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The fruits of your funds…
It’s not everyday that we get to see the tangible outcome that our funds help support so the Fredericksburg Realtors® Foundation is so excited to share this story. In August of 2019, the Foundation granted $1,500 to SAWs Virginia, a relatively new charity to the Fredericksburg landscape that builds wheelchair ramps for those in need. Here is the true story of what those raffle funds you all contribute go towards…
Our grant built a wheelchair ramp for a woman who has been disabled for many years with degenerative disk disease and neuropathy. Her husband is also medically disabled. They rent a single floor home, but have a set of several steps leading into the house. She could not exit her home without the assistance of medical transport but this wheelchair ramp changes everything. Thank you, FAAR members, for your continued support of the Fredericksburg Realtors® Foundation, stories like these are why we do what we do!
Are you a problem solver? FAAR seeks mediators and ombudsmen
By Pat Breme, RCE, CIPS
Chief Executive Officer
If people often comment that you are leveled, have a calm exterior and get particular satisfaction resolving conflicts, then FAAR needs you. So often formal complaints are avoided when a member of the public or even another agent works with a FAAR Ombudsman. Trained in conflict resolution, an Ombudsman steps in and communications the issues to both sides in a conflict. Through back and forth conversations, the Ombudsman often navigates to a resolution. Sometimes a resolution doesn’t happen and a formal complaint is filed but at least the option is available.
Mediation is offered when the Grievance Committee moves a complaint or a request to arbitrate on for a hearing. If the parties agree to sit down together, the mediator creates an environment where the parties can talk, face-to-face, and perhaps find a solution to the issue, avoiding a hearing.
In both cases, the Ombudsman and the mediator must keep a cool head and not take sides. The activity is not for everyone but for those who enjoy the process of conflict resolution and find satisfaction in assisting people work through problems, it is very rewarding.
Virginia REALTORS® is offering a class on March 24 from 1- 5 pm at the headquarters in Richmond. If you fit the description and are willing to serve in either capacity please contact me, pbreme@faarmembers.com, to register for the class or to get more information.
FAAR will cover the cost of the training and mileage to the Virginia REALTORS® headquarters.
February 2020 Newsletter is here!
Your one stop shop for FAAR information in one place—Learn what local REALTORS® have accomplished recently, read the update on the General Assembly, and get excited for our free March is for Members activities! But that’s not all!
This edition includes
- 2019 Year in Review
- Message from the 2020 FAAR President, Drew Fristoe
- Thank you to RPAC investors
- Instructors Wanted
- C2EX endorsed FAAR members
- An update on the General Assembly
- Yearly CE/PL and Designation/Certification Schedule
and more!
Don’t like reading on screens? Visit FAAR to pick up a print copy or request an office visit and we’ll bring them to you!
Thanks for reading!
Right click here or the image and click “Save as” to download
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!
#MemberMonday Meet REALTOR® Terin Merriman
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
Terin Merriman
Hometown
Alexandria, Virginia
Current Location
Stafford, Virginia
Title
Realtor® at Coldwell Banker Elite
Number of Years in the Industry
3 Years
Why do you love working in real estate?
My passion for real estate is more than a paycheck. It’s the thrill of negotiating a deal and guiding my clients through 1 of the biggest milestones & investments of their life. I love gaining all of the new knowledge and experience that each unique transaction provides. Real estate is ever-changing and never fails to captivate me.
What are you most proud of in your career?
A moment in my career that I am most proud of is surpassing my goal and selling over $1 million dollars worth of real estate in my first year of being licensed.
Do you have a special cause or volunteer your time?
I have a huge soft spot for animals. After adopting my own pup, Henry Theodore, from the Stafford Animal Shelter I really seen first hand what tough transitions homeless animals go through. I often donate to my local animal shelters and SPCAs across the U.S. helping not just domesticated animals but wildlife as well.
Fun Fact
Most of the employees at my local Target know me by name.
#MemberMonday Meet REALTOR® Janny Sims
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
Janny Sims
Hometown
Cleveland, Ohio
Current Location
Fredericksburg
Title
REALTOR® at Long and Foster
Number of Years in the Industry
3
Why do you love working in real estate?
It doesn’t feel like a job. I love it! When you get rid of any ego, it’s about the family/ people you are working with, whether buying or selling, and helping them get to their next destination. It’s a very gratifying feeling knowing that you have helped in this big decision, and they trust you to do it!
Favorite Work Story
My first listing.
It was a unique property, which is typically a little bit harder sell. The owner knew I was brand new, and had the confidence in me to list the property. After 9 months, they decided to go with another agent to list their home. I knew that I had given 110%, but understood their frustration. After another 9 months with the new agent, the home still did not sell. I called the owner and told her it killed me that I did not sell their home, and please give me another try. They did, and the house sold! That was a great feeling!
