News
Recent news, business resources and press releases.New Real Estate Podcasts
Listen to hot topics in real estate whether you’re on the go or lounging at home!
A humble thank you to the women who have impacted their world and influenced mine
Pat Breme, RCE, CIPS
Chief Executive Officer
To honor Women’s History Month, I offer these reflections. Over a lifetime you meet people who influence your values and viewpoints and often shape your choices.
I graduated from college in 1968 when women’s rights were the core of a very vocal, in-your-face movement. The rebel rousers were Betty Freidan, Gloria Steinem and Shirley Chisholm.
Freidan rocked the country with her book The Feminine Mystique, where she described the plight of college educated women who felt trapped and unfulfilled because career opportunities were largely limited to nursing, teaching or secretarial work.
The message of Friedan, who organized NOW (National Organization for Women), was expanded by others, Gloria Steinem and Germaine Greer who believed that political inequality has personal implications regarding sexuality, birth control, abortion, roles in marriage, housework and childcare.
Then there was Shirley Chisholm, the first black woman to be elected to Congress. She was a fierce spokesperson for woman’s rights. Her autobiography Unbossed and Unbought perfectly captured her feisty attitude.
Some of the milestones of the movement were outlawing gender discrimination in education and college sports, obtaining financial credit, and banning discrimination against pregnant women in the workforce. There were many who marched for equality in wages and equal opportunities for placement and promotions in business.
Over the past 30 years, there have been significant accomplishments. Rape crisis centers and health centers and women’s shelters providing specialized services came into existence.
We stand on the shoulders of women’s liberation advocates, as well as modern day trailblazers like Michelle Obama, Oprah Winfrey, Ellen DeGeneres and others.
The movements of today are MeToo, addressing sexual assault and harassment in the workplace, and the Time’s Up, which focuses on creating economic opportunities, safety and income equality for women in the workplace. Young women are finding a voice of their own in groups they identify with- color, sexual preference, gender preference, career choices, or other options.
However, in this country we can’t claim success unless we are also helping suppressed women around the world. In some countries, there has been no progress. Women are not educated; they are chattel of their husbands.
I stand on the shoulders of those women in association management who have elevated the position of executive secretary to CEO through hard work and showing value.
I stand on the shoulders of many FAAR women Presidents who have influenced me and taught me to be a servant leader, the value of collaboration, the advantage of listening before speaking and viewing situations from another’s point of view.
They shaped my thinking and ultimately shaped my style of management. Of the many who impacted my career, I comment on four who were significant role models for me…
Melanie Thompson, who can with precision, analyze an issue and cut through the nonsense
Suzy Stone, understands that volunteerism is the essence of being a servant leader
Sherry Bailey, always demonstrates the upmost composure in the most difficult situations
Gayle Elliott, she taught to take the time to have conversations with unlikely people
In my personal life, I must add-
My mother, she taught me to stand up for myself
My sister Barbara, whose sheer determination created successful businesses
My fourth-grade teacher, she taught me coordination in fashion
My daughters-in-laws and girlfriends, envelop me in love and keep me humble
Thank you to all FAAR women from 1957 to the present who have succeed in their careers, nurtured families and made a difference in the community. Lastly, but never least, I am grateful for the staff of seven women who I work with every day. They are servant leaders. They are innovative, collaborative and are perfect examples of the power of women in business.
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 sold increased more than 13%, finishing out the month at 487 compared to 429 units sold last February. Total sold dollar volume increased more than 26%, coming in at approximately $181.4 million this year compared to $143,5 million last February.
FAAR Board Member Randy Walther comments, “The crazy weather of the past month matches the turbulence in the real estate market. February saw more of the same issues that have been in place for the past few months. Record low interest rates and changing housing needs are driving the market at a time when inventory is extremely low. That has caused an increase in prices but that increase is being somewhat offset by the low rates. “If you list it, it will sell” has become the motto in real estate this year. Buyers are laser focused on homes that fit their changing needs whether it’s location, space, internet connectivity or size. These issues should stay in place for the foreseeable future as more and more people seek the security of a home that can adapt to a new normal.”
