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FAAR sends letter to Louisa County expressing concerns over short-term rental ordinance
Louisa County released a draft ordinance on short-term rental regulations in April which included limiting occupancy to 2 transient visitors per bedroom. Many homeowners at Lake Anna purchased their homes with the intent to rent to make it financially feasible and have followed the rules for many years. This reduction in rental capacity could have significant impacts to those property owners who focus on family rentals by limiting how many children are permitted in each bedroom. FAAR also has privacy concerns about the proposed amount of information that each property owner would have to collect on short-term renters, including minor children.
FAAR partnered with the Charlottesville Area Association of Realtors (CAAR) to send a letter of concern. An overview of the proposed regulations and the letter that was sent are both accessible below.
FAAR on TownTalk
FAAR President Deb Ellis and Public Policy Director Kim McClellan were on 1230 WFVA’s TownTalk with Ted Schubel talking about the local real estate market. The wide-ranging conversation covered the current market status, factors that led us to this point, and what buyers and sellers can expect going forward. Listen to the show by clicking the button below!
#Member Monday Meet REALTOR® Dalal Abilmona
Name
Dalal Abilmona
Hometown
Fredericksburg , VA
Current Location
Fredericksburg , VA
Title
REALTOR®
Number of Years in the Industry
10
Why do you love working in real estate?
I get to meet new people every day and help them make life changing decisions. No two days are ever the same and we have the freedom to work from anywhere. I can work from home, my car, the coffee shop, or even the beach in Bali?! My most favorite reason for working in real estate is creating lifelong friendships!
What are you most proud of in your career?
Getting Buyers and Sellers through complex situations and seeing them smile at the end!
Do you have a special cause or volunteer your time?
I volunteer for the Spotsylvania County Sheriff’s Department. I love sharing my time in our local community and helping with public events. Two charities near and dear to my heart I support are Wounded Warriors and St. Jude’s Children’s Hospital.
Fun Fact
I am bilingual. My great grandfather was in the third class group on the Titanic and was a survivor. My aunt,(Elsie Belman), became the first female limousine driver in Washington D.C., and later started her own local Limousine company and chauffeured some pretty big stars.
#Member Monday Meet REALTOR® Chasity Richardson
Name
Chasity Richardson
Hometown
Wildwood NJ
Current Location
Stafford
Title
REALTOR®
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.
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
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.
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.):
- PM Late Rent Notice – 4 or Fewer Residential Rental Units
- PM Late Rent Notice – 5 or More Residential Rental Units
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
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
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.”
Press Releases
More Normalizing in the Fredericksburg-area Real Estate Market
The local real estate market continues to experience high transaction volume, inventory challenges, and rising prices, but those increases are moderating and significantly more inventory is available for buyers. As summer faded into early fall, inventory was up a...
2022 Board of Directors Election Results
2022 FAAR Board of Directors announced Election Results 2022 Leadership Electronic balloting began August 17, ended September 15 at noon Results were announced at a general membership meeting after the virtual education originally scheduled for the FAAR trade show. ...
FAAR Endorses Phil Scott for Virginia House of Delegates
The Fredericksburg Area Association of Realtors® endorses Phil Scott for the Virginia House of Delegates 88th district. The seat is being vacated by the retiring Mark Cole and features a three-way race. Phil Scott met with members of FAAR's Public Policy Committee...
Fredericksburg-Area Real Estate Market Continues to Normalize
While it’s not a buyer’s market yet, the Fredericksburg-area housing market continues to show indications of normalizing. August still posted very robust market numbers, but that is tempered by rising supply and slight reductions in future demand. Sold dollar volume...