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Spring Cleaning Lockbox Discount
(THIS PROMOTION HAS ENDED AS OF 2/17)
Decommission an old box for a discount on the new SentriGuard Lockbox!
FAAR Brokers and Agents:
FAAR and Sentrilock are offering a discount to help agents get the NEW Sentrilock boxes!
Stop service on your old lockboxes and get a discount on a new Gen 4 SentriGuard! Watch a short video about the new lockboxes here!
Price
Regular Price: $130.00
Pre-Order Discount until February 17: $110.00
How?
Use the order form to order your new boxes.
For each new lockbox you purchase at the discount, an old lockbox will be decommissioned (deactivated) by FAAR.
If agents need a list of what their lockbox serial numbers are, we will provide that.
Once we have the new lockboxes in stock the agent may come to FAAR to pick them up, and at that time the old one will be decommissioned.
The agent is responsible for disposing of the batteries and old lockbox.
Deadlines
Friday, February 17:
- Deadline to place order for your new boxes and give FAAR the serial number(s) of box(es) that will be decommissioned.
- Payment guarantee of $110 per lockbox must be made by this date. (Credit card will be charged when the new lockboxes are received by FAAR.)
Monday, February 20:
- FAAR will order the boxes from Sentrilock at the discounted rate.
Mid-March:
- FAAR will receive the new boxes and agents can pick them up at the FAAR office.
- FAAR will decommission the old boxes.
- Agents will dispose of/recycle the decommissioned boxes.
Questions?
Contact Lori at lhillardwehr@faarmembers.com.
NAR Legal Update
Great news shared recently by NAR:
A district court issued an order granting NAR’s petition to end the DOJ investigation of NAR, including their investigation of the MLS Participation Rule and Clear Cooperation Policy. As you may recall, we reached a settlement with the DOJ in 2020, which they tried to back out of in 2021. The court concluded: “The government, like any party, must be held to the terms of its settlement agreements.”
This does not preclude the DOJ from investigating NAR in the future, and the DOJ has the option to appeal this decision if desired. But this is a clear victory. NAR is delighted the DOJ is now bound to honor its agreement.
As part of our commitment to act in the best interests of home buyers and sellers across this country, NAR remains dedicated to advancing independent, local real estate marketplaces that provide for greater economic opportunity and equity for small businesses and consumers of all backgrounds and financial means.
Alert: Closing Delays in Westmoreland County
Update 1/26/2023: Westmoreland County is back up and running. Text document are being received without issue, but there may be some delays with sending images.
Please see the message below from Northern Neck Association of Realtors® Association Executive Teresa Whitlock regarding potential delays in closings for properties located in Westmoreland County.
On Monday, December 26th, Cott Systems identified some unusual activity on the servers. The Cott system is what Westmoreland County uses for Title searches and closings of real estate properties. This system has been hacked rendering it useless. It has been determined that Cott Systems is the victim of an organized cyber-attack. Both the FBI and Homeland Security are investigating. Unfortunately, since December 26th, the title companies and real estate companies have been in limbo, unable to perform title searches or closings for their customers. With no end in sight, it is developing into a disastrous hardship for buyers, sellers, title companies, attorneys, and real estate companies who do business in Westmoreland County. The FNF (Fidelity National Financial) has issued a notice that under certain circumstances, the company may permit its offices and agents to perform closings and insure titles if the customers will sign an indemnity, but this puts the customer at risk and lenders are not willing to allow that. Files are backing up; buyers are losing their interest rates which have already been extended once and are now starting to cancel contracts because they can’t afford the payments due to the higher rate. The clerk’s office in Montross has not kept a paper copy of the land records in years. Everything was on that system that was hacked!
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 market with lower inventory and record low mortgage rates last year, but that has settled out. Buyers have more ability to negotiate now, and sellers are still enjoying higher prices, so it is still a strong market,” comments FAAR President Carol Sondrini. While price growth remained robust throughout the duration of 2022, units sold decreased significantly which also dragged down total sold volume despite the high prices.
The year closed out with a total sold dollar volume of just over $3.3 billion which represents a more than 12% decrease over the year-end $3.8 billion total for red-hot 2021. The market saw a nearly 12% year-over-year increase in median price, going from $382,000 in 2021 to $425,600 in 2022. Units sold decreased more than 20%, finishing out the year at 7,284 units compared to 9,266 units sold in 2021. Stafford and Spotsylvania counties saw volume reductions that accounted for nearly 1,500 of the 2,000 fewer units sold in 2022 versus 2021, but despite falling sales, prices soared in both places. Spotsylvania County broke $400,000 for its annual median price for the first time ever, clocking in at $410,000 while Stafford County reached $485,000, a $40,000 increase over the previous 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 increased more than 33%, going from just 15 days in 2021 up to 20 days in 2022. However, most homes still sold in 20 days or less, making for some strong competition for well-priced homes.