The increases were unevenly distributed among the region’s localities however, with King George and the City of Fredericksburg seeing slight decreases. The City and King George saw a very slight drop in median price from February 2020, 0.6% and 1.4% respectively, but that is not uncommon in smaller markets like these two localities. King George County also saw a 20% decrease in units sold which could be indicative of continued challenges with finding housing in a very low-supply market. Stafford and Spotsylvania counties posted significant increases in median price, 11% and 15% respectively, pushing their median prices to all-time high levels, a common occurrence in recent months.
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 more than 71% with houses averaging a measly 16 days on the market this February compared to 56 days last year.
Not unexpectedly, inventory across the region remains at historic lows. In February of 2020, there were 1,140 homes on the market. In February of 2021, there were just 360 homes for sale, representing a more than 68% year-over-year decline. New listings were down nearly 23% compared to last year. New pendings were down also, clocking in at 9% less than February 2020, which could be attributed to the lack of available supply to meet the current demand.
Stafford County Votes to Downzone 90,000 Rural Acres
On Tuesday, March 2, the Stafford County Board of Supervisors voted 4-3 to downzone nearly 90,000 acres spread across more than 2,000 parcels in the rural A-1 zoning category from one house per 3 acres to one house per 6 acres. Supporting the measure were Crystal Vanuch, Meg Bohmke, Mark Dudenhefer and Gary Snellings. Opposing it were Cindy Shelton, Tom Coen, and Tinesha Allen. The ordinance takes effect immediately, although any subdivision applications in the pipeline will not be impacted. The Board failed to exempt family subdivision as part of Tuesday’s action, but did instruct the Planning Commission to come back with a measure to address that issue within 100 days.
Here is some direct guidance from the County on how the change impacts landowners: A-1 zoning district now requires a gross density of 6-acres. The minimum lot size of 3-acres for conventional subdivisions and 1.5 acres for cluster subdivisions would stay the same. A land owner will now need at least 12 acres in order to subdivide their property. If the owner was intending on subdividing a single 12-acre parcel, they would have the option to create two lots of varying sizes (such as 3 and 9; 4, and 8; 5 and 7; or 6 and 6). The key would be that the density must be one lot per 6-acres or greater. Subdivision applications currently in process can proceed based on the requirements in place when the application was filed. The subdivision application has 18 months to be approved from the date it was filed.
FAAR will continue to advocate for the family subdivision exemption. That issue will go to public hearing so FAAR will have a presence at any of those meetings to ensure that families retain the right to subdivide their land. For those agents seeking additional information, please contact FAAR Public Policy Director Kim McClellan at 540-373-7711.
March is for Members Madlibs
Here’s a little bit of fun for FAAR members. Get creative and fill in the blanks! Send your completed madlibs to mrathbun@faarmembers.com and we’ll post them here!
Decision time in Stafford County
Tomorrow is decision day in Stafford County. Will the Board of Supervisors adopt a unilateral downzoning changing the minimum lot size from 3-acres to 10-acres? FAAR has been strongly opposed to this action for more than a year because it could devalue rural land, potentially by up to 50% according to the County itself, and will rob generations of wealth creation from rural property owners. A recent article in the Free Lance Star included some comments about the action that are inaccurate and unfair to Realtors and the work that they do. FAAR sets the record straight below:
- Supervisor Mark Dudenhefer claims that builders are flocking to Stafford County and creating an explosion of growth due to more permissive zoning rules than surrounding counties. The truth is that there were LESS occupancy permits issued in 2020 than in 2019. Stafford County issued 946 occupancy permits in 2019 compared to 875 in 2020, representing a 7.5% DECLINE.
- Supervisor Dudenhefer says that downzoning is the only option the state provides to manage growth, but he fails to mention that his County’s own Healthy Growth report looked at downzoning coupled with Transfer of Development Rights (TDR) to help make landowners’ whole after their land was devalued. TDR is permissible under state law but is not part of this action at all, providing no financial remedy for those whose property value could be taken by the local government. In addition, the Planning Commission is opposed to a unilateral downzoning and presented three other options to the Board for consideration. In order for the Board to consider those other options, they must vote no on downzoning.
- He also states that anyone who dare speak out in opposition or voice concerns about this action is only acting out of financially motivated self-interest. The Code of Ethics by which Realtors® are bound holds their duty to their client and all parties to the contract as their primary responsibility. Furthermore, a property owner is certainly expected to have a financial interest in their own land, especially when the value of that land is often inextricably tied to the financial health of that individual.
