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April Brings Strong Start to the Spring Selling Season
The lackluster first quarter start to the 2019 real estate market gave way to a stronger April, notes FAAR Board of Director Phillip Blake. “Lower interest rates have helped push buyers off the fence and into the market, with some consumers choosing to purchase a home rather than rent,” comments Blake. April of 2019 saw increases in total sold dollar volume, median price, and units sold while posting a decrease in days on market, indicating a strong real estate market as we look ahead to the spring selling season.
Total sold dollar volume increased over 15%, settling at approximately $189.8 million in April of this year, compared to $164.6 million in April of 2018. Units sold increased nearly 11%, going from 517 last April to 573 units in April of this year. Median price saw a 7.8% year-over-year increase, going from $295,000 in April of 2018 to $318,000 in April of 2019.
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, decreased almost 3% with houses averaging 67 days on the market in April of 2019 compared to 69 days in April of 2018.
Active listings were up for the fourth month in a row, with 1,652 listings on the market representing a more than 7% year-over-year increase. New listings posted a slightly less 1% increase with 1,132 new homes coming on the market this April compared to 1,122 last year. Future settlement activity continues to post strong numbers boding well for sales in May with over 44% new properties under contract in April of 2019 compared to April of 2018. Inventory overall continues to remain low, especially in the lower-priced market segments. “Some agents have found themselves in multiple offer situations,” states Blake. “As we have seen in past spring markets, upward pressure on prices combined with comparative sales trailing the market have resulted in some low appraisals. This is generally short-lived.” Blake believes that continued low interest rates combined with a healthy local economy will keep buyers hungry and our market on track for a strong 2019.
Legislation to Provide Affordable Health Insurance Options to REALTORS® is Vetoed by Governor
Check out the blog below from the Virginia Realtors® for an update on their efforts to expand health insurance coverage for our members.
By: Guest Author, Vice President of Political Operations, Anthony Reedy
Earlier this year, more than 3,000 Virginia REALTORS® responded to a Call For Action in support of legislation that would open the door for our association to pool together our nearly 34,000 members to negotiate better, more affordable health insurance options for you and your families.
Our research indicates that nearly 7,000 of you go without insurance because of the prohibitive costs and many more of you have limited options to expensive plans.
The two bills, SB 1689 sponsored by Senator Siohban Dunnavant and HB 2443 sponsored by Delegate Tony Wilt, passed the General Assembly with strong, bipartisan support.
Governor Ralph Northam’s administration expressed concerns about the policy as it passed the House and Senate. The Virginia REALTORS® Government Relations Team worked with the Northam administration to address the concerns. Thousands of REALTORS® contacted the Governor’s office to voice their opinions on how important this legislation is, not only to the real estate industry, but to working families across Virginia.
Unfortunately, the administration still had concerns and Governor Northam vetoed the legislation, ending the opportunity for this year.
While we didn’t make it across the finish line in 2019, our collective efforts gained positive bipartisan momentum on the issue. Several key legislative leaders have committed to working with the Virginia REALTORS® on legislation for the 2020 General Assembly Session, and we have committed to working with Governor Northam’s administration to address those concerns raised.
Our goal for the 2020 General Assembly Session is to put forth a comprehensive piece of legislation that will create stable, affordable, and quality healthcare insurance options for you and your families.
Bipartisan Agreement in House Would Extend Flood Insurance
Seems like deja vu all over again, right? The National Flood Insurance Program is set to expire again at the end of May. Congress is working on yet another short-term extension. Read below for an update provided by NAR…
Bipartisan Agreement in House Would Extend Flood Insurance
- Top lawmakers on House committee agree to four month extension
- Program will lapse if Congress doesn’t act before end of this month
By David Schultz | May 9, 2019 07:33PM ET | Bloomberg Law
The two top lawmakers on the House Financial Services Committee reached an agreement to extend the National Flood Insurance Program another four months, the 11th short-term extension of this financially troubled program in less than two years.
Reps. Maxine Waters (D-Calif.) and Patrick McHenry (R-N.C.), the chair and ranking member, respectively, of the committee, cosponsored a bill introduced May 9 that would keep the program going through the end of the current fiscal year.
The bill, H.R. 2578, is identical to language that was inserted into a larger disaster relief bill, H.R. 2157, which is scheduled to come up for a vote on the House floor May 10. However, both the White House and Republicans in the Senate have said they would not support this disaster bill because they believe it is too costly.
The introduction of this stand-alone bill by Waters and McHenry signals their concern that pinning the future of the flood insurance program to a larger, more complex bill may cause it to lapse. This would prevent the program’s administrator, the Federal Emergency Management Agency, from issuing new policies, which are often a prerequisite in many parts of the country for obtaining a mortgage.
“This extension prevents harm to homeowners and the housing market while also providing time to reach bipartisan consensus on much-needed reforms to the program,” Waters said in a statement.
