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!
Women’s Council of Realtors Economic Roundtable
On Tuesday, August 10, 2020, the Women’s Council of Realtors® hosted an economic roundtable with officials from all six jurisdictions in the FAAR footprint. The wide ranging discussion touched on aid to small businesses impacted by the coronavirus, new prospects that continue to demonstrate strong interest in our region, new housing projects under constructions, and broadband deployment. Catch the entire conversation by clicking on the image above. Want to contact one of the speakers directly? Use the information below to reach out with your questions.
Fredericksburg Regional Economic Development Contacts
Gary Wilson
Caroline County
Director
Economic Development
gwilson@co.caroline.va.us
Bill Freehling
City of Fredericksburg
Director
Economic Development & Tourism
bfreehling@fredericksburgva.gov
Nick Minor
King George County
Director
Economic Development & Tourism
nminor@co.kinggeorge.state.va.us
Rose Deal
Orange County
Project Manager
Economic Development
rdeal@orangecountyva.gov
Debbie Sanders
Spotsylvania County
Interim Director
Economic Development & Tourism
dsanders@spotsylvania.va.us
John Holden
Stafford County
Director
Economic Development & Tourism
jholden@staffordcountyva.gov
Extension of Statewide Moratorium on Evictions
Update from the Virginia Realtors® on the current status of the eviction moratorium…
On Friday, August 7, 2020, the Supreme Court of Virginia responded to a request from Governor Northam for a statewide moratorium on evictions as COVID-19 cases continue to be reported in Virginia.
The court pointed to the ease with which COVID-19 spreads and the risks associated with traveling and being inside a courthouse.
Effective August 10, 2020 through September 7, 2020, the issuance of writs of eviction pursuant to unlawful detainer actions for nonpayment of rent are suspended and continued to allow the Governor’s administration to work with the General Assembly to develop a legislative package that will provide eviction relief and expand tenant assistance through the rent relief program.
The entire order is available here.
Virginia REALTORS® will continue monitoring this issue and providing the updates that impact your business. Additionally, you can find all the COVID-19 updates impacting REALTORS® on our COVID-19 Resources and Updates page
#Member Monday | Meet REALTOR Anne Corbin
The Fredericksburg Area Association of REALTORS® Member Spotlight feature allows members of the community to get to know each other before working with each other in a transaction. Each member answers a series of questions to reveal more about themselves as people. It is FAAR’s hope that learning about an individual may spark connections that blossom via email, phone conversations or in-person meetings at events and classes.
Name
Anne Corbin
Hometown
Unionville VA
Current Location
Mineral VA
Title
REALTOR® with Long and Foster
Number of Years in the Industry
7
Why do you love working in real estate?
I enjoy assisting people with their real estate needs. The flexibility I have with this job enables me to successfully juggle the demands of wife, mom, grandmother and daughter.
Favorite Work Story
I met Mr & Mrs. H when they looked at a log cabin in Madison. They passed on this REO but found another they wanted to buy. Using an escalation clause, we won the bid! BUT, there was pending litigation causing a cloud on the title. We ultimately voided the contract. The property sat vacant for 2 years. Another client contacted me to tour the property and I grabbed one of the flyers from the table. This client wasn’t interested so I mailed the flyer to Mr & Mrs H, who replied “you’re a temptress!” They chose to view the house again and, after a few trials & tribulations, including a bat in the house, we were able to successfully close on their dream log home!
What are you most proud of in your career?
I have worked hard to beat my personal goals each year and strive to keep in touch continuously with previous clients. I want them to know I am always here for them and any others they know that might need a good agent in the area.
Do you have a special cause or volunteer your time?
I am a member of the Belmont Club of Women and served the past two years as Secretary and Treasurer. We raise money to donate as scholarships and to charitable organizations including food banks.
Fun Fact
I am a first time grandmother (he’s 3 months old) and I am blessed that my daughter and her husband chose to move from SC to VA in May. I have “lived” with my grandson since he came home from the hospital.
Discrimination and bias have absolutely no place in housing
FAAR applauds the strong stance the National Association of Realtors® is taking on fighting discrimination and bias in the housing industry and echoes NAR President Vince Malta’s recent comments on HUD’s proposed changes that weaken the disparate impact rule.
“NAR is disappointed that HUD is retreating on its decades-long policy requiring that communities receiving taxpayer money address discrimination and segregation. We previously communicated that disapproval to the industry and to the public , and our stance remains unchanged. Our commitment to fair housing and the property rights of all is unwavering. Discrimination and bias have absolutely no place in housing. We will continue to push all policymakers in Washington to ensure that the federal government promotes equality and eliminates discrimination in the housing market, for the benefit of all.”
Big story from Q2 real estate statistics? There are no homes! Check out the full report…
It’s clear that real estate has weathered the COVID-19 pandemic storm very well up to this point. Some Realtors® are having the best year of their career, but how long can the hot market last? Mortgage rates are expected to stay low and there is a glimmer of hope on the medical horizon with active vaccine trials underway. But virus hot spots continue to rage in parts of the country and fears about a resurgence are always at the back of people’s minds. Despite the significant increase in prices and plummeting days on market, would-be sellers continue to hold back. The area is seeing barely a month supply of homes meaning many, many frustrated buyers. The second quarter of 2020 ended strong for real estate but the perpetual question of what does the future hold remains a focus of all associated with the industry.
