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What You Need To Know About Coming Soon
Transcript
Coming Soon
hey chip
um hey listen I saw you got that listing
on main street can I show my client
see I know it’s still in coming soon
status but my buyers are really well
qualified and man they really want to see it can you
get me in?
Hey Kev no
I’m sorry the Bright MLS rules clearly
forbid showing well under the cummings
status my friend
Oh Whatever
listen there’s no harm in trying i mean
lots of agents have let me sneak into
coming soon why are you being so
difficult?
Whoa did you know actually even you
asking me is a potential Bright MLS
violation to you it’s not okay to see a
listing in coming soon status
period I’m sorry those other agents were
acting a little bit unethical but I do
not bend the rules even for my friends
All right Mr. Ethics can you at least let
me know if you change the status to active
absolutely sure to do it happy to let you know whenever it
goes active and just before the date it’s listed
Cool so I want to make sure I see it the
minute it goes active
can I go ahead and schedule a showing now?
sure thing it’s scheduled ready to go active on 11/1 so you can go
through showing time right now make an
appointment show it on 11/1.
Hey I just spoke to my client they
really want this house and they don’t
want to wait till 11/1
how about if I just send you an offer?
What do you think?
I love that, certainly, there’s no rule
absolutely no rule against submitting a
contract to a coming soon listing
I look forward to getting your offer and
showing it to my seller
Great I’m sending it now. Do you got it yet?
Great news Kevin, my sellers have got it
they’ve accepted your offer
please sign or return it and we then will be ratified
Sweet action that is great to hear. My
clients are going to be so happy
can I come see it now?
I’m sorry not just
yet it cannot be shown while
still in the coming soon status once we get
it ratified I’ll change the status to
pending in the MLS
and then it can be shown
Wow I’ve had
girlfriends left it less difficult than
you what is
the deal man
No no no no I’m just being
ethical I’m following the rules my friend
it’s important that we follow the same
set of rules with everyone
playing by the same rulebook there’s no
gray area with coming soon listings they
cannot be shown
Wow we learned a lot today about what
you can and can’t do with coming soon
properties for more information check out the
Bright MLS website
to find out all of the rules and
regulations regarding coming soon
Home Owner’s Insurance
Up next we have Richard Bibb with Goosehead Insurance
talking to us about what
you need to know about homeowners insurance
how are you today Richard
I’m doing great
Awesome
So what are some of the things that
every realtor should know about
home insurance
well home insurance is
obviously required for every property
that’s sold and that they’re the key thing
realtor should be aware of is that
there’s incredible number of variables
that go into calculating the
premium for a home um and so some of the
things that i like to point out to
re-entrance that are important are
things like the age of the roof i mean
you probably don’t know this but
many insurance companies will not even
write an insurance policy
on a home if the roof is over uh older
than say 20 years so while there’s plenty of will
all i want so and the age of the roof is
a factor that every insurance company
wants to know
and the calculations into the premium so
that’s something that should be aware of
when you’re either
selling a property or representing a
buyer that’s buying
that’s awesome so you mentioned house
there are a bunch of different
insurance companies why is it vital that
customers shop among all the different
providers
well insurance companies uh have all
have different appetites for the type of
risk that they like to ensure i mean
some people
only like you know only one insurer properties that say are in suburban neighborhoods and
they don’t like rural properties for
example some companies don’t like
properties that are near water
while there are others that will write
those so that because of so many
different types
of properties out there that their
different insurance companies are going
to be like that type of property and may not
like another type of property so the
only way to find out really is to go
shop among the different
different companies to find out who’s
going to have a good premium for the
particular property that you’re
involved in selling yeah and around
Fredericksburg of course we have all
those different types of
properties you got to King George it’s
like very rural developments
So downtown Fredericksburg has a lot
of historic homes
so what are some things that an agent or
a consumer might need to know about
insuring those
well the most common type of loss
settlement is
where you ensure the companies insure
the property for its replacement cost
which is
as the name implies it’s how much would
it cost to replace the cost that
replaced the house
in the event of a total loss with older
homes
and historic homes
many times we do what’s called a
modified replacement cost or
where instead of replacing exactly as
it’s currently built obviously if it was
built in the 1850s it’s hard to
replicate exactly the constructive
methods and so forth
you may have to have insured to what’s
called a modified replacement cost where
essentially they
build it like it was but using modern
materials and modern
construction techniques and so those are
things that just come into play when
you’re dealing with
properties that are you know say 75 plus
years old or something
so what are some things that people need
to look out for that homeowners
insurance might not normally cover
yeah it’s important to understand you
know what’s covered under your