- Finally, Supervisor Dudenhefer tries to pit north Stafford residents against south Stafford residents by claiming that properties in the A-1 hardly pay any taxes because they are in the land use program. The Board’s own agenda for their March 2 meeting states that of the 2,321 taxable parcels impacted by downzoning, just 854 are in the land use program, meaning that more than 60% of property owners in the A-1 zoning category pay their full taxes. For those who have their property in the Land Use program, it is not a free pass. Those properties have their taxes deferred for their time in the program and when a property exits the program, the owner must pay 5 years of deferred taxes and a percentage charge on top of that. While the property is in land use, the owner pays full taxes on a 1-acre homesite and the value of the structure. In addition, the more rural parts of the County have long subsidized growth in other parts of the County, namely the Rt. 610 corridor where Mr. Dudenhefer represents.
FAAR Board Member Clay Murray said in a letter to the editor published on Sunday that as a Realtor® and a citizen of Stafford County, he wants “smart growth, housing affordability, and the protection of private property rights.” Murray doesn’t think those ideals have to be mutually exclusive. There are other options out there that can address growth challenges without decimating the financial health of rural property owners and their families.
Concerned about this downzoning action and want to get involved? Click here to access sample talking points and a sample email to send to the Stafford Board of Supervisors.
Virginia Realtors Legal Hotline—Stellar service for all members to utilize
Legal advice is a precious commodity that occasionally everyone needs to access. The Virginia REALTORS® offers the Legal Hotline. A member is required to complete an application before a question can be submitted to the VAR attorneys and must communicate the issue to his/her broker. The broker will receive a copy of the question. Sometimes the Broker’s policy may be more restrictive than the general response of the VAR attorney. Visit virginiarealtors.org/legal-hotline to access the User Agreement & the Terms of Use.
Read other articles like this in the latest FAARside newsletter.
March is for Members March Madness Bracket Contest
Get off the sideline and into this fun FAAR competition! Guess who you think will make it to the top of the March Madness pyramid and will be crowned 2021 National Champions!
Here’s how it works
Fill out the bracket here with the teams announced on Selection Sunday and who you think will triumph in each faceoff. Turn in your completed bracket to lzuza@faarmembers.com before tip-off of the first game on Thursday, March 18th.
Point System
Answer the winner correctly in each round of faceoffs and get the points shown for each correct guess!
First round — 1 pts
Second round — 2 pts
Sweet 16 — 4 pts
Elite Eight — 6 pts
Final Four — 8 pts
NCAA championship game — 10 pts
2021 NCAA Schedule
Selection Sunday — March 14
First Four — Thursday, March 18
First round — Friday, March 19, and Saturday, March 20
Second round — Sunday, March 21, and Monday, March 22
Sweet 16 — Saturday, March 27, and Sunday, March 28
Elite Eight — Monday, March 29, and Tuesday, March 30
Final Four — Saturday, April 3
NCAA championship game — Monday, April 5
Prize
The individual scoring the most points will win a $50 gift card and of course the right to brag!
How To Get More Leads To Your Website
Today we talk about how to get your website in front of clients and how to utilize SEO. If you like this episode and are interested in the FAAR YouTube video on writing bios you can check it out here! youtu.be/K-u_oU_zKZg
Transcript
Welcome
welcome to far louder your official
association podcast
Hey FAAR members it’s MacKenzie and
today I want to talk to you about how
you can optimize your website so that
you start getting more leads from it.
Website Tools
One of the great tools we’ve seen come
out in the past few years are
things like Placester, Realtor.com has
created a place for you to build your
profile, you can use Squarespace but a lot of
people have gone with
the more customizable options of
using things like WordPress to create
their websites because that gives them
more control over the content and where
they’re going to show up.
Some of the major contributing
factors of that (where content shows up)
are the content that goes on the website
so I really want to talk to you about
how to get the right content on your
website to get more leads.
SEO
To understand that, we need to talk
about search engine optimization
more casually known as SEO. SEO is what
happens when you go and you type your
article and they suggest that articles on your
website be between 300 and 500 words
long which is about the
size of an essay that you would have
written in high school. The purpose
for this is because it’s not too long
but it’s not too short
to keep your readers attention. On top of
this, they also suggest
that you use key phrases a certain
amount of times in your
articles depending on the length of your
sentences and the
number of paragraphs.
