure where your polling station is located? Click the button below to find out.
Not sure who to vote for? If your business is important to you and something you consider when heading to the ballot box, take a look at FAAR’s list of endorsed candidates. The FAAR Public Policy Committee interviews folks running for elected office and focuses on issues related to real estate like taxes, transportation, affordable housing, and land use. These endorsed candidates have an open door policy for our members and our issues.
FAAR is proud to support the following candidates:
Virginia State Senate
Bryce Reeves (District 17)
Richard Stuart (District 28)
Virginia House of Delegates
Jennifer Carroll Foy (District 2)
Bobby Orrock (District 54)
Buddy Fowler (District 55)
Mark Cole (District 88)
Margaret Ransone (District 99)
Caroline County
Mark Bissoon (Commissioner of the Revenue)
Jeff Sili (Caroline County Board of Supervisors, Bowling Green District)
Spotsylvania County
Dr. Raymond A. Bell, Jr. (Spotsylvania County Board of Supervisors, Livingston District)
Stafford County
Scott Mayausky (Commissioner of the Revenue)
Jack Cavalier (Stafford County Board of Supervisors, Griffis-Widewater District)
Summer Isn’t Over in the Real Estate Market
September proved another active month in the local real estate market with double digit increases in total sold dollar volume and units sold and a modest increase in median price compared to last September. Total sold dollar volume came in at approximately $184.5 million compared to $130.8 million in September of 2018, representing a nearly 42% year-over-year increase. That increase was fueled by a more than 36% uptick in units sold, with 560 properties changing hands in September of this year compared to 411 last year. A modest 3.8% increase in median sold price also helped things along, with September coming in at $305,000 compared to $293,000 last year.
“September was a period where many sellers experienced decent or strong showing activity on their homes. Inventory remains tight in the $200,000 to $300,000 price range,” comments FAAR Board of Director Chip Taylor.
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, decreased nearly 26% with houses averaging just 49 days on the market in September of 2019 compared to 66 days in September of 2018.
Inventory numbers remain tight, with the second straight month of decreased active listings after nearly a year of increasing inventory. Active listings posted a more than 8% decrease with 1,637 properties on the market in September of 2019 compared to 1,782 in September of 2018. There was a modest increase in new listings with 755 new homes coming on the market in September compared to 715 in September of last year, representing a 5.6 % increase. There was a notable increase in new under contracts with 213 in September of last year and 390 this year, representing a more than 83% year-over-year surge. “The end of the month did witness an uptick in new ratified contract activity with interest rates remaining at historic low levels,” continued Taylor.
Congratulations to these local agents and staff selected to volunteer on NAR committees
Congratulations and thank you for representing local REALTORS® at the national level.
Suzanne Brady – Consumer Communications Committee
Barbara Castillo – AEC-RCE Certification Advisory Board
Drew Fristoe – Sustainability Advisory Group
Kim McClellan – State and Local Issues Policy Committee
Sarah Stelmok – Data Strategies Committee
Michael Straley – Real Property Valuation Committee
2020 Board of Directors Election Results
2020 FAAR Leadership Team
President Drew Fristoe, Coldwell Banker Elite, Massaponax
President-Elect Carrie Danko, 1st Choice Better Homes & Land
Vice President Pam Kuper, Century 21 New Millennium
Secretary Carol Sondrini, Coldwell Banker Elite, Massaponax
Treasurer Deb Ellis, Coldwell Banker Elite, Two-year term
Immediate Past President- To be filled by appointment
Clay Murray, Pathway Realty
Randy Walther, Nest Realty
Kelly Bradshaw Walker, Coldwell Banker Elite, Stafford
Lynn Lenahan, 1st Choice Better Homes & Land
Sandy Pearce, Pathway Realty
Affiliate position
Donna Schmidt, American Home Shield
Returning Director:
Cindy LeBrun, Exit Realty Group
FAAR to host Opportunity Zone Meeting
FAAR was able to secure a grant through the National Association of Realtors® to host a meeting on Qualified Opportunity Zones and how our region might best be able to utilize this new tool for redevelopment. Anyone who works with investors or has an interest in economic development is encouraged to attend and be part of the discussion.
So what is an “Opportunity Zone”?
The Qualified Opportunity Zone (“QOZ”) program was created by the 2017 Tax Cuts and Jobs Act to encourage economic growth in underserved communities through tax incentives for investors who utilize “Opportunity Funds” to invest in the Zones. Along with tax benefits, it presents opportunities for real estate investment and development in those communities. U.S states and territories, including Washington, D.C., nominated areas to be designated as QOZs in 2018, and the IRS and Treasury finalized the designations that year.
What are the benefits for my clients?
There are multiple tax benefits available to investors who invest in a QOZ, if all the requirements are met. First, capital gains reinvested within 180 days into a QOZ are tax-free for up to nine years, through 2026. If that initial investment is held for five years, the tax ultimately paid on it is reduced by 10%; if held for seven years, it is reduced by 15%. In addition, gains accrued on deferred-gains funds while invested in a QOZ are tax-free if they are held for at least ten years. These investments must be processed through an “Opportunity Fund,” which is a partnership or a corporation organized for the purpose of investing in QOZ property; these funds self-certified, and must hold at least 90% of their assets in QOZ property (which includes stock, partnership interests, and/or tangible property used in a trade or business in a QOZ, such as real estate).
#MemberMonday Meet REALTOR® Carmella Tritt
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
Carmella Tritt
Hometown
Northern Virginia
Current Location
Fredericksburg
Title
REALTOR® with Berkshire Hathaway HomeService Select Realty
Number of Years in the Industry
13.5
Why do you love working in real estate?
