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New endangered species listing causes confusion about lot clearing
The U.S. Fish and Wildlife Service has named the Northern long-eared bat to the endangered species list. This means that the bat now has the full protections of the Endangered Species Act (ESA) which includes protecting critical habitat. That includes restrictions on cutting down any trees greater than 3-inches in diameter between April 1 and November 14. This rule was supposed to go into effect in January but was delayed until March 31. Lots of questions are swirling about this rule.
- Does it mean that NO trees can be cut without detailed environmental studies for 7.5 months?
- What does it mean for lot clearing for home construction?
- How can property owners ensure they are following the rules?
- Where do property owners get information about the rules?
FAAR is working with other stakeholders to get answers to these questions. There is interim guidance linked below, but it seems to raise more questions than it answers. There is also a lot of confusion about the rules, as habitat loss is not a contributing factor to the bat’s demise. Bat populations have been decimated by a white fungus that is thought to be contracted in the caves and abandoned mines that they winter in. The government acknowledges that there is ample habitat for the bats and that the species has been reduced between 97% and 100% in most areas due to the fungus. The ESA listing came after environmental groups sued, forcing the government to list the bat as endangered.
FAAR will continue to gather information about how the species listing impacts property owners and their plans to build homes.
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 1.145 plus a 0.03 county-wide fire levy. This could mean an increase of more than $1,300 per year for average homeowners. But the final decision won’t be made until the County’s April 18 budget meeting. The advertised rate sets the ceiling of how high tax rates can go, but Supervisors are allowed to adopt a lower rate than that and they almost always do.
The public is invited to share their thoughts on the advertised rate at an upcoming public hearing so if you’re concerned about the increase, make plans to attend or submit comments. Online public comments will be accepted starting on Friday, March 31.
Hearing information: Tuesday, April 4, 2023 at 7:00pm
Board Chambers
1300 Courthouse Road
Stafford, VA 22554
Submit Public Comments starting March 31st
FAAR sends letter to King George County on short-term rentals
On Wednesday, March 22, 2023, FAAR sent a letter of concern to the Supervisors and Planning Commissioners of King George County regarding their proposed short-term rental ordinance. The proposal includes a principal residence requirement for short-term rentals and seems overly restrictive. There is also no clear identification of what issue that provision will be solving. The removal of any opportunity in perpetuity to provide a short-term rental in a second home in the County is an undue restriction on private property rights and actively works against the needs of short-term lodging for Dahlgren.
Read the letter signed by President Carol Sondrini by clicking the button below.
#MemberMonday: Meet REALTOR® Tamar Myers-Moffatt
Name
Tamar Myers-Moffatt
Hometown
Queens, New York
Current Location
Stafford, Virginia
Title
Associate Broker, Samson Properties
Why do you love working in real estate?
I love working in real estate because I genuinely have a heart to serve people. I feel blessed to be able to use aspects from my college degrees, life lessons, and experience to help leverage the best contract terms for my clients. (I am very competitive!) I also enjoy practicing real estate because I get to both work with and learn from wide-ranging groups of people. When I think of my day-to-day activities, I would not trade being an entrepreneur for a traditional job or career.
Favorite Work Story
My favorite work story is when I found the perfect home for my friend Brittany. Brittany was the ideal client in many ways (scores, income, employment); except for one. She was nonchalant about how quickly she wanted to purchase. Brittany provided me a specific list about what she wanted in her next home. So I set up a drip campaign in Bright for myself. I wanted to preview any viable options before I presented them to her. One day, I received a coming soon alert. The home was exactly what Brittany wanted… except bigger, nicer and newer. This home was FABULOUS!! I contacted the listing agent immediately. He remarked that he couldn’t believe I called as he was still working on edits! We were the first scheduled showing appointment and the first written offer the seller received. We won the contract and closed on the home. Whenever I visit, I can’t help but feel like “This is Our house!”.
What are you most proud of in your career?
I am most proud of my sister when she purchased her home in Woodbridge. My mom was visiting here from South Carolina and wanted to see homes for my sister to buy. I explained to her that Taryn hadn’t spoken with a lender so instead of viewing homes I’ll just email over listings. Big mistake. My mom immediately overruled me and directed me to show them their selected homes. lol!! The second home we saw was The One! We called the lender, she was qualified for more than the asking price. Long story short we’ve spent several birthdays, holidays, sleepovers, you name it.. at my younger sister’s house.