homeowner’s insurance and the list is
quite long but there’s also a couple of
very common things that the
insurance does not normal home
insurance does not cover
and that’s for damage from things uh
like earthquake
uh and damage from uh from flood uh
earthquake was something that
around this area people didn’t think
about much of until or 15 years ago so
when the event happened in mineral
and now uh you know there’s a disclaimer
that’s provided with every insurance
policy pointing out
to them that the standard policy does
not cover earthquake insurance
damage from earthquake um there are
endorsements available from practically
every insurer to cover earthquake damage
to certain extent
we point that out to the customer but
it’s important to realize that your
standard policy does not cover
things for earthquake also similarly
with flood
flood usually have to get a separate
flood policy either from the national
flood program
or there’s a number of private insurers
that offer flood insurance now
and usually at a much more competitive
rate and so it’s important
to you know when you’re when we’re
dealing with a customer particularly if
they’re in an area where they’re
near a river or
a body of water that’s subject to
flooding to make them aware of that and ensure it
properly secure the property with the flood
insurance in addition to the regular
homeowners insurance
awesome so that is awesome information i
feel like every agent is going to feel a
little bit more prepared now because
honestly insurance can seem so scary to
begin with
and then people are asking me questions
as you’re going
so um if an agent wants to refer you to
their client or insure
their stuff with you how can they get in
contact with you
well this is the thing
just to call me my
phone number is 571-349-9069
um you can reach me by email
richard.goosehead.com
The 2021 February FAARside Newsletter is ready for you!
It’s here, FAAR members! Your copy of the February Newsletter, the FAARside is ready for your review! Crack open a copy to learn about what’s going on at the Association including a letter from the President, 2020 accomplishments, and more!
This edition includes
- 2021 Legislative Agenda
- How to maximize your FAAR membership
- An update on Stafford County Downzoning
- Zoom tips
- Fredericksburg REALTORS Foundation Annual Report
- FAAR’s March is for Members sneak peak
- 2021 Bright MLS Training Schedule
and more!
Right click here or the image and click “Save as” to download
How is the GRI different from other designations?
Of all the residential real estate designations offered through the National Association of REALTORS®, the Graduate, REALTOR® Institute (GRI) is the most comprehensive, providing a broader scope and depth of training.
Designees must complete a minimum of 60 classroom hours that cover legal and regulatory issues, technology, professional standards, and the sales process. Using materials that go well beyond real estate licensing courses, GRI instructors have prepared resources that agents don’t necessarily know they need, helping build their confidence to work more successfully with buyers and sellers alike.
Each state establishes its own GRI curriculum requirements, allowing flexibility to integrate state-specific material with key national topics, including:
Market Knowledge: Neighborhoods and property amenities, considerations for housing types, developing CMAs and impact of MLS, financing options and home-buying programs, inspections and appraisals/valuations
Business Skills: Prospecting, buyer and seller services, creating your niche market, negotiations, creating and implementing your brand
Systems and Tools: Record retention, form platforms and applications, website portals, marketing tools, hardware and software to streamline your business
Avoid Setbacks, Fines, and Lawsuits: Professional standards, contract to close, risk management, agency relationships, and advertising
In some cases, GRI courses overlap with other designation requirements or are eligible for CE credit, providing additional value from your training. You’ll gain comprehensive knowledge and skills you’ll continue to draw upon for many years to come. There are not, however, any annual dues to maintain your GRI designation.
Learn More
Earning the GRI designation is an intensive, in-person experience that gives you the information and tools to grow your real estate practice. Learn more and find courses offered in your area: virginiarealtors.org
FAAR 2020 housing market one of hottest in state
Check out the 4th quarter home sales report produced by the Virginia Realtors® for the FAAR footprint. The 4th quarter did not see the traditional seasonal slowing that we expect to see as the year winds down. Consumer demand was very strong in the last 3 months of the year. The report states, “The supply of homes for sale is tight and continues to dwindle. There were just 635 active listings in the FAAR market at the end of the 4th quarter, a 61% reduction from a year ago.”
Click the button below to access the full report and use it in your business!
Stats, stats everywhere!
FAAR has so many great sources of real estate data, dive in and see what best fits your needs! Here is a rundown of what we push out on a regular basis.
- Granular, jurisdiction level reporting
- Press release on the region as a whole
- Infographic on the region with a local spotlight
- Virginia Realtors® Monthly Market Indicators Report
- BrightMLS Monthly Report
- Quarterly Virginia Realtors® Housing Report
Whew, we know that’s a lot of data! Each item is linked below and starting in February of 2021, all data will be housed with a fresh new look on the market statistics page. Take a tour of the statistics reports available and take what is useful for you, all of this is available for you to use in your business!