Access the full report below and share with your clients and customers. Questions or feedback about the report? Send Kim McClellan an email.
#Member Monday | Meet Broker Lauren Smith
The Fredericksburg Area Association of REALTORS® Member Spotlight feature allows members of the community to get to know each other before working with each other in a transaction. Each member answers a series of questions to reveal more about themselves as people. It is FAAR’s hope that learning about an individual may spark connections that blossom via email, phone conversations or in-person meetings at events and classes.
Name
Lauren Smith
Hometown
Ridgefield, CT
Current Location
Spotsylvania, VA
Title
REALTOR®, Long & Foster
Number of Years in the Industry
30
Why do you love working in real estate?
My passion is helping Realtors achieve the success they desire in their real estate career. It goes way beyond just telling an agent how to succeed rather getting in the trenches with the agent, working side by side and showing them how, with action steps, hands on one on one training and learning at their pace. Watching an agent’s confidence grow within themselves is one of the most rewarding experiences and is why I choose to be in my role.
Favorite Work Story
Turning the “I can’t into I can and succeeded”
What are you most proud of in your career?
Making a significant impact with those who desire to have a sustainable career in real estate
Do you have a special cause or volunteer your time?
My biggest investment of time is dedicated mostly to developing agents before, during and after work hours. I look for opportunities where I can give back to my community through my church, Salem Baptist Church, Back To School drives, Cereal Drive for the Fredericksburg Area Food Bank, FXBG Love Scrub, Christmas for the Adults and Children with the Thurman Brisben Center, Feed The Gap – Spotsylvania County, VA.
Fun Fact
Love spending time with my family and best friend. I do treasure alone time either walking the battlefield or organizing my home. My favorite place is the beach!
Sample Ballot for the 2021 Leadership Slate of Candidates
Voting is now open for the 2021 FAAR Board of Directors
All FAAR members are invited to vote at https://vote.electionrunner.com/election/tS2mD
To vote you will use your NRDS Number as your Voter ID and your email as your Voter Key
View the recording of the Meet the Candidates Event here
Review the Sample Ballot-
2020 Election Slate for the 2021 FAAR Board of Director announced
At its July 21 meeting, the Board of Directors blessed the 2020 slate of candidates as recommended by the Nominating Committee chaired by Linda Fosdick, Dockside Realty. The official ballot will be sent electronically to members on August 14. The final day to vote is September 16. Balloting closes at noon. The results of the election will be announced at a zoom meeting at 2 pm on September 16.
Become acquainted with the candidates. The Sample Ballot is linked. New for this year, a Meet the Candidate zoom event scheduled for mid- August. Candidates have the opportunity to film a campaign video and create their own marketing flyer assisted by the FAAR staff. Their biographical information will appear in the August issue of FAARSide.
Be a responsible member, learn what each candidate has to offer and then VOTE August 14- September 16 at noon.
New this year—
- Meet the Candidates event mid- August. Watch the recording here!
- Individual video produced at FAAR for each candidate for viewing by the entire membership
- Annual review- Read the candidates bios in the August edition of the FAARSide
Sample Ballot
Slate of Candidates- 2021 Leadership
Electronic Balloting begins August 14, ends September 16 at noon
FAAR offers electronic voting. The ballot will be sent in an email to each REALTOR® member on August 14. Members will have a little over 4 weeks to vote. The balloting closes September 16 at noon. Since there is no Expo this year, the results of the balloting will be announced during a zoom general membership meeting on September 16 at 2 pm. The results will be communicated to the entire membership soon after this announcement.
President Carrie Danko, 1st Choice Better Homes & Land
President-Elect Deb Ellis, Coldwell Banker Elite
Vice President Carol Sondrini, Coldwell Banker Elite
Secretary Randy Walther, Nest Realty
Treasurer Kelly Walker, Coldwell Banker Elite (Two-year term)
Immediate Past President Drew Fristoe, Coldwell Banker Elite
Directors- Four candidates for three positions. Select up to three..
__ Pia Contreras- Sanchez, Prime Realty
__ Dawn Josemans, Coldwell Banker Elite
__ Kardin Lillis, Weichert, Realtors
__ Lauren Tate, Century 21 Redwood
Two candidates for 1 affiliate position. Select one.
__ Scott Hine, Assurance Financial Group
__ Donna Schmidt, 2-10 Home Buyers Warranty
Returning Directors-
Clay Murray, Pathway Realty
Sandy Pearce, Pathway Realty
Lynn Lenahan, 1st Choice Better Homes & Land
Work with Dotloop? Privacy policy changes tonight
Article published July 2020
Dotloop’s Privacy Policy Change Regarding Usage of Account Owner and Client Information
How Community Service Can Help Grow Your Business
Last Sunday July 12, a group of REALTORS® and other community members gathered at Hurkamp park for a community beautification project. We sat down with the organizer of the event Chip Taylor of Long and Foster to talk about why community service is so important and how it contributes to your business.
