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NAR Offers Cyber Liability Insurance
On February 20th, NAR announced a partnership with CyberPolicy® to deliver a new cyber liability insurance program designed to meet the unique needs of real estate professionals. As NAR continues to combat the escalating threat of fraud in the real estate industry by offering educational and preventative resources to members, the partnership will help REALTOR®-owned brokerages efficiently compare, quote and purchase quality cyber insurance plans from a select group of carriers who understand the unique needs of real estate professionals and offer exclusive NAR member benefits.
Know someone planning to attend the University of Richmond? FABA has a scholarship for them!
The Fredericksburg Area Builders Association has a scholarship program for students from the area who are attending the University of Richmond. It is open to ANY student in the qualifying region so if you know a high school senior planning to attend UR in the fall, send them the information below!
The Steigleder Family Scholarship Fund awards scholarships to one or more academically outstanding students who qualify for admission, and plan to attend (or who are already attending) the University of Richmond as a full-time undergraduate student. The scholarship amounts awarded in the past few years have ranged between $3,000 – $6,500 per student each year (renewable annually with re-application, provided that the recipient continues to be enrolled as an undergraduate at the University of Richmond and maintains satisfactory academic citizenship).
The application deadline is April 15, 2020. Students who are awarded scholarships will be notified no later than April 25, 2020.
The Steigleder Family Scholarship Fund was established in 1998 by a past president of the Fredericksburg Area Builders Association. This scholarship is ONLY available to students from the Fredericksburg Area (Caroline County, City of Fredericksburg, King George County, Orange County, Spotsylvania County, and Stafford County) with preference given to residents of Caroline County, Virginia.
The University of Richmond will approve and confirm that all scholarship applicants meet the conditions of the scholarship criteria. Scholarship recipients must be enrolled full-time in a degree program at the University of Richmond. Additionally, recipients must be a resident of the Fredericksburg Area (Caroline County, City of Fredericksburg, King George County, Orange County, Spotsylvania County, Stafford County) with preference to a resident of Caroline County, VA. The scholarship will be applied to the recipient’s financial aid package at the time eligibility is confirmed. If the recipient is also receiving need-based financial aid, this scholarship will first be used to replace need-based loans and/or work study. Grant assistance will be reduced, if necessary, to keep the total of all aid within the student’s demonstrated financial need.
Spotsy Sign Enforcement Changes
Spotsylvania County is changing its sign enforcement policy. The underlying zoning ordinance on signs is not changing. It has always been illegal to place signs in the VDOT right-of-way, but the County has historically suspended enforcement of its sign rules from 12:00pm on Friday to 12:00pm on Monday. The Board of Supervisors voted to eliminate the weekend grace period of sign enforcement. The County has released guidance on the new enforcement policy which is linked below.
Chatham Bridge, baseball stadium, new parks…there is a lot going on in the City!
There is a ton going on in the City of Fredericksburg as attendees as the most recent real estate roundtable learned. There is lots of commercial and residential development with projects like Liberty Place and Telegraph Hill. The baseball stadium is on track to open for the Fred Nats first game on April 23. The Chatham Bridge is being closed for reconstruction and a huge marketing campaign is kicking off to get people ready for the detours. Check out the presentation by the City on the Chatham Bridge and how it might impact you and your clients.
#MemberMonday Meet REALTOR® Danielle Kitzmiller
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.
sName
Danielle Kitzmiller
Hometown
Swindon, United Kingdom
Current Location
Stafford
Title
REALTOR® with Holt for Homes
Why do you love working in real estate?
This industry really ticks all the boxes for me. I am a bubbly easy going people person, who loves to share in the excitement of finding new homes for my clients. I realized a long time ago I was not cut out for the monotony of a 9-5 office job and so this career field works perfect. My husband and I often used to tour open houses for fun, so how great that now I get to do it as a job!
Favorite Work Story
last year I was videoing a home for an out of state client, when stepped out the back door outside and very nearly stood on a snake, the choice words that came out of my mouth as I was trying to avoid swearing in my english accent were interesting. I decided to go ahead send the video to my client (since I had no intention of going back to redo!) of which they found extremely amusing. It worked out well though, as they posted all over social media how totally committed their realtor was, which was very appreciated! They didn’t buy that house though!!
What are you most proud of in your career?
I’m am most proud of being able to successfully balance being a full time REALTOR® with also running a mobile dog grooming business as well as being a mother to two young boys. It can mean very long hours at times, but I love it
Do you have a special cause or volunteer your time?
I am all about the military clients. I am a spouse of a retired air force member as well as being an air force brat, so I know all too well the stresses that go along with pcs’ing. I offer a rebate program to my military clients (as well as others) as a thank you for your service and for choosing me!
Fun Fact
Currently in the process of interviewing to be an agent on House Hunters!
