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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 whopping 21% from last September, but still at historic lows with just 1.15 months of supply available. Total sold dollar volume was up 18% from last year, coming in at approximately $325.5 million this September compared to $275.9 million last September. The region’s median price increased nearly 13% year-over-year going from $335,000 in September of 2020 to $378,000 in September of this year. Units sold increased 4% with 785 homes sold this September compared to 755 last 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, fell nearly 41% with houses averaging just 13 days on the market in September 2021 compared to 22 days in September 2020.
September saw continued good news on the supply front with active listings up over 45% from the scant offerings to be found last September. New listings coming onto the market yet again beat the five-year average and saw nearly 7% more listings than last year. Homebuyers had 884 homes to choose from at the end of this September compared to just 609 homes available last year. FAAR Board of Director Carol Sondrini states, “Due to a slight slowdown in the market, now is the perfect time for first-time homebuyers to get back into house hunting. Although the market is still strong, they have a much better chance to be competitive with VA, FHA, and USDA financing along with regular home inspections and the possibility of seller concessions.”
FAAR Louder Podcast Episode 25 “Videos in the MLS”
Welcome to the FAAR louder podcast presented by the Fredericksburg Area Association of Realtors®. This episode is brought to you by Kensington bank guard National Land services. Kensington Vanguard is one of the largest independent full service title insurance agencies in the country, providing residential and commercial title insurance, settlement services and 1031 exchange services. Hi everyone, fire communications director here, Lauren Zuza. I’m often behind the scenes but today I’m here to share a helpful story from an agent. The story pertains to a tricky rule when working with video public websites like YouTube, and bright MLS in order to protect your business and avoid any potential fines. One agent learn this rule the hard way with a warning from Bright and encouraged us to share her story.
So many of you are accustomed to uploading your listing videos to YouTube and then sharing the video on the MLS from YouTube. Now this could be an issue if you’re following the Virginia laws requiring your information when advertising on public sites and following the rules from bright MLS which day branding is not allowed on videos and listings. So what’s the solution? If your videos typically have branding within the video itself, this is the process I recommend for you.
Before you add any branding to your video, export your first video, and then add your branding and save it again. You can use your branded video on public sites and upload the one without the branding to brighten. Now you’ll want to avoid using any public site URLs like YouTube and your listing because of the Virginia state laws requiring your information on your advertising. Now if your videos don’t have any branding, you still have to be careful. What you can do is you can upload the exact same video on bright MLS and YouTube but you want to make sure you upload the file from your hard drive when putting it in your listing in bright MLS not sharing the video URL from the public site like YouTube.
Now whether you’re working with a professional or creating your own videos, you will always want to have two versions one with your branding one without and you always want to make sure you upload the video from your hard drive into your listing. So that’s my message for the day. I hope to catch you next time.
Early Voting in VA has started!
Election Day is November 2, but no need to wait that long! You can get out and vote now to make it easy and make it count. Early voting started Friday, September 17 and will continue in-person through October 30, 2021 at 5:00pm. If you need to register to vote, update your voter record, or find your November 2 polling place, visit the VA State Board of Elections Citizen Portal.
If you want to vote early, your polling place will most likely be different than normal. Check out the links below to get the information on your specific locality.
Caroline County
City of Fredericksburg
King George County
Orange County
Spotsylvania County
Stafford County
Town of Colonial Beach
FAAR has endorsed candidates running for public office. If your business is important to you and factors into how you vote, consider supporting the candidates detailed below. The FAAR Public Policy Committee interviewed these individuals and believes they understand the value of real estate to the local economy and will work to protect private property rights.
FAAR Endorsed Candidates
Phil Scott, VA House of Delegates 88th District
Phil is running in an open seat vacated by the retiring Del. Mark Cole. His focus will be on learning what’s most important to his constituents and supporting small businesses that have suffered through the COVID-19 pandemic. He also has a deep understanding of the important role that Realtors® play in transactions as he spent over 10 years in residential construction.
