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FAAR sends letter to Stafford County about probate delays
The FAAR Board of Directors recently sent a letter to the Stafford County Clerk of the Court expressing concerns about the significant delays many are experiencing getting an estate through the probate process. Families detail waits of 6 months or more with bills and late fees piling up and issues getting needed information from creditors since probate is not complete. Agents fear that some impacted families may face foreclosure if they are not able to pay the mortgage, losing all of the potential equity in that sale.
FAAR copied the letter to the Board of Supervisors and two immediately responded saying that additional funding for the Probate Division had been approved as part of the budget and that our agents should start to see some relief soon. Click the button below to read FAAR’s letter to the County.
Regional Sales Price Keeps Increasing
The regional median home price was up again in July, with all but one locality seeing increases. The median sold price settled at $462,450 this month compared to $438,200 in July of 2022, representing a nearly 6% year-over-year increase. Units sold were down 20%, coming in at 502 compared to 631 units sold last July. Total sold dollar volume was down nearly 21%, posting approximately $243.6 million in sales for July of 2023 compared to $308 million in sales last year.
Caroline County posted its highest price on record, coming in at $385,000, an 18% increase from last year. King George County posted a second-month straight loss in median price, which came in 16% lower than last year. All other jurisdictions in the FAAR footprint saw strong price growth ranging anywhere from 4% in Stafford County up to 46% in the City of Fredericksburg.
FAAR Board of Director and property manager Dawn Josemans comments, “The rental market has slowed down since the first quarter of this year. We are no longer experiencing multiple applications when first listing a property for rent. The supply is fairly high as properties are sitting on the market longer. I am seeing an increase of days on market as each month passes. However, rents remain higher than this time last year. Home sales are still strong despite the time it is now taking to get under contract in an average situation. Contracts are asking for higher amounts in seller concessions to the buyer than last year as well. The market is just more complex now due to the changing interest rates that are scaring off inexperienced buyers and sellers worried about the time it is taking to go under contract.”
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, increased 17% up to 21 days this July compared to 18 days last year.
Inventory was also down again in July, finishing out the month with 822 active listings compared to 1,016 last year, a 19% decline. New listings were down 32% from last year with 587 homes coming on the market in July of 2023 compared to 859 last year. New pending sales were down 21% in July, with 539 pending contracts compared to 679 last year.
Sample Ballot for the 2024 FAAR Board of Directors Slate of Candidates
Slate of Candidates- 2024 Leadership
Electronic Voting begins August 11 and ends September 13 at noon
Results will be announced on September 13, 3:00 PM, at the General Membership Meeting on the floor of the FAAR Expo (https://bit.ly/23faarexpo). The results will be communicated to the entire membership September 15.
Here are the candidates for your 2024 Board of Directors:
Officers
| President | Randy Walther |
| President-Elect | Lauren Tate |
| Vice President | Matthew Rathbun |
| Secretary | Gary Gardiner Jr. |
| Treasurer | Tamar Myers-Moffatt (year 1 of 2-year term) |
| Immediate Past President | Carol Sondrini |
REALTOR® Director Candidates: Two (2) positions open. You may select up to two (2) on this ballot.
Deanna Beltran
Dawn Curry
Denise Smith
Affiliate Director Candidate: One (1) position open. You may select one (1) on this ballot.
Nick Bohn
Returning Directors
LeAnn Black, term ends December 31, 2024
Abby Fitzsimmons, term ends December 31, 2024
Dawn Josemans, term ends December 31, 2024
Meghan Kala, term ends December 31, 2025
From Section 8a. of the Bylaws
“Additional candidates for the offices to be filled may be placed in nomination by signed petition of at least twenty percent* of the REALTOR® members. The petition shall be filed with the Secretary (via Chief Executive Officer pbrowning@faarmembers.com) by August 30, 2023. The Secretary shall send notice of such additional nominations to all REALTOR® members before the election.”
(As of 7/31/2023 there are 1876 REALTOR® members. 375 names are needed to complete the petition requirement and be sent to FAAR by August 30, 2023.)
REALTOR® Members can log in to vote from 8/11 to 9/13 at https://vote.electionrunner.com/election/ZRTkn
Your Voter ID is your NRDS/M1 Number
Your Voter Key is your NRDS/M1 Number
Candidate Videos
2024 REALTOR Dues Renewal: How to Renew Your Membership
REALTOR® Dues for 2024 ($737.00)
NAR Dues ($201)
Virginia Realtors® Dues ($191)
FAAR dues ($315)
RPAC Fair Share ($30)
Deadlines
December 15: Last day to pay dues without a late fee
December 16-31: $100 late fee assessed
December 31: Last day to pay dues and late fee
January 1: Membership inactive; pay dues and $275 reapplication fee to reinstate membership
Login Information
Login at faarmembers.com/myaccount to pay your dues for FAAR, VR, and NAR.
