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#Member Monday Meet REALTOR® Chasity Richardson

#Member Monday Meet REALTOR® Chasity Richardson

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
Chasity Richardson

Hometown
Wildwood NJ

Current Location
Stafford

Title
REALTOR®

Number of Years in the Industry
13 months

Why do you love working in real estate?
I am very passionate about helping people. Real Estate helped me find an area to specialize in! I help people solve housing problems, and I love it!

Favorite Work Story
Walking into the Century 21 Redwood office and seeing the Relentless Agent Book. I knew it was the place for me.

What are you most proud of in your career?
I am proud about being able to use my commission to help my own children get through college without Student Loans and help others by helping with book scholarships.

Do you have a special cause or volunteer your time? Tell us about it here!
I love donating to college book scholarships, as paying for books is a major barriers to success for disadvantaged students.

Tina Keene Exit Elite Realty

Regional home prices continue to soar in April

The local real estate market broke more records in April of 2022 with the regional median sales price and two jurisdictions seeing all-time highs.  The month closed out with a nearly 18% increase in total sold dollar volume, going from approximately $288 million in April of 2021, t0 nearly $339 million in April of 2022.  Median sold price was up a whopping 15% year-over-year, clocking in at $440,000 in April of 2022 compared to $384,075 in 2021.  That beat the all-time high record of $410,000 set in February of this year.  Units sold settled at 731 in April of 2022, compared to 719 in April of 2021, an increase just shy of 2%. 

FAAR Board of Director Gary Gardiner comments, “The April market continued to be highly competitive for buyers and extremely positive for sellers. Multiple offers, escalating sales prices, and waived contingencies are some of the benefits sellers are evaluating to make the best decision.”

The stark rise in prices was very apparent in April with Stafford and Spotsylvania counties breaking previous price records and the other jurisdictions not far behind.  Spotsylvania County posted an all-time high price in April 0f 2022 of $409,999 while Stafford County came in at a staggering $499,825.  Gardiner continues, “Despite the recent increase in mortgage rates, real estate professionals are still experiencing more highly qualified buyers in the market than the number of homes available for sale. Low home supply and high buyer demand continues to be the driving force to our competitive market.”

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 stayed flat from last year at 14 days.  That reversed a months-long trend of increasing days on market that started in September of 2021.  Despite six months of increasing sit time on the market, overall days on market is still very low by historical standards.  The five-year average for April is 27 days on the market compared to the nearly half of that this April at 14 days.   

Active listings have shown year-over-year growth since July of 2021 with April posting another 44% increase in homes on the market compared to last year.  There were 727 homes on the market at the end of April compared to 505 last year.  While that increase is good for buyers, there were still nearly 1,000 fewer homes on the market this year than just three years ago in April of 2019.  New listings were down this April by about 12%, with 1,057 new homes coming on the market compared to nearly 1,200 last April.  New pending sales were down nearly 23% and overall pending sales are down nearly 30%, indicating that continued supply challenges and increasing interest rates could be dampening demand.

 

#MemberMonday Meet REALTOR® Joseph Goins

#MemberMonday Meet REALTOR® Joseph Goins

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
Joseph Goins

Hometown
Fredericksburg

Current Location
Fredericksburg

Title
REALTOR®

Number of Years in the Industry
>1

Why do you love working in real estate?
I love making new connections and witnessing the joy my clients have when they step foot in their future home. Real estate is more than just selling and buying homes, it’s also about the memories and the friends you make along the way.

Favorite Work Story 
I was showing a client a home and on the listing it said “pets are friendly” I was thinking a dog maybe a cat. Well I pull up to the house and FaceTime my clients (it was a virtual showing) and we start in the front yard and make our way to the back yard to look at the pool and different fenced in areas around the property. Once we got past the pool I see a big round thing walking towards the gate. I say pretty loudly “is that a pig?” I have never seen a pig before. My client was rolling laughing watching me run on FaceTime to a gate full of joy over a pig. Overall the house wasn’t for my client but its the memories along the way that make the journey worth while.