It sounds really
complicated and really overwhelming right?
Resources
Well, there are a lot of great resources
to find out if the articles on your
website are actually going to be
optimized for the internet so that they
come up higher in search results.
The number one thing that you’re going
to want to look at is Yoast
which is an SEO optimizer that can be
plugged into WordPress.
If you have a WordPress website, this is
my number one suggestion.
it is free to use up to a point. There are some
higher end features that aren’t as
commonly used
if you really want to look into those.
But this is my number one suggestion. If
you want to get your website higher up
you’re going to want to start optimizing
your website
Other SEO Tips
If you’re not using a
website like WordPress where you can use
this plugin,
check out some of these tips:
Have a blog
and again that 300 to word count
It is very important try to use a key
phrase two or three times throughout your
article. something like
“best homes in the area” and then name your
area.
The more you put these things into your
Article, if somebody is searching for
those specific things, they will come up
higher in search results.
What Else You Want To Talk About
You’re also going to want to link to
other websites’ content. Maybe if you’re
talking about
Lake Anna you want to link to the Lake
Anna website because it gives
your website credibility in a search
engine’s processing.
So those are a couple of tips
on how to create
content
You’re also going to want to add
an image and here’s why it’s twofold
the image comes in and creates something
more eye-catching for people to relate
to as they’re going through your website
but also if you have something where you
can
share your content it’ll usually pull
that graphic at the top of the page
that’s associated with the article
so instead of having to create separate
social media content
you’re pushing everybody back to your
website whenever you share
information this is great because it
keeps everything
centralized when you’re looking at
content to share talk about your local
area there are a lot of different services
that each area has something about
schools, something about trails, just really dig
into those things that if you were
moving someplace what would you want to
know. And then you also want to talk
about local businesses because people
want to see
local business supporting local business
and that’s where those photos come in
Again, if you put a photo in your article
About you going to this great downtown shop
and you share that article
to your Facebook page and you’ve got
that photo being shared again and again
and again
it’s just getting that mileage out there
you’re also going to want to talk
about your day-to-day life not everybody
needs to know the
nitty-gritty details of what you had for
breakfast but if you really like to run
in a certain trail share that trail with
people
if you really like to go and make this
recipe but you need to have
this ingredient from that particular
store share that share your life to the
point where you’re sharing your
lifestyle
because you know that other people are
going to want to enjoy that same
lifestyle that you have the privilege of enjoying
because when at the end of the day we
all know that real estate comes down
to selling a lifestyle so if you want to
connect with people
share who you are they’re going to want
to connect with you
I think a lot of people get stuck on
this writing content for their website
or managing their social media. They’re
like I just don’t have the time
you know your clients are going to come
from this
they’re going to find you on the
websites maybe it might not be the first
time they see your name but if your name
pops up on some place like Zillow or
realer.com
they are googling you to find out more
about who you are
It’s very interesting to see the
statistics especially because
a lot of people think that the most
important thing on their website
is that MLS feed and while that’s a
great feature to have
it’s not what drives people to come to
your websites anymore because they’re
going to zillow and they’re going to
realtor.com
So, if you want to hear more about the
exact statistics we actually have a
great episode
on our YouTube page that was taught by
Matthew Rathbun
about how you can get your bio to be
more professional looking and why it really
matters to have that content on your
website I highly suggest you check it out
You really can’t afford not to put
content on your website
it is a driving force especially for new
agents so if you want those leads if you want
to get started make sure you’re
developing content for your website
and as always far is here to help and
support you we have great tools on our
website I highly suggest you check them
out faarmembers.com tools and check out all
the great content we have there for you
Have a great day guys!
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 sold dollar volume of approximately $184.5 million which represents a staggering 50% increase over January of 2020. The market saw a significant 13% year-over-year increase in median price, going from $305,000 in January of 2020 to $345,000 in January of 2021. Units sold increased over 26%, finishing out the month at 486 compared to 385 units sold last January.