MONTHLY HOUSING STATISTICS
Click on the buttons below for each local jurisdictions’ 2020 year-end report. This information is located in the second block down on the right side of the Market Statistics page and is updated monthly.
The next items are all also found on the market statistics page. They are either listed by month along the right side or in the body of the page.
Have clients who need rent or mortgage assistance?
The FAAR Property Management Committee has delved into some important issues recently including accessing rental assistance on behalf of tenants. Check out the links below for more information on state administration of the program, what might be coming down the pike from Washington, and registration for our next Property Management Committee meeting.
Virginia Housing now administering the Rent and Mortgage Relief Program
Virginia Housing, formerly VHDA, is now the centralized hub for this renamed program. To get information on applying on behalf of your clients or following up on an existing application, please visit the Virginia Housing website. We have always had a great relationship with the VHDA folks so if you are experiencing any issues with applications on behalf of your tenants, please email Kim McClellan at FAAR so that we can share that with the state.
Recording of January Property Management Meeting featuring NAR
If you missed the meeting on Wednesday, click here to access the video recording.
Save the Date: Wednesday, March 3 at 9:00am Property Management Meeting featuring the Virginia Realtors®
We will hear from the Government Relations team at the Virginia Realtors® about what happened in the General Assembly session and what we need to prepare ourselves for in terms of new laws come July 1. Register here
2021 is the year to get Realtors Health Insurance!
We’ve come close in the past, but 2021 is the year for us to get the Virginia REALTORS® Health Plan legislation across the finish line.
Senator George Barker has introduced SB 1341, and Delegate Chris Hurst has introduced HB 2033 to accomplish this goal.
NOW we need your help.
Click the button below to access the Call for Action to support SB 1341 and HB 2033 to allow you the chance to pursue affordable, quality health care options through the Virginia REALTORS®.
For some background, many other groups of small employers are permitted to band together to create their own, single risk pool and to offer a health plan to these employees. We are simply looking to have the same ability for our independent contractor members. The Virginia Realtors® Health Plan will include the same consumer protections included in the Affordable Care Act.
We estimate that 7,000 Virginia Realtors® go without health insurance each year because they do not qualify for the ACA’s premium subsidies and they cannot afford the high out-of-pocket costs for premiums and deductibles for an “unsubsidized” individual market plan. We believe that if the Virginia Realtors® is able to create a health plan, many of uninsured members will be able to access much-needed health coverage that is affordable, comprehensive, and includes all of the necessary consumer protections.
Top 3 Reasons to Earn Your GRI
It doesn’t matter if you’ve been in the business a while or are just starting out. If you’re hungry for more success, it’s time to raise your real estate career to a higher level by earning the most comprehensive real estate designation: Graduate, REALTOR® Institute (GRI).
Just ask current GRI designees. In a recent survey, they indicated these top three reasons for earning the GRI:
1. Gain comprehensive knowledge
The coursework provides in-depth training on the most essential topics, including market knowledge, business skills, systems and tools, and risk management—substantially beyond what’s covered by licensing courses.
2. Build confidence
Past graduates consistently say they love their GRI because it gave them confidence in their own skills and credibility with clients—essential components for building a successful real estate career.
3. Impress consumers
With “Graduate, REALTOR® Institute” by their name, they stand out in their market as an agent who takes advanced real estate education seriously.
Not only do GRIs have a leg up on agents without the designation, the time required to earn your GRI goes a long way towards demonstrating your level of commitment to yourself, your clients, and the industry. It’s a true win-win-win proposition.
How is the GRI different? Unlike most NAR designations, the GRI is managed independently by each state association of REALTORS®, with slightly different course requirements. This provides an optimal blend of state-specific content along with national perspectives. Also, GRI designees do not pay any annual dues to maintain their designation.
Learn More
Are you ready to become a GRI and elevate your business? Learn more and find courses offered in Virginia at virginiarealtors.org
Fredericksburg-area Real Estate Market Wraps Up a Sizzling Year
“In a year of uncertainty, one thing was certain: the housing market was hot,” states 2021 FAAR President Carrie Danko. “In March, as widespread local shutdowns and quarantines were implemented to curb the pandemic, it seemed that the housing industry should prepare for a tough year,” continues Danko. “Instead, we saw buyers and sellers adjusting to COVID precautions and restrictions resulting in one of the best years in real estate in over a decade.” The year closed out with a total sold dollar volume of just over $3 billion which represents a nearly 30% increase over the year-end totals for 2019. The market saw a significant 10% year-over-year increase in median price, going from $310,000 in 2019 to $339,520 in 2020. Units sold increased over 19%, finishing out the year at 8,310 compared to 6,978 units sold in 2019.