Jon Gerlach, Fredericksburg City Council Ward 2
Jon has a deep love for Fredericksburg and a strong commitment to tackling the issues facing the City with an eye towards fairness for all stakeholders. Jon states, “I am honored by FAAR’s endorsement. I look forward to working with FAAR as we strive for conscientious and intentional growth that respects and leverages the many qualities that make Fredericksburg such a special place in which to live, work, learn, visit, and play.”
Tim Duffy, Fredericksburg City Council Ward 3
Tim has served on the Council for many years and wants to focus on infrastructure in the future. He sees the biggest challenge as being funding a new school and also being financially responsible during that process.
Chuck Frye, Fredericksburg City Council Ward 4
Chuck Frye has a strong connection with his constituents and is eager to work on affordable housing issues with FAAR. Chuck sees apartments as only part of the solution and wants to see a greater focus on homeownership which will give City families equity going forward.
Cathy Binder, King George County Board of Supervisors Shiloh District
Cathy was supported by FAAR the first time she ran and has worked with the Association on affordable housing issues. She is very pleased with the broadband progress that has been made in the County and looks to build upon that work.
Jim Crozier, Orange County Board of Supervisors District 4
Jim has attended every event that FAAR has invited him to and is always willing to provide great information. He has been committed to seeing the expansion of broadband deployment through the County in recent years.
Baron Braswell, Spotsylvania County Board of Supervisors Battlefield District
Baron is a current School Board member in the County and sees education as the great multiplier. He wants to see the Board adopt a solid strategic plan that will accommodate the growth we are seeing and continue to attract new businesses. Baron states, “I’m both humbled and honored to receive the endorsement of the Fredericksburg Area Association of Realtors (FAAR). I believe that responsible and responsive governance is critical for economic development and growth in our community.”
Kevin Marshall, Spotsylvania Board of Supervisors Berkeley District
FAAR supported Kevin in his first run for office four years ago and has enjoyed a good working relationship since then. Kevin is always willing to share information and hear feedback on issues that the County is working. Most recently, Kevin provided good feedback and listened closely to FAAR concerns about the County’s efforts to regulate short-term rentals.
Paul Milde, Stafford County Board of Supervisors Aquia District
Paul is a long-time ally of the Realtors® having been instrumental in crafting a sign ordinance that did not impact the way agents list and market their homes. Paul is in the residential construction business and understands the value of real estate to the local economy and the role that Realtors® play in achieving homeownership.
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.
President Deb Ellis, Coldwell Banker Elite
President-Elect Carol Sondrini, Coldwell Banker Elite
Vice President Randy Walther, Nest Realty
Secretary Dawn Josemans, Coldwell Banker Elite
Treasurer Lauren Tate, Century 21 Redwood
Immediate Past President Carrie Danko, 1st Choice Better Homes & Land
Directors
Abby Fitzsimmons, Coldwell Banker Elite
Gary Gardiner, Jr., Coldwell Banker Elite
Matthew Rathbun, Coldwell Banker Elite
(Continuing from the 2021 Board- Clay Murray, Pathway Realty, Pia Contreas Sanchez, Prime Realty, Kardin Lillis, Weichert, REALTORS®)
Affiliate Director
Michele Freemyers, Ekko Title
MBH CEO, Fred Westerlund receives national recognition with the October Search’s 2021 Leadership Award
On Wednesday, September 1, Fred Westerlund, CEO, MBH Settlement Group, was awarded the October Research 2021 Leadership Award at the National Settlement Services Summit (NS3).
Established in 2012, the October Research awards program honors men and women in the title, underwriting, lending and settlement services industries for exemplary accomplishment in the areas of Leadership, Innovation and Philanthropy.
Presented by Erica Meyer, CEO and Publisher of October Research, on Wednesday, September 1, 2021.