FAAR Board of Director Dawn Josemans comments, “As we keep doing business with our new virtual tools and following CDC guidelines when we physically show homes, we are not seeing the market slow down. We are still seeing more buyers than there is inventory to support, so buyers are not getting the first house they put an offer on. Maybe not even the second or third home they put on offer on. As a result, we are seeing multiple offers quite a bit over list price within days of going on the market. Many sellers are accepting those offers, waiving previous customary contingencies and keeping their fingers crossed for an on-the-money appraisal.”
While Stafford County has frequently driven gains in regional numbers, that was not necessarily the case for this January. While the County’s median price clocked in at $400,000 once again, representing a more than 14% increase from last January, units sold remained flat. There were 154 homes sold in pre-pandemic January in Stafford County, and 159 homes sold in January of 2021. At first blush, this might appear to indicate that demand is cooling in the County but a closer look at the numbers reveals that is not the case. A nearly unfathomably low inventory is responsible for depressing sales in Stafford County. In January of 2020, a time when most agents would agree that the supply was very low, there were 404 available homes on the market. Fast forward to the end of January 2021, and there were just 80 homes on the market, representing a whopping 80% decrease.
The jurisdictions with smaller populations saw the largest gains in January with Colonial Beach, Orange County, King George County, and the City of Fredericksburg posting 100% or more increases in total sold dollar volume, with Caroline County not far behind at 75%. The acceleration in sold volume was driven by a combination of higher price points and many more units sold, sometimes even 100% increases from the previous year. If January is any indication of how the market is going to be in 2021, area homebuyers and sellers are in for a wild ride.
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 60% with houses averaging a measly 20 days on the market this January compared to 48 days last year.
Not unexpectedly, inventory across the region remains at historic lows. In January of 2020, there were 1,149 homes on the market. In January of 2021, there were just 396 homes for sale, representing a nearly 66% year-over-year decline. New listings were down more than 10% compared to last year, but that number seems moderate compared to some of the decreases the market has seen over the past year. New pendings continue their upward trajectory with a nearly 15% increase in pending contract activity compared to last year.
The past year has also seen a very heated and competitive rental market, altered in many ways by the eviction moratorium and accelerating demand. Josemans, whose real estate specialty is property management, comments, “The rental market remains strong; however, it is an interesting and complicated portion of the market. There are tenants whose income has been affected by COVID receiving Federal protection from being evicted. There are landlords being protected by the State with avenues to seek mortgage and rent income relief. The question is how long are both of these protections going to last. What happens when the protections go away? What happens to the folks who did not receive relief? Market conditions have led to a great deal of landlords deciding to take advantage of the current sales market and sell their investment property.”
Citation system tweaked—fines increased
Recently, the Boards of Directors of the Associations in the region (FAAR, PWAR, BBAR, DAAR and GPAR) voted to stiffen the fines of the Citation System. Second and third offense fines have been added. In most instances, the first offensive fine has doubled from $250 to $500. Second and third offenses average $1,000 and $3,000, respectively.
The system’s focus is on potential violations of Regional Rules and Regulations of the Sentrilock Lockbox System in regards to articles of the Code of Ethics.
Sometimes an ethics hearing can be avoided by an agent agreeing to the guidelines of the Citation System. A potentially offending agent agrees to pay a fine, and the complaint never goes to a hearing. It is a much shorter process and the potentially offending agent does not have to admit guilt.
Download FAAR’s updated Citation System brochure here
Read other articles like this in the latest FAARside Newsletter.
Press Releases
Real Estate Market Proves Resilient in the Face of COVID-19
Despite significant concern over the impact of COVID-19 on the local real estate market, March numbers show increases in sold volume, median price and units sold. FAAR Board Member Linda Fosdick remarks, “Our Lake Anna market enjoyed a robust spring. Even at the...
February market hot, but what lies ahead?
February continued the local real estate market’s trend of increasing sales volume and median price coupled with decreasing days on market FAAR Board Member Randy Walther states, “The market was active for February continuing a strong winter season. My office was...
January Posts Big Gains in Local Real Estate Market
January kicked 2020 off to a swift start in the local real estate market echoing sentiments heard from Realtors® across the region that the spring market is starting earlier and earlier in recent years. Sold dollar volume was up 38% year-over-year, going from...
Median sales price up, inventory down at end of Q4 2019
The Virginia Realtors® released the 2019 4th quarter homes sales report highlighting a strong economy, robust real estate market, and shrinking inventory. Access the full report and share it with your sphere!