Nothing is more gratifying than assisting clients whether its the first time buyer or repeat clients with the biggest purchase in their lives. Being able to be there as their agent, shoulder to vent too, share happy joys and family life. Something about serving that is truly gratifying. I have been in sales my whole life and this by far is the most rewarding. Being brought up here in Virginia also helps us navigate our clients on the best location for their needs…
Favorite Work Story
Well we have a lot at this point. I think I would need more time . I would have to get our clients to give us permission on some of the really funny ones. LOL
When I met my husband and now we work together. I get to work with my best friend : )
What are you most proud of in your career?
I’m most proud that all of our clients are now friends. And the one thing we constantly talk about is that there is not enough time to get with every one. When you get asked to their family events, out to dinner or their house. When they refer one of their friends or family members. That to me says a lot about the type of person you are and how they see you. The fact that we work with so many military families is truly a blessing.
Do you have a special cause or volunteer your time?
We love working with young adults. Volunteering at church. We also feel a strong pull to help military families get situated when located here. Help them get started and set up. We are like their extra family.
Fun Fact
I love to cook! From scratch and if it is a challenge even better!!! Hang out with my husband and enjoy our kids! And of course our grandsons are our biggest reward : )
#MemberMonday Meet REALTOR® Tracey Farmer
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
Tracey Farmer
Hometown
Fredericksburg
Current Location
Fredericksburg
Title
REALTOR® at Century 21 Redwood
Number of Years in the Industry
16
Why do you love working in real estate?
Real estate has been quite rewarding to me personally and professionally. I love the opportunity to assist folks with one of their biggest investments but more importantly I relish the opportunity of making these relationships with folks that last and build upon for a lifetime. In addition, I have grown to love the relationships made with my colleagues industry wide.
What are you most proud of in your career?
I treasure that this one of few career’s that you somewhat control your destiny. Most of the time, the harder you work/more time put into work – the more rewarding this business can be. Again, the most rewarding to me is the relationships made along the way. Also, as an agent, you are warranted the opportunity to be aware and participate in so many ways to give back to our community (i.e. timewise as well as financially).
Do you have a special cause or volunteer your time?
My company offers many ways to contribute to our community via “Redwood Gives Back”. I also participate with the Spotsylvania Sheriff’s Dept with the “Operation Blue Christmas” to assist with many children’s Christmas as well as the Senior Lunches for the Spotsylvania County and the Thurman Brisben Center.
Fun Fact
I love helping people!
Want to serve on the Fredericksburg Realtors Foundation?
Do you have a passion for real estate AND for giving back to the Community? Then apply to be a Fredericksburg Realtors Foundation Governor! We will have vacancies at the end of this year and are looking to seat several new members in January of 2020. Governor terms run for three years and the only requirement for membership is a desire to help those in need in our community find stable housing.
The Foundation’s mission is to steward and inspire philanthropy in connection with the real estate industry to fund local charities assisting those in need to retain and secure shelter. In practice that means that we raise money from within our membership and from the general public that we then grant out to local housing non-profits. We have worked with numerous charities in the region including Habitat for Humanity, Hope House, the 516 Project, Rebuilding Together, Mental Health America, and many more.
We need your enthusiasm and energy so apply today! All FAAR members are welcome, both Realtors and affiliates.
FAAR members recognized at Virginia REALTORS® Williamsburg Convention
Arguably, the highpoint of the Virginia REALTORS® (VR) convention in Williamsburg, September 8-11, was the election of FAAR President Drew Fristoe to the 2020 VR Board of Directors, the graduation of Carol Sondrini from the 2019 Virginia Leadership Academy and the recognition of Sha Williams- Hinnant named Women’s Council State Member of the Year. Congratulations to all three FAAR achievers!
Pictured- Gathered at the VR installation dinner are Melanie Thompson, past FAAR and VR President, Carol Sondrini, Sha Williams- Hinnant, Sherry Bailey, VLA Advisor, CEO Pat Breme and President Drew Fristoe.
August Market Continues to Sizzle
The summer market continued to sizzle with an active August that posted gains in total volume, median price, and units sold with a large decrease in days on market. Total sold dollar volume increased nearly 13%, going from approximately $191.2 million in August of 2018 to nearly $215 million in August of this year. The increase was fueled by a more than 5% year-over-year increase in median price which came in at $315,900 for this August, compared to $300,000 for last August. Units sold increased over 8% with 644 homes being sold this year compared to 595 last year.
“August was a good month,” comments 2019 FAAR President Drew Fristoe. “It was a little odd having both the City and Stafford go back to school so early in the month. It pushed the traditional lull around when school starts to sooner in the month, but that certainly didn’t dampen buyer enthusiasm.”
The City of Fredericksburg reached a notable milestone in August by breaking the $400,000 median price mark for the month, settling at $405,000. This is the first time a jurisdiction in the region has ever broken the $400,000 mark. However, the small size of the City’s market makes it more susceptible to large market swings. Over the last 10 years, the City’s lowest price was in March of 2011, posting a median price of just $127,450.
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, decreased nearly 21% with houses averaging just 50 days on the market in August of 2019 compared to 63 days in August of 2018.
Active listings remained virtually unchanged from last August. There were 1,762 available properties on the market at the end of August, down by just 12 homes from last August. New listings posted a modest increase of nearly 6.5%, with 936 new homes coming onto the market this August compared to 879 last August. Future settlement activity continues to post strong numbers with over 49% new properties under contract in August of 2019 compared to August of 2018.