Fred is honored to be placed in such distinguished ranks of past honorees, and the tremendous leaders in our industry. Evident in Fred’s management style and his remarks are his dedication to the industry and the individuals with whom he works.
“At MBH, we focus on the 3 C’s: our Clients, our Colleagues, and our Communities. We believe that everything else will follow. A leadership award is really a team award, so, I would like to thank the incredible team we’ve assembled at MBH. They are amazing and they inspire me every day.”
With a wealth of experience in operations, business development, and risk management, Fred Westerlund provides leadership and vision to MBH Settlement Group.
He has been involved in real estate services in the D.C., Maryland, and Virginia markets for 16 years, and brings 29 years of leadership in sales, marketing, and operational roles across multiple service industries.
Prior to Fred’s career in business, he served as an officer in the U.S. Army. He’s earned a Masters of Business Administration from the Wharton School of Business at the University of Pennsylvania and holds an undergraduate degree from the United States Military Academy at West Point.
Fred is active in the industry serving as Chairman of the Real Estate Finance and Settlements Forum for the Northern Virginia Association of REALTORS.
He’s also active in the community, serving on the board of his Homeowners Association and supporting a number of different charitable organizations.
About MBH Settlement Group
Established in 1994, MBH Settlement Group is proud to be a settlement industry leader in the D.C. Metro area. MBH is committed to its partners and clients, serving our communities for more than 25 years in our 20 offices across Virginia, Maryland, and Washington, D.C.
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 on August 3 and the group was very impressed with his willingness to learn about the issues facing his constituents and his understanding of the importance of real estate to the regional economy.
FAAR looks forward to working with Phil on issues of importance to the industry when he gets to the General Assembly .
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 was still up nearly 29%, coming in at approximately $362 million in August of 2021 compared to $281.3 million last year. The increase was fueled by a nearly 16% jump in units sold, with 755 homes changing hands in August of 2020 compared to 876 this August. Median price held steady from July at $390,000, representing a more than 11% year-over-year price increase from August 2020’s level of $350,000.
Many market indicators are not captured in the transaction details of a home sale. It was common during the most intense months of buyer demand to see waiving of home inspections and agreements to bring cash when appraisals came in low. Those practices seem to be ebbing with the slowing market. “While the market continues to be positive for sellers, I’m seeing more homes staying on the market longer and appraisals falling short,” states FAAR Board of Director Donna Schmidt. “I am noticing sellers offering concessions and home warranties, which is a plus. August is showing a little lull due to families focusing on school, but all in all it, has been a good month.”
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, fell 48% with houses averaging just 12 days on the market in August 2021 compared to 23 days in August 2020.
There is good news on supply to report with active listings up nearly 40% from the scant offerings to be found last August. New listings coming on to the market yet again beat the five-year average and saw nearly 9% more listings than last August. Homebuyers had 910 homes to choose from at the end of this August compared to just 651 homes available last August. New pending contracts, which indicates the pace of transactions, were down nearly 4% indicating that demand might finally have cooled slightly, enabling active listings to recover in a small way. During the late summer of 2016, the market had a nearly 4-month supply of homes. The current market has consistently been running at about a 2-week supply of homes, meaning that the current demand would exhaust the available properties in just 14 days. We are now up to about a 5-week supply of homes, more than double the lowest point. The market is making progress, but it is still a strong seller’s market.
FAAR Endorses Candidates for Public Office
The Fredericksburg Area Association of REALTORS® (FAAR) announces endorsements for local Board of Supervisors and City Council races on the ballot for the November 2nd general election. The endorsed candidates represent areas throughout FAAR’s service territory including the counties of King George, Orange, Stafford and Spotsylvania, and the City of Fredericksburg.