Click here to look up your username or reset your password if needed. (It is recommended to use your email on file and last name only for look up)
You may see a copy of your paid receipt on the “my order history” section of your account at www.faarmembers.com/my-order-history
For your protection and security, FAAR does not store your credit card data. Thus, we cannot automatically process your payment or accept partial payments.
Exciting News About Bright’s Listing Preview
The highly anticipated final phase of Bright’s Listing Preview is here! Now, you can share your draft listings with key members of your office as well as the sellers—ensuring that your listing is as complete and accurate as possible before you publish.
You can share draft listings with:
• Co–List Agent
• Team Lead
• Office Manager
• Broker
• Sellers (up to 2)
Get the Most Out of Bright Listing Management
Listing Preview is just one of the ways Bright is streamlining your MLS experience.
Sign up to join an upcoming webinar to learn more about managing your listings through Bright!
Regional Housing Market Holds Steady as Summer Season Kicks Off
The regional median home price was up again in June, with all but one locality seeing increases. The median sold price settled at $450,000 this month compared to $441,000 in June of 2022, representing a 2% year-over-year increase. Units sold were down 16%, coming in at 625 compared to 748 units sold last June. Total sold dollar volume was down nearly 12%, posting approximately $308.1 million in sales for June of 2023 compared to $349.1 million in sales last year.
Stafford County saw its highest price on record in June of 2023, coming in at $525,000 for median price, a 5% increase from last year. Stafford’s median price has increased $125,000 from just three years ago with a July 2020 median price of $399,000. King George County was the only jurisdiction that saw a decline this month, but prices remain stubbornly high in that county as well. The median price fell 6% in June of 2023 compared to last year, settling at $427,500 compared to $454,950 last year.
FAAR Board of Director Kardin Lillis comments, “The past few months have been a bit of a roller coaster with interest rates and some uncertainty with Fed, which has spilled over into the real estate market. The greater Stafford and Fredericksburg area is still showing a seller’s market with between one and two months of inventory. We are seeing a slight bump in average days on market, and the return of home inspections, and even some seller closing cost assistance. Overall, the market is strong and does not show signs of slowing as we head towards the end of summer.”
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, increased 64% up to 18 days this June compared to just 11 days last year.
Inventory was also down again in June, finishing out the month with 851 active listings compared to 955 last year, a nearly 11% decline. New listings were down 29% from last year with 652 homes coming on the market in June of 2023 compared to 918 last year. New pending sales were down 18% in June, with 564 pending contracts compared to 685 last June.
Realtor® Survey Shows Strong Demand for Housing in Walkable Communities
Research produced by the National Association of Realtors® shows a persistent demand for walkable communities, including the following findings:
When asked if deciding today where to live:
- 79% said being within an easy walk of other places and things, such as shops and parks, is very/somewhat important. 78% of those indicated that they would be willing to pay more for a dwelling in a walkable community.
- 85% said sidewalks and places to walk are very/somewhat important.
- 65% said having public transport nearby is very/somewhat important.
- 56% said they would prefer a house with a small yard and be able to walk to places vs. 44% who would prefer a large yard and would need to drive to most places.
- 53% would prefer an attached dwelling (own or rent a townhouse/condo/apartment) and be able to walk to shops, restaurants, and a short commute to work vs. 47% who would prefer a single-family home (own or rent) and have to drive to shops, restaurants and a longer commute.
According to the NAR study, Americans living in walkable communities are more likely to be very satisfied with their quality of life. This study shows that a substantial demand for walkability persists for Americans of all ages.
The biannual NAR Community & Transportation Preferences Survey polls residents in the 50 largest metropolitan areas of the United States.
Accessory Dwelling Units (ADUs) head to the City Council
Accessory Dwelling Units (ADUs) are heading to the Fredericksburg City Council this week with a public hearing scheduled for Tuesday, June 27 at 7:30pm in the Council Chambers. The Council is expected to hold the public hearing open and proceed to a final vote at their July 11 meeting. This action culminates a months-long process of gathering public feedback and revising the ADU ordinance after consideration of that feedback. FAAR has been vocally supportive of authorizing ADUs as a way to increase our housing stock and preserve landowners private property rights.
City Planning Staff has laid out two different approaches for the City Council to take on ADUs.
Version 1– the Planning Commission’s recommended ordinance which allows for either attached or detached ADUs by-right.