What are you most proud of in your career?
Im most proud that I was able to become a realtor. It has been a dream come true to pass that test and join this association to get the title Realtor. My dad was a Realtor and my mom was a leasing agent. Also passing the test on my first try was the cherry on top.

Fun Fact
I love fishing, that’s no secret. However last year I entered into a fishing tournament and won biggest catfish. Another fun fact is for about one year I lived in San Jose California, and for about two and a half years I lived in Bismarck North Dakota. That is where I became addicted to fishing.

Tina Keene Exit Elite Realty
FAAR presents 2021 Awards

FAAR presents 2021 Awards

The Fredericksburg Area Association of REALTORS® (FAAR) recognized 2021 award winners who have set themselves apart in the industry through their commitment to professionalism, education, and customer service. The event took place at the “Breaking Barriers” REALTOR Awards Brunch on April 20th, 2022 at the Riverside Center for Performing Arts. Approximately 110 members were in attendance for the festivities, which included an awards ceremony and featured speakers.

Featured speakers included Mayor Lawrence Davies and Cleo K. Coleman who shared anecdotes and inspirations from the many challenges they have faced throughout a long history in the Fredericksburg area. Listeners were encouraged to continue strengthening our communities by fighting for inclusion and staying engaged in local organizations.

Attendees also heard from REALTOR® Huda Maltbie, Century 21 New Millennium as she shared her family’s journey and struggles as immigrants from India and the transition to becoming U.S. citizens in the face of discrimination.

Presented Honors included Professional Honor Role, Educator of the Year, the Melanie Thompson award, Rookie Salesperson of the Year, REALTORS® Choice, Manager of the Year, and the Faces of FAAR Diversity Scholarship. In addition, 12 members were recognized for achieving the Professional Honor Role for 2021. 

The Professional Honor Roll spotlights members who have made contributions to the real estate industry, the Association, and the community.

 

Award Recipients

2021 Professional Honor Roll Achievers

Valerie Dellandre, Century 21 New Millennium

Linda Dort, Century 21 New Millennium

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

Latana Locke, Coldwell Banker Elite

Sharon Shade, RE/MAX Allegiance

Lauren Tate, Century 21 Redwood Realty

Penny Traber, 1st Choice Better Homes & Land

Sha Williams- Hinnant, 1st Choice Better Homes & Land

 

Abby Fitzsimmons of Coldwell Banker Elite Stafford, 2021 Melanie Thompson Award

Matthew Rathbun of Coldwell Banker Elite, 2021 Educator of the Year

Mary Lou Blue of RE/MAX Allegiance, 2021 REALTORS® Choice

Anna Torres of Long and Foster, 2021 Rookie of the Year

Robin Marine of Coldwell Banker Elite Downtown Fredericksburg, 2021 Manager of the Year

Chasity Richardson of C21 Redwood, Faces of FAAR Diversity Scholarship

ICYMI: VA’s Rent Relief Program Ending in May

From the Virginia Realtors®…

Virginia REALTORS® has received communication from the Department of Housing and Community Development (DHCD), informing us that the Virginia Rent Relief program (RRP) will close to all new applications at 11:59 p.m. on May 15, 2022. This decision is based on a review of the number of outstanding applications, total amount requested from current applications, and current funds left in the program. Effective immediately, any application submitted will be prioritized based on the following criteria and then processed on a first-come, first-served basis: (1) households with income less than 50% of AMI; or (2) households with one or more individuals that have not been employed for the 90-day period preceding the date of application.

WHAT DOES THIS MEAN FOR YOU?

Current law states that landlords must provide the tenant with a 14-day notice explaining the RRP and notifying the tenant that the landlord will apply on their behalf within 14 days. While this notice provision is in effect until June 30, 2022, the law goes on to state that if the RRP runs out of money, a landlord may proceed with eviction. Effective May 16, 2022, landlords will no longer need to apply to the RRP on behalf of tenants who have not paid their rent. However, please remember the notice provision is still effective until June 30, 2022.