December saw large decreases in total sold dollar volume and units sold, with both metrics declining by over 30%. Despite falling sales volume, median price continued to climb. The month closed out with about $196.6 million in total sold volume, representing a more than 33% decrease from last year. Units sold clocked in at 438 compared to 689 sold in 2021, a more than 36% decline. Median price climbed to $415,000, a nearly 8% increase from the $385,000 price point of December 2021. Every jurisdiction in the FAAR footprint saw units sold decline by more than 30% with Caroline County leading way with a nearly 50% decline from December of 2021. Stafford County saw days on market jump 133% from one year to the next with homes spending an average of just 15 days on the market last December compared to 35 days this December.
While December of 2022 saw more than 200 additional homes on the market than 2021, supply remains an issue. Active listings surpassed 1,000 a few times in 2022 but dipped to 819 in December paired with a more than 35% decrease in new listings from the year before. In December of 2021, 550 new homes came on the market compared to just 355 this December.
While some harbor fears about market dynamics similar to 2008, Sondrini does not see parallels with the housing bust that impacted so many people. Today’s buyers are well-qualified with stable mortgages, sizable down payments, and growing equity. The market is shifting, but supply remains an issue and finding the right home at the right price will continue to be a challenge. “I expect 2023 to be a good market and both buyers and sellers will need a well-informed, trusted Realtor® on their side,” states Sondrini.
FAAR Presents Orange County with Recognition for Broadband Achievement
On Tuesday, December 20, 2022, the Fredericksburg Area Association of Realtors® (FAAR) presented the Orange County Broadband Authority with a certificate of recognition for “outstanding results in serving and connecting the community” and “being a leader in broadband development in Central Virginia.” Orange County Broadband Authority and Board of Supervisors members Jim Crozier and Jim White were in attendance to receive the award.
FAAR Communications and Technology Committee Chair Michael Brannon presented the award stating, “The Committee is beyond impressed with Orange County’s commitment to expanding broadband accessibility and affordability. The county’s efforts to provide all citizens with broadband service aligns with FAAR’s Strategic Plan goals of inclusion and is indeed notable.”
FAAR members have long known that broadband connectivity is extremely important to buyers in today’s market. Average home sale prices indicate that broadband access could impact the sale price of a home by 13% and that homeowners have come to regard Internet service as public utilities like lights and water. As the coronavirus pandemic shifted all aspects of life online, FAAR members feared that our region’s rural areas would struggle the most. FAAR embarked on a two-year long journey to learn about broadband coverage in the region and what efforts were underway to expand it. Orange County proved to be a leader in every way on broadband deployment and deserves to be recognized for their commitment to serving every household in the county.
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 more than $305 million last November. That decline was fueled by a more than 42% reduction in sales from the previous year with 715 homes being sold in November of 2021, compared with just 412 this November. Despite cratering sales, median price remained high coming in at $424,715 which represents a nearly 8% year-over-year increase from last year’s median sales price of $395,000.
“Volatile interest rates led to a decline in the number of buyers actively looking for homes,” comments FAAR Board of Director Abby Fitzsimmons. “Fewer buyers looking led to more inventory available. This shift has given buyers the leverage to win contracts with home inspections and even some seller subsidies, something that buyers have not seen in the previous crazy seller’s market. Although buyers have some leverage, home values remain stable. A few months ago, buyers were having to offer more than list price and waive appraisals or pay for appraisal gaps. Instead of homes going above list price now, they are selling for list price with concessions. Homes that are over-priced are sitting. Interest rates fell slightly towards the end of the month, but this is coinciding with the start of the holiday season, so we’ll see if those buyers will start looking again or wait until after the holidays,” concludes Fitzsimmons.
While median price rose for yet another month at the regional level, individual jurisdictions are seeing both plummeting sales, and in some cases, falling prices. Caroline and Orange counties, along with the City of Fredericksburg and the Town of Colonial Beach, all posted year-over-year price declines in November. However, King George, Stafford, and Spotsylvania counties all saw price increases. Spotsylvania County was a notable standout with a nearly 14% increase in median price in November going from $370,000 last year to $420,000 this 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, increased another 35% this October, coming in at 27 days versus 20 last year.