Version 2– an alternate version that would only allow for attached/internal ADUs and would prohibit ADUs that are not connected to or within the main house– even within existing structures like garages.
If you would like to comment on ADUs, there are two ways to get involved.
Option 1: Attend the June 27 and/or July 11 City Council meetings (both are at 7:30pm at City Hall) and speak in person
Option 2: Submit an email comment by filling out this form. The comment must be received at least 4 hours in advance of the meeting to be read into record.
For more information about ADUs and the City of Fredericksburg, please visit: https://www.fredericksburgva.gov/1885/Accessory-Dwelling-Units.
Median home price swings back up in May
The regional median home price was up in May, but individual localities saw wins and losses in the price department. The median sold price settled at $454,950 this month compared to $436,000 in May of 2022, representing a 4% year-over-year increase. Units sold were down 19%, coming in at 606 compared to 749 units sold last May. Total sold dollar volume was down over 16%, posting approximately $287.6 million in sales for May of 2023 compared to $343.2 million in sales last May.
Prices and units sold were all over the map for the local jurisdictions. Caroline County and Colonial Beach saw double digit increases in units sold, but median price declines for May of 2023. The City of Fredericksburg saw a 4% price decline and no change in units sold from last year. Orange County was up over 14% in price, coming in at $388,950, but also saw a nearly 30% decline in units sold. King George County saw a sizeable price increase at $456,000, an 18% increase from last May, while Spotsylvania County saw a 3% decline and a $429,900 price point. Stafford County broke the $500,000 median price mark again in May, coming in with a 5% increase at $505,000, but also saw a 17% decrease in units sold.
FAAR Board of Director Lauren Tate comments, “The local market continues to be strong for homeowners who are selling their home. This is an excellent time for home sellers to cash out, but it leaves home buyers at the top of their price range, paying higher interest rates, offering above asking price, and competing with multiple offers. Buyers also often feel exposed by having to reduce the number of contingencies that would protect them in the past. To compete with these multiple offers, home buyers often remove contingency protections such as home inspections and also offer to make up the difference on appraisal gaps. While it is not recommended to remove these protections, buyers feel compelled to do so to better their chances of securing the winning bid.”
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, increased 73% up to 19 days this May compared to just 11 days last year.
Inventory was also down slightly again in May, finishing out the month with 788 active listings compared to 838 last year, a nearly 6% decline. New listings were down 33% from last year with 1,024 homes coming on the market in May of 2022 compared to 688 this past month. New pending sales were down 19% in May, with 668 pending contracts compared to 823 last May.
#MemberMonday Meet Gavin Robyn, Local Owner of Next Door Photos
The Member Monday spotlight lets community members get to know each other before doing business together. Participants answer fun questions to reveal their personalities. We hope these types of features spark connections through email, phone calls, at in-person meetings, and at classes and events.
Name
Gavin Robyn
Hometown
Fredericksburg
Current Location
Fredericksburg
Title
Local Owner of Next Door Photos
Why do you love working in real estate?
Building relationships & serving my community has always been my passion. Real estate just ended up being the vessel for me to do that!
Favorite Work Story
During a shoot, I had a military wife/mom trying to get her house organized while her kids were running around. I started helping around, wiping down counters and taking out trash. And after, she told me how grateful she was that there were so many people willing to help her. Not just me, but her agent, and the agent’s other team members. This is why we do what we do!
What are you most proud of in your career?
Knowing that I am creating a long lasting positive impact, and that this business is cultivating generational wealth for so many wonderful families.
Do you have a special cause or volunteer your time?
Besides working at my church, I try as often as I can to offer my services for charity events so those memories can be captured forever.
Fun Fact
I’ve moved over 20 times!
Press Releases
Regional Sales Price Keeps Increasing
The regional median home price was up again in July, with all but one locality seeing increases. The median sold price settled at $462,450 this month compared to $438,200 in July of 2022, representing a nearly 6% year-over-year increase. Units sold were down 20%,...
Regional Housing Market Holds Steady as Summer Season Kicks Off
The regional median home price was up again in June, with all but one locality seeing increases. The median sold price settled at $450,000 this month compared to $441,000 in June of 2022, representing a 2% year-over-year increase. Units sold were down 16%, coming in...
Median home price swings back up in May
The regional median home price was up in May, but individual localities saw wins and losses in the price department. The median sold price settled at $454,950 this month compared to $436,000 in May of 2022, representing a 4% year-over-year increase. Units sold were...
Is the local real estate market turning a corner?
Could the region finally see a stop to ever increasing home prices? April statistics show that it’s possible the tide is turning and that prices will finally cool after months of plummeting demand and high interest rates. April of 2023 saw prices dip across the...