Virginia REALTORS® has updated template notices for non-payment of rent (These can be used as of May 16, 2022.): 

If you have questions about the Rent Relief Program’s conclusion and what it means for your business, please contact the Virginia REALTORS® Legal Hotline.

Apply for the 2023 FAAR Board of Directors

Apply for the 2023 FAAR Board of Directors

FAAR is looking for leaders to join our Board! Over the last year we have made great strides in welcoming new leaders in our membership and committees, and now it’s time to continue that trend for the Board of Directors!

 

Are you interested in serving?

The Nominating Committee is accepting nominations until June 3.

 

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 ponder 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.

  • The Board Code of Conduct Form is here.
  • Board Job Descriptions are here.

 

Return the completed Profile Form and Code of Conduct 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 either June 8 or June 9.

 

Questions?

Please contact Page at pbrowning@faarmembers.com or reach out to any of our current leadership team at www.faarmembers.com/leadership.

Regional Home Prices Continue their Meteoric Rise

Despite rising interest rates and continued stiff competition, March proved another very strong month in the local real estate market.  The month closed out with a nearly 13% increase in total sold dollar volume, going from approximately $256.6 million in March of 2021, t0 more than $289.1 million in March of 2022.  Median sold price was up more than 11% year-over-year, clocking in at $406,500 in March of 2022 compared to $364,950 in 2021.  That’s a nearly $100,000 increase since March of 2020 when median price stood at $316,000.  Demand for homes is not falling off, but it’s not increasing either with sales this March nearly identical to last year.  Units sold settled at 652 in March of 2022, compared to 650 in March of 2021, a less than 1% increase.  With demand already red hot across all local markets, monthly sales still well-outpaced the 5-year average of 575 units sold in a typical March.

Rising prices are also not just centered on Stafford County or the City of Fredericksburg.  Caroline County, long a bastion of affordability in this region, reached a median price of $350,000 in March.  It was $228,000 just two years ago.  King George County reached a median price of $408,000 in March.  Just two years ago, that median price was $280,000.  Spotsylvania County reached $400,000 median price for the first time ever in March.  In 2020, the median price was $307,000.  And finally, Colonial Beach saw a median price of $315,000 this past month, while it was just $200,000 two years ago. 

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 by 20%, but still remains a very short 18 days.  In March of 2021, it was just 15-days so there is a slightly longer sit time for some homes on the market. 

Inventory still remains below historical averages but has seen a noticeable uptick.  There were nearly 50% more homes on the market this March compared to last year.  At the end of March of 2021, there were just 383 homes for sale, which translates to buyer demand stripping through the available supply in just two weeks.  At the close of this March, there were 562 homes on the market, a big improvement, but that number is still way off the 5-year average of 982 homes for sale in a typical March.  New listings were flat compared to last year with 948 new homes coming onto the market in March with most of those cycling off before the close of the month.  There were 944 new listings last March so the market saw a less than 1% increase.  New pendings were down nearly 10%, with 795 ratified contracts this March compared to 883 last March. 

FAAR Board Member Carrie Danko sees the impact this market is having on buyers regularly in her real estate practice.  “The good news in the market is that there seems to be more homes for my buyers to see. The bad news is there continues to be a large pool of buyers competing over the same listings. Great buyers with exceptional credit and money saved to achieve their dream of homeownership are competing with 10, 20, and even 30 offers! That, coupled with the rising interest rates, is certainly creating discouragement.  Setting expectations for prospective buyers and a little bit of patience are key in this competitive market.”

Hey, brokers! How does LESS liability sound???

Included in this year’s General Assembly session was SB 533 sponsored by Senator Lynwood Lewis from the Eastern Shore of Virginia.  The bill unanimously passed both the House of Delegates and the State Senate and has been sent to the Governor for his consideration.

The bill reduces broker liability by clarifying that a broker cannot be held responsible for escrow violations when a third party is delivering and/or hold escrow monies.  The current process leaves brokers vulnerable to DPOR sanctions when there are escrow violations, even if the broker is not actually holding those escrow monies.  The bill is expected to be signed by the Governor and would go into effect on July 1, 2022.