Active listings jumped nearly 40% over last year with 974 homes on the market at the end of November 2022 versus 704 last year. While the number of active listings is a constantly changing number, dipping below 1,000 homes available demonstrates how competitive even this changing market remains with low supply. The market is still several hundred homes short of where it was at the end of 2019. New listings were down again this month, with 537 new homes coming on the market compared to 668 last November. New pendings remain down with 400 new contracts ratified in November compared to 636 last year, representing a nearly 38% year-over-year decline.
FAAR Welcomes the 2023 Leadership Team
The Fredericksburg Area Association of REALTORS® (FAAR) welcomes the 2023 Leadership Team and Board of Directors. The Association under the leadership of 2022 President Deb Ellis served more than 1,800 Realtors® working throughout the region with top-notch educational offerings, wide ranging networking opportunities, and strong advocacy to protect the real estate industry.
Ellis presented the President’s Award to Immediate Past President Carrie Danko of Pathway Realty, thanking Danko for her guidance and inspiring actions as a leader.
Looking ahead to 2023, incoming President Carol Sondrini of BHHS PenFed Realty looks to continue the trend of strong leadership at the Association. Sondrini inspired members to get involved with the association, continue to be strong advocates in the community, and to “let your voice be heard.”
Carol Sondrini and her leadership team were installed by Sherry Bailey of Century 21 New Millennium.
The 2023 FAAR Leadership team is
President Carol Sondrini, BHHS PenFed Realty
President-Elect Randy Walther, Nest Realty
Vice President Dawn Josemans, Coldwell Banker Property Management
Secretary Kardin Lillis, Weichert, REALTORS®
Treasurer Lauren Tate, Century 21 Redwood
Immediate Past President Deb Ellis, Coldwell Banker Elite
Directors
Abby Fitzsimmons, Coldwell Banker Elite
Tamar Myers-Moffatt, Samson Properties
Gary Gardiner, Jr., Coldwell Banker Elite
LeAnn Black, 1st Choice Better Homes & Land
Matthew Rathbun, Coldwell Banker Elite
Michelle Caldwell Thompson, CTI Real Estate
Affiliate Director
Sherrie Shaw, Summit Mortgage
FAAR would also like to thank departing Board Members for their service including Carrie Danko, Pia Contreras-Sanchez, Clay Murray, and Michele Freemyers.
FAAR Celebrates Members Installed into Women’s Council of REALTORS Fredericksburg Network’s Leadership
2022 Member of the Year & Strategic Partners of the Year Announced
The Women’s Council of REALTORS® Fredericksburg Network has installed its 2023 Governing Board; Dawn Veronica Curry, President; Renee Howell, President-Elect; Mary Beth Rick, First Vice President; Nicole Marucci of FTGE, Treasurer; Glenda Morales, Membership Director; and Jamila Darwish, Events Director. Page Browning, CEO of FAAR performed the official installation and Deb Ellis, President of FAAR, pinned all the new officers.
“I am honored to serve as the next Women’s Council of REALTORS® President for Fredericksburg,“ said Dawn Veronica Curry. “And I am so grateful to FAAR and especially Page and Deb, both members of Women’s Council, for all their support this year. We had an amazing 2022 and I am super excited to build on the excitement and provide an opportunity for those agents who want to emerge as business leaders in the Greater Fredericksburg area. Our mantra is #LeadersMadeHere and we take that to heart!”
The prestigious Member of the Year award was presented to Glenda Morales of Cropper Home Sales. Glenda absolutely excelled as our 2022 Membership Director and was instrumental in the growth we’ve experienced this year. We are so thrilled she has agreed to serve for another year!
The Strategic Partner of the Year award was presented to Tony Bolding of ALCOVA Mortgage and Ady Fisher of HouseMaster. Tony & Ady have been dedicated supporters of our Network and instrumental in helping us provide added value to our members and have assisted in growing our membership by inviting their clients and other strategic partners year-round to our amazing events.
About Women’s Council of REALTORS® Fredericksburg Network
At Women’s Council, they strive to provide timely, accessible events, great networking, and opportunities for personal and professional growth.
You gain access to other local professionals committed to sharing their expertise when you join. You instantly become part of a nationwide network of real estate professionals who operate their businesses on a shared set of values: integrity, professionalism, mutual support, and a commitment to excellence.