NAR Lawsuit Update: New copycat lawsuits filed
From NAR Legal Counsel Katie Johnson…
Following the Moehrl v. NAR litigation filed in March that challenges the MLS system and the way that broker commissions are paid, two additional lawsuits with similar allegations have been filed against NAR and the same four franchisor firms that were sued in Moehrl. To ensure you have the most accurate information and context, we wanted to share an update.
The two new suits are quite similar to the Moehrl litigation. Plaintiffs in all three cases allege home sellers unfairly pay the commissions of buyers’ brokers. They ignore how commissions are subject to negotiation. And they question the value buyers’ brokers deliver in the home buying and selling process.
Often referred to as copycat lawsuits because the allegations are substantially similar to lawsuits already filed, such litigation is commonly brought by additional law firms whose ultimate goal is to combine their suits with others, in hopes they receive a portion of attorneys’ fees.
NAR remains confident these lawsuits are without merit. They are wrong on the facts, wrong on the law, and wrong on the economics. As each of you know, the MLS system is designed first and foremost with the buyer and seller in mind. It is pro-competitive and pro-consumer. And buyers’ brokers play a very real and critical role in the home buying and selling process. In the best interests of consumers, we will aggressively defend all three lawsuits – and any others that may be filed in the future.
As mentioned in March, we plan to file a motion to dismiss the Moehrl v. NAR case on May 17. In that motion, we will point out the commission offered to the buyer’s broker is determined by the seller and listing broker and is very much subject to negotiation. We will also note that courts have repeatedly held the MLS system promotes competition, increases the efficiency of the market and serves the best interests of sellers and buyers alike. In due course, we will file similar motions to dismiss in the other two cases.
Please note, courts are often reluctant to grant motions to dismiss. If our motion to dismiss is denied, we expect a years-long litigation process. However, we will continue to aggressively defend the right of American home buyers and sellers to continue to have access to a highly efficient home buying market supported by brokers who help navigate a complex transaction.
To further assist you in discussing this matter, should you be asked, we encourage you to ground conversations first in the bigger picture of the value of REALTORS® and the MLS system to both buyers and sellers (see below), and rely on the updated FAQs shared with this message.
REALTORS® provide great value to their clients and communities.
- Every REALTOR® must adhere to a strict code of ethics, which is based on professionalism, consumer protection, and the golden rule of treating others the way we wish to be treated.
- REALTORS® use their unmatched knowledge of local markets and industry expertise to help buyers and sellers navigate and negotiate through what are often the most complicated and lengthy financial transactions of their lives.
- REALTORS® are engaged community members and neighbors, committed to building and enhancing the neighborhoods they serve.
MLSs create efficient markets that benefit home buyers and sellers.
- With the vast amount of real estate information available today, it is more crucial than ever to have trained, local brokers helping consumers navigate their options in order to arrive at the best possible decision.
- MLSs create vibrant markets with numerous opportunities for residential buyers and sellers by enabling cooperation between listing and buying brokers.
- With all of this information in one place, MLSs are able to safeguard and manage market information, allowing all parties to complete real estate transactions with confidence and efficiency.
MLSs are pro-competitive and pro-consumer.
- MLSs benefit both buyers and sellers by providing increased exposure for sellers’ properties while allowing buyers access to all MLS-listed properties through one broker of their choice.
- Because broker commissions are subject to negotiation, this system creates highly competitive, free markets, which ensure consumers receive superior service.
- Over many years, courts across this country have validated the legality, efficacy and value of the MLS system.
NEW PRODUCT! Q1 Fred Area Home Sales Report
FAAR is debuting an exciting new product this quarter…our very first Virginia Home Sales report specifically for the Fredericksburg region!
Compiled by the new Chief Economist at the Virginia Realtors®, Dr. Lisa Sturtevant, this report is packed with information, charts, graphs and trends for our region and for our jurisdictions broken out individually.
Feel free to use this report in your business to communicate with clients, share with your sphere, and add to listing presentations. FAAR will be issuing these each quarter and also sharing them with elected and career government officials.
We hope you love this new product as much as we do!
FAAR Hosts Event at Lake Anna with Local Government Officials
FAAR hosted a meeting at Lake Anna with the Economic Development Directors from the counties of Louisa, Orange, and Spotsylvania. Discussion focused transportation, infrastructure development, healthcare services and broadband. All three government officials shared that input from constituents was critical to the decision-making procedures of their Boards of Supervisors. They encouraged folks to report potholes to VDOT, contact elected officials about challenges with broadband and transportation, and send them comments about how the lack of available healthcare options impacts potential buyers’ decisions to move to the area. Contact information for the Economic Development Directors along with links to VDOT and FAAR’s traffic and broadband submissions are below.