Lesson 1: my mom is and will always be the Boss!
Lesson 2: see lesson 1.
Do you have a special cause or volunteer your time?
I was recently appointed to serve on the Stafford County School Board’s gifted advisory committee. I feel blessed to work with people who are sincerely committed to improving the classroom experience and ongoing development of students throughout the county.
Fun Fact
I am the funniest person I know. I make myself laugh all the time!
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. Units sold was off 22% from last year with 358 homes sold in February versus 457 last year. Despite the continued dip in demand, prices rose more than 2% year-over-year, settling at $419,900 compared to $410,000 in February of 2022. Stafford County led the pack with its median price coming in just shy of $500,000.
FAAR Board of Director Tamar Myers-Moffatt comments, “February was an interesting month. Most of my clients and prospective clients were looking to either sell or rent their home. It was as if everyone has a “looking ahead approach”, eagerly anticipating what the spring and summer markets will bring. What I find promising is that sellers are getting back to normal with the effort needed to present their home on the market for sale. From trash cleanouts to pre-listing inspections, sellers are making informed decisions about how to best position their homes to maximize their final sales price.”
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 74% up to 40 days this February compared to 23 days last year.
Inventory was up nearly 50% in February, finishing out the month with 649 active listings compared to just 446 last February. New listings were down nearly 41% from last year with 664 homes coming on the market in February of 2022 compared to just 393 this past month. While overall active listings continue to show increases from last year, lack of supply in the market continues to pose challenges as would-be buyers cannot find what they are looking for. New pending sales were down nearly 33% in February, with 433 pending contracts compared to 645 last February.
2023 Spring FAARside Newsletter now available
Your copy of FAAR’s Spring Newsletter, the FAARside is here! Crack open a copy to learn about what’s going on at the Association including a letter from the President, a letter from the CEO, general assembly update, and more!
This edition of the publication includes
- Thank you to RPAC investors
- an update on the Fredericksburg REALTORS® Foundation
- information on local housing policies
- FAAR 360: 2022 in Review
and more!
Right click here or the image and click “Save as” to download
FRAUD ALERT: Vacant lots targeted for scams
Beware of a land scam that is seeing an uptick in recent months. FAAR members report several cases of potential land sales fraud and the story goes like this:
- An out-of-area seller wants to list a parcel of vacant land for well-below market value.
- The seller will not meet in person or consent to a virtual meeting.
- They often have fake IDs with misspellings on jurisdiction or street names.
- They often demand a quick close on the transaction.
Unwitting buyers have placed offers on land but thankfully, as the transaction progresses, the fraud became apparent and did not reach closing.
Agents are encouraged to review their seller verification best practices, especially when working with out-of-area sellers. Owners of vacant land are encouraged to either drive by on occasion or have a local contact drive by to ensure that there is not a for sale sign on their property indicating a fraudulent listing.
FAAR’s Public Policy Committee Chair, Matt Young, recently interviewed for the Free Lance Star about this issue. Check out the article by clicking the button below.
FAAR is also developing a class on fraud that will debut in early June.
King George County looks to regulate short-term rentals
King George County recently proposed a short-term rental ordinance that would require any short-term rental to be in a property owners’ principal residence, so a second home in the County could not be rented out as a short-term rental. King George County Realtors® expressed serious concerns about this impacting the Fairview Beach area and also reducing available short-term rental housing that is sorely needed for individuals coming to train at Dahlgren for short stints.
FAAR plans to send a letter of concern to the County expressing the burden this rule will put on property owners in the County. FAAR will also post to this blog entry draft letters of concern for agents to use when communicating with their elected officials. This is not law yet and we have a chance to influence this process before the final decisions are made.
#MemberMonday: Meet REALTOR® Alexandra Novogradac
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
Alexandra Novogradac
Hometown
Locust Grove
Current Location
Bumpass
Why do you love working in real estate?