Women’s Council members send and receive referrals confidently, knowing their values are shared when providing outstanding service to their clients.
They encourage members to get involved because they know participation translates to personal growth and leadership development. They meet you where you are in your skill development and take you to the next level. #LeadersMadeHere
To learn more about the Women’s Council of REALTORS® Fredericksburg Network and how to join, visit connect.wcr.org. Or if you’re an industry professional and would like to learn more about promoting your services, bit.ly/3uCa9re.
Prices show no signs of stopping while demand continues to cool
Local Realtors® are feeling the change in the market, but prices do not show any signs of cooling as we head into the fall months. Prices remain high and continue to climb despite moderating sales volumes. Many Realtors® report significant price reductions from original list prices, but that has yet to translate into reduced median price points. The Fredericksburg regional market saw an 11% year-over-year increase in median price, coming in at $425,000 this October compared to $384,677 last October. While prices keep rising, units sold posted another large decrease with a more than 30% decline from 736 homes sold last October to 506 homes sold this year. That translated into a 21% decline in total sold dollar volume from nearly $305 million in sales last October compared to just over $240 million in sales this year.
FAAR Board of Director Clay Murray comments, “As our strong local market processes the external factors at play, including the recent elections and rising interest rates, we continue to see home values remain solid. Temporarily in this calmer market, more balance and accommodations within the contract are prevalent between buyers and sellers. This is a welcome shift from the past two years. Buyers now are having to make the choice between a wait-and-see approach for when rates come down or act now to enjoy a more balanced market while they can.”
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 another 44% this October, coming in at 26 days versus just 18 last year. However, even these large percentage increases are adding just one or two days to the average and are still slightly below the historical 5-year average of 30 days.
Active listings continue to increase, jumping nearly 30% over last year with 1,012 homes on the market at the end of October 2022 versus 784 last year. New listings were down again this month, with 638 new homes coming on the market compared to 802 last October. New pendings remain down with 470 new contracts ratified in October compared to 772 last year, representing a nearly 40% year-over-year decline. Even though demand is dropping quickly, the number of available homes remains low, especially in the under $400,000 price bracket, creating competitive situations that could continue to buoy prices despite falling demand.
REALTOR® and Affiliate Members of FAAR Collect Over 18,000 Boxes of Cereal
Every year REALTOR® and Affiliate members of the Fredericksburg Area Association of REALTORS® reach out to their spheres on behalf of the annual FAAR cereal drive. Not only does participation in the drive help our community by providing food for those in need, but many members find it an easy way to reconnect with past clients and even acquire business without a sales pitch.
“I listed 2 homes yesterday. The reason they chose me? They’d heard of me, but my involvement in the cereal drive was why chose me. They had a REALTOR® friend too!”
“I was surprised at the response from the post cards. I send out something to my SOI every month. After the post cards went out, I heard from people I hardly ever hear from. I am a true believer and what a great cause! “
It’s been another amazing year for cereal collection! Thanks to the outstanding efforts of REALTOR® and Affiliate members, we are proud to announce the total raised —
18,567 boxes
Prize Winners
Most cereal collected by a REALTOR office — Long and Foster Fredericksburg (4,692 boxes)
Most cereal per agent — Cropper Home Sales (1,850 boxes)
Most cereal collected by an Affiliate office – Movement Mortgage (1,088 boxes)
Most improved — Coldwell Banker Elite Stafford (968 boxes)
Participants
1st Runner Up for cereal collected by a REALTOR Office – 1st Choice Better Homes & Land (4,296 boxes)
Aquia Realty
At Your Service Realty
Berkshire Hathway Home Services Pen Fed Fredericksburg
Berkshire Hathway Home Services Pen Fed King George
Berkshire Hathway Home Services Pen Fed Stafford
Century 21 New Millennium Fredericksburg
Century 21 Redwood Fredericksburg
Century 21 Redwood Locust Grove
Coldwell Banker Elite Downtown
CTI Real Estate
Exit Elite
eXp Realty
Keller Williams Capital Properties
Summit Mortgage
The Title Professionals
Topside Federal Credit Union
Ulta Realty
United Real Estate Premier
Press Releases
Has the local housing market reached its peak?
The local real estate market in May showed signs of cooling, with the largest year-over-year decline in units sold since 2017 and the first drop in total sold volume in years. While demand may be abating due to rising interest rates, inflation pressures, and economic...
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...