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 approximately $89 million in January of 2019 to over $122.7 million in January of 2020. The increase was fueled by a nearly 31% jump in units sold with 385 properties changing hands this January compared to 295 last year. Median sold price saw modest appreciation with a 5% year-over-year increase, going from $289,990 last year to $305,000 this January.
“Over the past few years, our spring market has started earlier and earlier,” states FAAR Board Member Clay Murray. “This year is no different with our sellers lining up listing appointments around the holidays and our buyers ready to explore listings starting on New Year’s Day. We’re confident more homes will be coming to market as we experience this trend of an earlier spring 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 14% with houses averaging 56 days on the market in January 2019 compared to just 48 days in January of 2020.
The available supply of homes was a big story in January, falling to a historic low of just 1.96 months of supply, with 1,149 active listings. Months of supply calculates how long it would take for all the current homes on the market to sell, given the pace of sales in the market. A balanced market will usually see a 4 to 6-month supply of homes, under 2 shows a very competitive market and a potential lack of options for buyers. Ten years ago, the available supply of homes exceeded 5 months. To take a trip even farther back down memory lane, in January of 2000, there were 200 homes sold with a median sales price of $141,939 and average days on market exceeding 70 days.
Caroline, Spotsylvania, and Stafford saw significant jumps in real estate activity. Caroline County led the pack with a more than 115% increase in volume of sales fueled by a 72% increase in homes sold. Spotsylvania County saw a nearly 50% increase in both volume of sales and units sold. Stafford Count rounded out the top three in the region with a nearly 30% increase in volume sold and a 23% increase in units sold.
Continues Murray, “I’m not sure if we can pinpoint the cause of the earlier buyer activity to a new year, new home mentality or changes in the local school calendars, or simply less inclement weather, but it’s a definite trend we’re seeing and guiding clients through accordingly.”
Unwanted wheelchair ramps? We need ’em!
Are you selling a home that has a wheelchair ramp that the next owners don’t need or don’t want? Then the 516 Project wants to hear from you! They are accepting donations of metal or aluminum ramps and lifts in good condition to use on their service projects. Please note that they cannot accept wooden, permanent structures nor can they accept interior wheelchair lifts used for staircases. If you are interested in learning more, please email info@516project.org.
#MemberMonday Meet REALTOR® AJ Lall
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
AJ Lall
Hometown
Queens, NY
Current Location
Woodbridge, VA
Title
Associate Broker, Give Back Team of Coldwell Banker Elite
Number of Years in the Industry
5
Why do you love working in realestate?
Real Estate has been more than a profession, it’s my passion and purpose. I am grateful for the opportunity to guide someone through the largest investment they will make in a lifetime.
What are you most proud of in your career?
I am grateful not only for the fact that I am able to help someone through the largest investment of their lifetime but after each closing I am also able to give back to my to my community in which I live, work, play in, to include numerous charities.
Do you have a special cause or volunteer your time?
You will find me volunteering in the Community with Fundraising Events along with giving resources and even making contributions to local charities. Give Back Team and I will donate back to the charity of our clients’ choice after closings.
Fun Fact
I am huge car fanatic and prior to Real Estate I hosted car shows to raise money for members within the community and many local and national charities.
Managing Brokers Network: More than a Meeting
by Matthew Rathbun, 2020 Managing Brokers Network Chair
For over 100 years, the real estate industry has been a collection of individuals who have been at times collaborators and at times adversaries. The forward motion of the industry has been perpetuated by those who show up to be collaborators. It is when industry leaders meet together to discuss the problems at hand and to try and find a resolution to those problems in a unified manner. The FAAR Managing Broker Network is designed to allow leaders from each brokerage to meet together just a few times a year, so that we may learn together and share ways in with the Association, the MLS, and other entities can improve.
This year we are holding one MBN meeting each quarter and are designing those meetings to ensure that they are positive learning opportunities and also a way to provide feedback for our Association leadership on what the organization can do to help us all succeed. These meetings provide a unique opportunity to get to know your fellow brokers. The time invested in these meetings are minimal, but the return on investment large. Knowing your fellow broker before conflicts exist will make it easier to resolve, learning about new regulations and forms will make delivering value to your agents that much easier and providing feedback to the Association may help shape FAAR in the future to provider greater value to your and your agents.
I hope that all of those in leadership will take advantage of these meetings and the closed Facebook group to help all of us find a greater path forward in this industry.
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!
Press Releases
FAAR to Host Candidate Interviews for Local Elections
On Tuesday, August 22, 2017, the FAAR Public Policy Committee will interview candidates running for local office including seats in the General Assembly and local Boards of Supervisors. Each candidate is sent a candidate survey to gather information on where the...
Flood Insurance is Key for a Healthy Local Real Estate Market
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FAAR Unveils New Website to Better Serve Members and the Public
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Realtors® Advocate for New Laws to Protect Private Property Rights
Virginia Realtors® fought for several news laws during the 2017 General Assembly session to protect private property rights that will go into effect on July 1, 2017. Each year, the Realtor® organization advocates for legislation at the General Assembly to support the...