What are you most proud of in your career?
I realize that I love a challenge, but most appreciate that my clients trust me.
Do you have a special cause or volunteer your time?
Loisann’s Hope House, no family goes homeless! I have been involved with this organization for about 10 years and am on The Board of Director’s. It’s amazing to me how we don’t realize how homelessness is right in our backyard. I was actually selling a home two years ago, and they had a renter in an apartment on The property. One day I met the renter, who I was told lost everything, and the church was paying the rent money. I knew the man, and his two sons, they went to school with my son a few years back. I had no idea, no one did. That was a huge eye opener! There are many many people we can help.
Fun Fact
Years ago I was a hairdresser, and I assisted the artist who did all the hair on the mannequins at The Rock and Roll Hall of Fame. That was amazing!
Do you have a favorite local housing charity?
Do you have a local housing charity that you work with and would like to see considered for funding from the Fredericksburg Realtors® Foundation? Then we want to hear from you! We work with lots of local non-profits, but we know there are even more and we love the opportunity to get to know new folks doing great things in our region. Submit the charity’s information below and we will reach out to see if the organization would be a good fit for our funds.
Nominate your favorite housing charity!
Do you work with a local charity doing great work related to housing? Then provide us with their information and the Fredericksburg Realtors Foundation will reach out and see if there is a way for us to help them.
FAAR has a podcast!
Introducing FAAR Louder, your official Association podcast! These bimonthly sessions will feature elected officials, hot topics, and news you can use. We are working to launch the podcast on your favorite apps but in the meantime, take a listen here.
Episode 1: How the General Assembly impacts your business
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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 dollar volume of $2.324 billion which represents a nearly 21% increase over the year-end totals for 2018. The market saw a modest 3.34% year-over-year increase in median price, going from $299,990 in 2018 to $310,000 in 2019. Units sold increased over 16%, finishing out the year at 6,978 compared to 5,997 units sold in 2018.
2020 FAAR President Drew Fristoe states, “2019 was a great year. Like most years, it had its ups and downs, and saw considerable challenges with a constrained inventory, but overall sales were up and 2020 is already off to a strong start. I personally have clients in the wings, just waiting for the right time to jump into the 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, fell a whopping 42% with houses averaging 72 days on the market in 2018 compared to just 42 days in 2019. Over 32% of homes sold in 2019 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 80% of the total units sold.
December, a traditionally slow month in real estate, bucked traditional trends and ended the year with an impressive 68% increase in sold dollar volume and an over 56% increase in units sold. The month saw more than $166.5 million in total sold dollar volume, compared to just over $99 million in December of 2018. Median price was up about 2%, settling at $314,388 this December compared to $307,500 last December. Units sold increased from 309 last year to 483 this year, with significant increases in both attached multifamily and detached single family.
FAAR agents are anticipating another strong year in the local market with modest price appreciation. Limited inventory will continue to plague the market, but continued low interest rates, strong consumer confidence, and a growing economy will provide a solid foundation for the real estate market in 2020.
#MemberMonday Meet REALTOR® Michael Brannon
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
Michael Brannon
Hometown
Daytona Beach, Florida
Current Location
Woodbridge
Title
REALTOR® at Coldwell Banker Elite Stafford
Why do you love working in real estate?
I love to see that special smile on someone’s face when they get the keys to their new home or when they turn over the keys so that they can move on to the next chapter of their lives. I also enjoy the marketing aspects of real estate, creating new ways to reach out to people, as well as pushing the limit of what is expected. Additionally, the “Details” – the curb appeal, the layouts and designs, and the architecture – I love classic buildings, especially in Big Cities. I wouldn’t want to live there, but visiting is okay.
What are you most proud of in your career?
I spent a lot of my life living in rentals. I’m proud that I get to help people realize the joys of owning a home, gain a stronger connection to the community and a place that provides a stable environment for their families – sooner rather than later!
Do you have a special cause or volunteer your time?
I have the privilege of working with members of the Communication and Technology Committee as the Vice-Chairperson and I excited about the year ahead. I also serve as a member of the Northern Virginia Veterans Association of Real Estate Professionals (VAREP) where we work to increase sustainable homeownership, financial-literacy education, VA loan awareness and economic opportunity for active-duty military and Veterans. I also spend time as a Food Rescue Hero with the ACTS Prince William Food Rescue program where we help to end hunger by delivering potentially wasted food from donors to those in need.
Fun Fact
I never met an egg I didn’t like.
Press Releases
FAAR Release April Housing Market Report
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FAAR to Host Professional Clothing Drive for Area Non-Profits
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March Kicks Off a Strong Spring Selling Season
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FAAR Releases March Housing Market Report
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