I have come to love the process of helping people in real estate. I strive to teach first-time home buyers on the right way and the best ways to own their first home. It brings me so much happiness to know that everything I do will help them in life. Owning a home brings so much power in one’s life and I love being a part of their journey. I put myself to very high standards and assure my clients I work with ethical beliefs and passion. I have enjoyed the immense amount of work I have put in with my Broker and I couldn’t be happier working with a powerful woman like that.
Favorite Work Story
My very first client was with my sister! It was her first home and to be a part of her journey together couldn’t have been more magical. She put her trust in me like no one else ever has and it ended up working out in the best way. She was one of the first to get seller subsidy in the middle of 2021 and we never quite realized how wonderful that was until months later. She was so happy to finally live out on her own with her soon-to-be husband and the process just made us that much closer.
What are you most proud of in your career?
Being able to help buyers and educate people on real estate.
Do you have a special cause or volunteer your time?
I volunteer at The Heart Stitchers! It is a place where I can bring my crochet talents to a bigger meaning. I crochet items such as blankets, hats, toys, etc. and donate the items to people in need. I like to sit in the room with the other volunteers and talk but we can also just drop off items we make at home.
Fun Fact
I like to play around with makeup and do some fun and vibrant looks.
Real estate prices continue to rise while demand craters
January 2023 saw demand crater compared to the highs of early 2022, but prices continued to rise with sizable jumps in nearly every locality. Units sold is the big story for this past month with more than 35% fewer homes changing hands than last year. January 2022 saw 468 units sold while this January saw a drop to 303 homes. Despite falling demand, prices continued to rise with a 6% year-over-year increase from $396,000 in January of last year to $419,900 in January of this year. Total sold dollar volume was down 30%, going from approximately $202,6 million last year to $142,4 million this year.
The decline in demand was most pronounced in the counties of Caroline, Orange, and Stafford, with Caroline posting a 50% decline in homes purchased. Supply continues to remain constrained so interestingly, prices skyrocketed in Caroline at the same time, posting a 35% gain from last January with a median price of nearly $400,000. Orange County posted a 41% volume decline but also saw prices increase 9%. Stafford County saw a whopping 42% decline in sales but still managed to post a 6% increase in median price.
FAAR Board of Director Randy Walther comments, “Overall the market is surprisingly stable. If it’s on the market, it sells. Very few properties are slow to sell but buyers seem to have regained some leverage. There is more negotiation between the parties than there was six months ago, and sellers are more open to some concessions to close a deal. The market is not frantic and that is beneficial to both sides. Sellers seem to have more confidence that if they sell there will be something out there for them to buy. On the other hand, buyers are more confident that they will find a suitable home even if it’s not their first choice. Interest rates have peaked and are starting to fall, which bodes well for an active spring 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, increased 46% up to 38 days this January compared to 26 days last year. This is a big difference from the consistent lows we were seeing with averages of about 5 to 10 days on market for most of 2020 through mid-2022. The additional time from those lows gives buyers a little more breathing room to make purchase decisions.
Inventory is up nearly 50% from the historic lows of the last few years, finishing out the month with 722 active listings compared to just 484 last January. New listings remained nearly constant with a slight 3% increase over last January while new pendings declined by about 6%. Walther continues, “Winter is traditionally a slower time in the market and spring seems to hold promise for both sides of the transaction. All indications point to an active market for the foreseeable future. Once again, it shows the resiliency and strength of the Fredericksburg region.”
Press Releases
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. ...
Real estate prices continue to rise while demand craters
January 2023 saw demand crater compared to the highs of early 2022, but prices continued to rise with sizable jumps in nearly every locality. Units sold is the big story for this past month with more than 35% fewer homes changing hands than last year. January 2022...
2022 Real Estate Market Closes with High Prices, Declining Sales
2022 was a tumultuous year for the local real estate market with a fiery start to the year that began to moderate about halfway through due to rising interest rates and continued supply challenges. “The housing market always fluctuates. We had an intense seller’s...
November Housing Market Sees Plummeting Sales
The Fredericksburg regional housing market continues to show signs of a softening market, but prices remain stubbornly high in many jurisdictions. Total sold dollar volume took a staggering 37% drop this November coming in at approximately $193.5 million compared to...