Louisa County Economic Development Director
Andy Wade
awade@louisa.org
540-967-4581
Orange County Economic Development Director
Phil Geer
pgeer@orangecountyva.gov
540-672-1238
Spotsylvania County Economic Development Director
Tom Rumora
trumora@spotsylvania.va.us
540-507-7210
FAAR Hosts Legislative Reception with Chamber
FAAR and the Chamber hosted a joint legislative reception on Wednesday, April 17 at the 718 Venue in downtown Fredericksburg. Several legislators were in attendance including Senator Bryce Reeves, Delegate Bob Thomas, Delegate Buddy Fowler, and Delegate Mark Cole. The Chamber presented their annual legislative awards and legislative package. FAAR President Drew Fristoe welcomed and the crowd and FAAR members mingled with elected officials and Chamber members.
NAR Seeking REALTORS® Who Give Back for Good Neighbor Awards
Five winners will receive $10,000 for their nonprofit
The National Association of REALTORS® seeks nominations for the 20th annual Good Neighbor Awards, which recognizes REALTORS® who’ve made an extraordinary impact on their communities through volunteer work.
Five winners will be announced in the November/December issue of REALTOR® magazine and at the 2019 REALTORS® Conference & Expo in San Francisco. The winners will receive a $10,000 grant for their community cause, national publicity, and travel expenses to the convention where they will be honored.
“This year, we celebrate the twentieth year of the Good Neighbor Awards,” said NAR President John Smaby, a second-generation REALTOR® from Edina, Minnesota and broker at Edina Realty. “We are incredibly proud of the good work of nearly 200 Good Neighbor Award recipients in the U.S. and across the globe through their dedicated volunteer service since this program launched in 2000.”
The 2018 winners were Omayra Borges, Reality Realty, San Juan, Puerto Rico, cofounder of Fundacion Mochileando 100×35; Chet Choman, Colorado Realty and Land Co., Alamosa, Colorado., cofounder of La Puente Home; Jeremy Lichtenstein, RE/MAX Realty Services, Bethesda, Maryland., founder of Kids In Need Distributors (KIND); Joy Nelson, Haugan Nelson Realty, Watertown, South Dakota, founder of Joy Ranch; and Elias Thomas, III, EXIT Key Real Estate, Shapleigh, Maine, leader of a Rotary International project to build dams in rural India.
Previous Good Neighbor Award winners say their charity benefits from the grant money and the increased public exposure. “The Good Neighbor Award legitimized Heart 2 Home and put a national focus on what we were doing locally,” said 2009 Good Neighbor Award winner Greg Adamson. “Having Good Neighbor behind us made everything easier from fundraising to media relations. It’s amazing how the exposure of the Good Neighbor Award has opened doors for us that never would have been opened otherwise!”
2018 Good Neighbor Award winner Joy Nelson says that her charity continues to benefit from the media exposure that resulted from winning the Good Neighbor Award. “The incredible exposure the Joy Ranch received through the Good Neighbor Awards Program has brought people all over the nation to inquire more about the ranch,” says Nelson. “People now understand all the quality of life issues that we address and it motivates me to work harder to help even more.”
The Good Neighbor Awards are generously supported by primary sponsor realtor.com and Wells Fargo Home Lending.
Good Neighbor Award entries must be received by May 10, 2019. For more details and an entry form, go to nar.realtor/gna or call 800-874-6500.
Recognize a REALTOR®
Click here for the entry form and more details
How does access to broadband impact your business?
We’ve heard that broadband is becoming increasingly important to today’s buyers and a lack of access can greatly impact transactions and a property’s marketability. Some of our local jurisdictions are trying to move the needle on this issue. We want to get a better understand of what you are facing so we can best represent our members when talking to elected officials about this issue. Take a moment and fill out the form below with your thoughts and experiences with broadband access.
Ever lost a sale? Had to lower a price just because of the lack of high speed Internet? We want to know!
Broadband Feedback
Just how important is broadband to your clients and your business? Access to high speed Internet seems more and more important to today's buyers, we want to hear how access to this vital utility is impacting our local real estate market.
Congratulations to Alicia Colletti for Achieving the GRI Designation!
FAAR would like to recognize Alicia Colletti with United Real Estate Premier for achieving her Graduate, REALTOR® Institute Designation (GRI). Of the many designations offered by the National Association of REALTORS®, GRI is the most comprehensive, providing a broad scope of course material and depth of training full of real-life examples. Designees must complete 60 hours of classroom instruction that covers legal and regulatory issues, technology, professional standards, and the sales process. The GRI designation is the most well-known designation among those who hold any designations, held by 9% of REALTORS. In Virginia, GRI’s represent over 13% of the REALTOR® population. Earning the GRI is an intensive, in-person experience that gives REALTORS® the information and tools necessary to take their real estate practice to new heights.
As a Graduate of the REALTOR Institute, your commitment to furthering your knowledge of this ever-changing industry is a testimony to your dedication to helping consumers achieve the American Dream…owning their own home.
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