Spring Newsletter covers Affordable Housing, 2022 Legislative Agenda, Presidential Message and more!

Spring Newsletter covers Affordable Housing, 2022 Legislative Agenda, Presidential Message and more!

The latest FAAR newsletter is live! Pick up a copy or read online for the latest in local real estate news including letters from the President and CEO,  upcoming classes and events, and the 2022 legislative agenda.  But that’s not all!

This edition includes

  • 2021 Year in Review
  • 2021 Fall Award Winners
  • RPAC investor Thank You
  • RPR: Your Open House Secret Weapon
  • What does Affordable Housing Mean to You?

and more!

Don’t like reading on screens? Visit FAAR to pick up a print copy or request an office visit and we’ll bring them to you!

Thanks for reading!

 

February real estate market breaks price record

February 2022 was a record-setting month with the area’s median price eclipsing $400,000 for the first time in history.  The local market continues to be very challenging for buyers and for sellers who don’t have a well-defined next step.  FAAR Board Member Michele Freemyers states, “January and February closings numbers were down due to an overall decrease in the number of units sold. Monthly contracts bear the signs of a very difficult buyer’s market, with waivers of financing contingencies, appraisals, and home inspections.  Waivers of termite, well and septic inspections are even becoming the norm along with a significant number of cash buyers.”

Sold dollar volume was up in February nearly 10%, jumping from approximately $181 million last February to nearly $200 million this year.  The increase in volume was fueled by a more than 17% increase in median sold price, with homes in February of 2022 seeing a median price of $410,000 compared to $349,950 in February of 2021.  That is a doubling in median price from 10 years ago.  In March of 2012, the median sales price was $195,000, and had increased from just $159,900 ten years before that.  The swift pace of price increases is more than many buyers can handle, which led to a year-over-year decrease in units sold this February compared to last year.  In February of 2021, 487 houses were transacted compared to 457 this year, a more than 6% drop. 

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 44% with houses averaging 23 days on the market in February 2022 compared to the incredibly low 16 days in 2021.

Overall active listings continued to show modest improvement with 23% more homes on the market this February compared to last year, but these are still very low numbers.  In February of 2021, there were just 360 homes for buyers to choose from and the market closed this February with 446 homes.  For comparison, there were 1,140 homes for sale in February of 2020 and many agents would have said that was not providing adequate choice for a lot of buyers.

Adding to challenges in the market are many of the negotiable terms that are being agreed upon by buyers and sellers.  “The other concerning trend is many contracts allow far less than the standard thirty days for settlement,” continued Freemyers.  “Often less than twenty-one days are given from ratification to closing, with significant rent back time periods up to sixty days. These shortened timelines put increased stress on the overall transaction, and the participants involved, as many sellers have back-up contracts with higher sales prices, so extensions of settlement dates are unlikely.”  All of these challenges are leading to reduced units sold and longer days on market as buyers are balking at the strenuous nature of transactions in the current climate and the steadily increasing prices. New pending contracts were up in February indicating that demand is still high, but overall pendings were down nearly 9% showing that buyers are feeling frustrated and some are pulling back.

Press Releases

Regional home prices continue to soar in April

The local real estate market broke more records in April of 2022 with the regional median sales price and two jurisdictions seeing all-time highs.  The month closed out with a nearly 18% increase in total sold dollar volume, going from approximately $288 million in...

FAAR presents 2021 Awards

The Fredericksburg Area Association of REALTORS® (FAAR) recognized 2021 award winners who have set themselves apart in the industry through their commitment to professionalism, education, and customer service. The event took place at the “Breaking Barriers” REALTOR...

Regional Home Prices Continue their Meteoric Rise

Despite rising interest rates and continued stiff competition, March proved another very strong month in the local real estate market.  The month closed out with a nearly 13% increase in total sold dollar volume, going from approximately $256.6 million in March of...

February real estate market breaks price record

February 2022 was a record-setting month with the area’s median price eclipsing $400,000 for the first time in history.  The local market continues to be very challenging for buyers and for sellers who don’t have a well-defined next step.  FAAR Board Member Michele...

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