“The only downside to the 2020 market was low inventory and buyers felt it. Most sellers experienced multiple offers, likely over list price, after only days on market. Many buyers experienced disappointment after disappointment, especially buyers in the most competitive price ranges. Ultimately, 2020 did end with very happy sellers and buyers as evidenced by the over 8,000 transactions that took place in our market,” says Danko.
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 a whopping 31% with houses averaging 42 days on the market in 2019 compared to just 29 days in 2020. More than half of homes sold in 2020 went under contract in 10 days or less. The vast majority of sales were of 3 or more-bedroom single family homes, with that segment making up over 83% of the total units sold.
December kept with the trend of the year and posted an impressive 56% increase in sold dollar volume and a nearly 44% increase in units sold. The month saw more than $259.8 million in total sold dollar volume, compared to $166.5 million in December of 2019. Median price was up 10%, settling at $347,222 this December compared to $314,388 last December. Units sold increased from 483 last year to 695 this year, with significant increases in both attached multifamily and detached single family.
Inventory has been the main challenge facing the local real estate market for a few years now and the events of 2020 exacerbated an already bad situation. December 2020 closed with the lowest number of homes available on the market in over 10 years with just 511 available properties, which represents a less than one month supply of homes. By comparison, we closed the year 2015 with a 3.8-month supply of inventory and 1,574 homes on the market.
While any predictions about 2021 are incredibly uncertain at this point, Realtors® are anticipating a strong year in the market. “My hope for 2021 is that interest rates remain at historic lows, inventory starts coming on the market at higher levels, strong buyer activity continues, and that 2021 finishes even stronger than 2020,” Danko concludes.
Check out the 2021 Virginia Realtors Legislative Agenda
- Flood awareness: Creating a flood risk report, compiled by data already available through the Department of Conservation and Recreation, to provide accurate and easy-to-understand information to potential home buyers and require disclosure when a property is designated as a repetitive loss structure by FEMA.
- Protecting tenants in a foreclosure: Conforming Virginia law to the federal Protecting Tenants at Foreclosure Act (PTFA) of 2018. The PTFA requires that a purchaser at foreclosure allow a tenant to continue to occupy the rental dwelling unit for up to 90 days if the purchaser is buying the house as their home and up to the balance of the term of the existing lease if the purchaser is buying the house for investment.
- Guaranteeing virtual access to POA/COA meetings: Allowing property owner and condo unit owners associations to conduct regular and annual meetings through electronic means. The Attorney General has already opined that these meetings can be held electronically but stakeholders believe it would be prudent to add this to the Virginia Code.
- Providing Affordable Healthcare Insurance: We are considering introducing a narrowly tailored version of last year’s Association Health Plan legislation to allow only real estate licensee members of the Virginia REALTORS® to pool together as a large group in the pursuit of more affordable, quality healthcare coverage. Association Health Plans are already allowed under Virginia law, but because of the self-employed nature of our members, thousands of Virginia REALTORS® are prohibited from accessing affordable coverage through AHPs. Because of this, we estimate that nearly 7,000 Virginia REALTORS® go without health insurance because they are stuck in the gap between qualifying for subsidies and being able to afford the out-of-pocket costs for insurance.
Press Releases
2019 Was a Great Year for Local Real Estate Market
The 2019 real estate market posted significant gains in total sold dollar volume and units sold, experienced modest price appreciation, and saw seriously increased competition with low inventory and very low days on market. The year closed out with a total sold...
NAR Real Estate Forecast: Slower Growth, Price Gains to Continue
From the National Association of Realtors Real Estate Forecast Summit on December 11, 2019.... Slower Growth, Price Gains to Continue“Real estate is on firm ground with little chance of price declines,” says NAR’s Chief Economist Lawrence Yun. “However, in...
Cooler Weather Can’t Chill the November Real Estate Market
The real estate market posted a strong November with gains in total volume, median price, and units sold and a decrease in days on market. Total sold dollar volume increased nearly 24%, going from approximately $120.3 million in November of 2018 to nearly $148.7...
Local Real Estate Market Remains Strong in October
The October real estate market posted a large increase in sold volume fueled by double digit rise in number of units sold. Total sold dollar volume increased from $138 million in October of 2018 to $178.1 million in October of 2019, representing a 29% year-over-year...