“As active members of our local communities, REALTORS® have a strong interest in this year’s elections. I am pleased with the impressive slate of candidates that FAAR has endorsed this year. These individuals will contribute much to our local communities by promoting economic development and protecting homeowners’ rights,” stated FAAR’s 2021 Public Policy Committee Chair Brad Johnson. “FAAR strongly supports each of the candidates endorsed for public office and looks forward to working with these individuals at the local level. The real estate industry is an integral part of our local economy and it is vital that REALTORS® help elect candidates who understand those connections and are willing to work with us on issues of importance.”
FAAR has endorsed the following candidates:
City of Fredericksburg
Jon Gerlach (City Council, Ward 2)
Tim Duffy (City Council, Ward 3)
Charlie Frye (City Council, Ward 4)
King George County
Cathy Binder (Board of Supervisors, Shiloh District)
Orange County
Jim Crozier (Board of Supervisors, District 4)
Spotsylvania County
Baron Braswell (Board of Supervisors, Battlefield District)
Kevin Marshall (Berkeley District)
Stafford County
Paul Milde (Board of Supervisors, Aquia District)
#MemberMonday Meet Broker Courtney Schroeder
Name
Courtney Schroeder
Hometown
Spotsylvania, VA
Current Location
Beaverdam, VA
Title
Principal Broker/Owner
Number of Years in the Industry
8
Why do you love working in real estate?
Real estate has brought me so much joy in my everyday life! From the relationships I have gained and continue to see grow, to making my own schedule and enjoying time with my family, it has been the best decision I have made career wise!
Favorite Work Story
I have many, but I think one that sticks out would just be the one referral I received from the manager of the title company I used (Heritage Title- Brenda) that has trickled down and turned into so many new relationships, both business and personal! Referrals really do make a difference! I am so thankful- Thank you Brenda!
What are you most proud of in your career?
I have recently opened up my own firm, I am proud of that, but I am even more proud of every deal I close that results in a happy client and a new friendship!
Do you have a special cause or volunteer your time?
My special cause is balancing children and work! It’s not always easy! 🙂
Fun Fact
I recently renovated an old vintage camper to use as my office. It’s adorable and I had a blast doing it!
FAAR hires Page Browning as new CEO
Page Browning has been the Executive Vice President of the Coastal Association of REALTORS® in Berlin, Maryland since 2015. With a total of twenty years of association experience, she is well qualified to take on the responsibilities at FAAR. Page holds the management designations of RCE and CAE and has a BA in Foreign Affairs from the University of Virginia.
At the Coastal Association, Page oversaw the creation two strategic plans, launched a Technology Fair and served as interim CEO of a neighboring association. She spearheaded the development of an award winning foundation.
Page describes herself as a consensus builder and a collaborator. She pledges to be an inspired service leader with enthusiasm to help members and colleagues reach their potential.
Page served as chair of the Maryland REALTORS® Association Executives Committee and vice-chair of the state’s Issues Mobilization Committee. She also worked for the Home Builders Institute (HBI) in Washington DC.
Her official start is September 1.
Press Releases
One Year into the Pandemic and Real Estate is Still Flying High
Despite a dip in pending sales in February, March proved another very strong month in the local real estate market. The month closed out with a more than 25% increase in total sold dollar volume, going from approximately $204.5 million in March of 2020, t0 more than...
FAAR receives $4,500 for Orange County Park Project
FAAR will use a $4,500 Placemaking grant from the National Association of Realtors® (NAR) to help transform an unused space in the Town of Orange into a vibrant, public destination for community use and enjoyment. The grant was designed by NAR to ensure local...
February Sees More of the Same in Local Real Estate Market
February of 2021 saw very similar numbers as January, with increases in sold dollar volume, median price, and units sold. The market saw a 10% year-over-year increase in median price, going from $316,000 in February of 2020 to $349,950 in February of 2021. Units...
Regional Housing Market Starts the Year with a Sprint
The new year began the same way it went out: with so little supply of homes for the raging demand from homebuyers that even houses in the top price points saw multiple offers, a relatively rare occurrence in the in the last 10 years. January closed out with a total...