Listen to the full podcast here
Why Community Service Is Important
When asked why he felt community service was so vital Chip replied, “I think in any
community you’ve got those amazing rock stars that are helping homeless, helping school children, or whatever the charity is, but they can only do so much. There is a real need everywhere and they need volunteers. Some people get burnt out after a while some people have to do different things so there’s just a constant need for people to help out and do their part as much as they possibly can.”
Throughout Fredericksburg and the surrounding areas there are countless charities and organizations constantly searching for volunteers. Our community really wouldn’t be the same without some of these groups. The sad truth is that a very small amount of our population is doing the majority of the work. Every day our community is being transformed for the better based on the work of the few.
Why REALTORS® Should Be Active In Community Service
Often times REALTORS® are told they should be involved but it is not always clear why. When we posed this question to Mr. Taylor, he had this to say, “ It is important for realtors to be involved. I think that realtors are uniquely positioned as professionals to be involved in their community in many ways. We are the first people that are meeting people who are moving into this area. We are introducing them to our home, to our downtown, to everything around here and I do think that we need to be good stewards of the community so that when we are telling people why they should live here, we should be an active part of why they should live here.”
He continued ot share how he was able to cultivate continual relationships with his clients based off of his community involvement. “It’s just become a big thing for me. I’ve incorporated it into my business so my clients all know that when September/October arrives when I’m calling them or if I’m emailing them, they are already buying cereal to get ready for it. I’ve got some clients that have kids that are saving their allowances and going shopping for cereals so it’s really become a big thing. Last year we collected 3,375 boxes of cereal just for King George and we were able to fill every single pantry in King George and even some in Colonial Beach.”
How To Get Started Today
- Community Service Committee
- FAAR’s Cereal Drive
- Join a Love Scrub
- Pick up trash in your community
- Volunteer at a local organization
- Starting a digital food drive
Summer Selling Season is in Full Swing
The summer selling season is in full swing in the Fredericksburg area with June real estate statistics blowing 2019 out of the water. Total sold dollar volume increased by 42% fueled by a nearly 8% rise in median sold price and a nearly 31% increase in units sold. Total sold dollar volume settled at approximately $336.6 million compared to $236.8 in June of 2019. Median sold price held steady from May coming in at $339,000, posting a nearly 8% gain. Units sold far outstripped last year with a whopping 934 properties changing hands, compared to 714 in June of 2019, representing a nearly 31% year-over-year increase.
“Many Realtors® were initially expecting the Real Estate market to come to a screeching halt back in March or at least slow down considerably as the pandemic progressed. But with historically low interest rates and a large part of our population in tech-friendly positions, people’s personal lives have changed socially but many are unchanged financially with regards to their ability to meet pre-approval qualifications with lending institutions,” comments FAAR Board Member Lynn Lenahan. “Now that we are into summer, it seems summer is our spring and it’s very busy. We are hurting for inventory more so this year than even last. People want to, and in many cases, need to move but have little to choose from. This has created bidding wars, multiple offers, escalating prices, lots of activity, one happy purchaser, tons of disappointed potential buyers, frustrated agents and a tough time for appraisers in finding comps to support the upward trend.”
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 almost 14% with houses averaging just 31 days on the market in June 2020 compared to 36 days in June 2019.
Overall active listings were down over 54% this June compared to last year and new listings coming on to the market were down nearly 17%. In June of 2019, many agents identified a lack of inventory as the biggest challenge in the market. At that time, the local market had about a 3.6-month supply, a healthy and balanced market is generally considered to be 6 months of supply. The market is seeing a measly 1.3-month supply of homes, with just 811 on the market at the end of June compared to 1,775 at the end of June 2019. New pendings were up over 20% indicating that this trend of a very active market is set to continue throughout the summer.
Press Releases
FAAR Public Policy Director, Kim McClellan, Receives Prestigious RCE Designation from NAR
Kim McClellan, Public Policy Director of the Fredericksburg Area Association of REALTORS®, is being honored by the National Association of REALTORS® with the REALTOR® Certified Executive (RCE) designation, which recognizes exceptional efforts made by...
February Picks Up the Pace in Local Real Estate Market
While February statistics tracked fairly closely to 2018 numbers, pending sales indicate a warming in the local real estate market. Total sold dollar volume increased 2.4% in February, coming in at $106.4 million compared to nearly $103.9 million in...
FAAR Partners with Local Housing Non-Profits to Expand Affordable Housing Opportunities
On any given day, 200 adults and children are homeless in our community. Homelessness is often a root cause of many other issues such as poor health, trouble in school, and lack of employment. No one can feel stable without a place to call home. The...
January Ushers in a Sluggish Start to 2019 Real Estate Market
The 2019 real estate market kicked off with mixed results. Total sold dollar volume fell 14.5% in January, coming in at $88.961 million compared to over $104 million in January of 2018. The number of units sold decreased year-over-year over 13.7%, going...