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Congratulations 2019 Award Winners and 2020 Board of Directors
The Fredericksburg Area Association of REALTORS® (FAAR) hosted its annual Changing of the Guard Installation Dinner on December 12, 2019 at the University of Mary Washington’s University Center.
Incoming President Drew Fristoe and his leadership team were installed by a team of FAAR Past Presidents including Claire Forcier-Rowe, Sherry Bailey, and Suzy Stone.
Several awards were also given out, including:
Silver Circle Awards
Recognizing members who have attained 25 years of continuous membership in FAAR.
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Sabrina Anderson |
Jennifer Curtis |
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Mark Dorsey |
James Hough |
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Latana Locke |
Tina McElroy |
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Annette Roberts |
Dixie Washington |
Affiliate of the Year
Recognizing the FAAR affiliate member that provides exceptional service to FAAR, its members, and the general public.
Scott Hine
Assurance Financial
Good Neighbor Award
Recognizing members who give back to the community.
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DeAnna Hamn |
Sarah Stelmok |
Spirit Award
Recognizing the participation of a member who supports FAAR behind the scenes.
Tony and Sharon Shade
RE/MAX Allegiance
Raising the Bar Award
Recognizes the member who has gone above and beyond to improve their knowledge of the business and professional standards.
Deb Ellis
Coldwell Banker Elite
Icon Awards
Recognizing members who have made a significant mark on the real estate profession.
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Chris Kaila |
Suzy Stone |
The 2020 FAAR Leadership team is:
President Drew Fristoe, Coldwell Banker Elite, Massaponax
President-Elect Carrie Danko, 1st Choice Better Homes and Land, LC
Vice President Pam Kuper, Century 21 New Millennium
Secretary Carol Sondrini, Coldwell Banker Elite, King George
Treasurer Deb Ellis, Coldwell Banker Elite
Immediate Past President, Linda Fosdick, Dockside Realty
Directors
Clay Murray, Pathway Realty
Cindy LeBrun, Exit Realty Group
Randy Walther, Nest Realty
Kelly Bradshaw Walker, Coldwell Banker Elite, Stafford
Lynn Lenahan, 1st Choice Better Homes and Land, LC
Sandy Pearce, Pathway Realty
Donna Schmidt, American Home Shield
Cooler Weather Can’t Chill the November Real Estate Market
The real estate market posted a strong November with gains in total volume, median price, and units sold and a decrease in days on market. Total sold dollar volume increased nearly 24%, going from approximately $120.3 million in November of 2018 to nearly $148.7 million in November of this year. The increase was fueled by a nearly 4% year-over-year increase in median price which came in at $311,700 for this November, compared to $300,000 for last November. Units sold increased nearly 18% with 450 homes being sold this year compared to 382 last year.
The strong market was fueled by strong activity in nearly every jurisdiction in the FAAR footprint, with the exception of Stafford County and the City of Fredericksburg. The City saw a 7% increase in median price but modest declines in total sold dollar volume and units sold. Stafford had a flat month, remaining virtually unchanged from last year. Caroline County paved the way with a 101% increase in total sold dollar volume. Caroline County along with Orange, King George, and Spotsylvania all experienced nearly double digit increases in total sold dollar volume and median price, and in many cases, units sold.
“November was a good month,” comments 2019 FAAR Board Member Deb Ellis. “Agents are reporting robust activity with more activity than the same time last year. Inventory remains challenged, but there are plenty of buyers looking.”
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 more than 15% with houses averaging just 44 days on the market in November of 2019 compared to 52 days in November of 2018.
Active listings declined slightly from November of last year, seeing a 6% dip. There were 1,435 available properties on the market at the end of November, down by 100 homes from last year. New listings posted a modest increase of nearly 6%, with 536 new homes coming onto the market this November compared to 507 last year. Future settlement activity continues to post strong numbers with over 34% new properties under contract in November of 2019 compared to November of 2018.
Fredericksburg Realtors Foundation Awards 2 Grants
The Foundation was very thankful last week to be able to deliver not one but TWO checks for local charities that assist our citizens with housing needs. The Foundation granted $2,500 to Rappahannock United Way to continue assisting with their eviction diversion program. The program assists those in danger of eviction with catching up on back-rent and paying off any fees so that they can stay in stable shelter.
SAWs of Virginia, which stands for Servants at Work, Inc, is a newcomer to this area and is already doing amazing work. They build inexpensive, durable wheelchair ramps to help free those housebound with disabilities or mobility issues. The Foundation awarded the group $1,500 to continue building more ramps throughout our region.
Update on NAR lawsuit
Below is an update from NAR on the ongoing MLS lawsuit.
The litigation is proceeding in Missouri, and we are awaiting a judge’s ruling on our motion to dismiss for the case in Illinois. NAR intends to demonstrate to the courts how the MLS system creates competitive, efficient markets that benefit home buyers and sellers as well as small business brokerages. We are confident that when the case is ultimately decided, we will prevail.
As you can appreciate, REALTORS® are uniquely positioned to help consumers better understand both the pro-competitive, pro-consumer nature of the MLS system, and the value REALTORS® bring to home buyers and sellers. To assist in communicating those points, we have developed several materials for you and your members to download and share from the member portal at nar.realtor/thatswhower. These include:
- Nine graphics and suggested copy to post on social media about the broader value of REALTORS®
- Two info-graphics we recommend sharing with more informed consumers and those who directly have questions about the MLS system including:
- Promoting the value of the MLS by contrasting our current system against a world without the MLS
- Describing the microeconomics of buying a house
Your Local 2020 Virginia REALTORS® Committee Members
Member Communications Committee
FAAR
Assocation Executives Council
Member Communications Committee
Property Management Council
Member Communications Committee
Century 21 Redwood Realty
Past President – Past President’s Forum
1st Choice Better Homes & Land
Vice Chair – Professional Development Committee
FAAR Hosts Meeting on Opportunity Zones
On Thursday, November 14, 2019, FAAR hosted a meeting on Qualified Opportunity Zones (QOZ) at the Germanna Community College Center for Advanced Technology. So what are Opportunity Zones and why should Realtors® care about them? Great question! Opportunity Zones were created as part of the 2017 Tax Cut and Jobs Act with the aim of funneling significant financial resources into low income and distressed communities.
Opportunity Zones aim to tap into trillions of dollars of passive wealth in the form of unrealized capital gains.
This new tax incentive program allows people to invest their capital gains in projects and programs in the Opportunity Zone without limits along with deferring paying the tax on that initial investment until 2026 along with the possibility of reducing that initial tax liability AND completely eliminating the tax liability on any capital gains realized from that investment. It can be a complicated program but very attractive to investors and those looking to fund real estate and business ventures. Want to learn more? Click here (requires Adobe Flash Player) to see the boundaries of the zones in our region and then look through the presentations by the Virginia Department of Housing and Community Development (DHCD) and Opportunity Virginia.
A special thanks to speakers Kristen Dahlman and Adam Northup and FAAR moderator, Carl Braun. More in-depth analysis of this meeting and Opportunity Zones will appear in the next edition of the FAARSide.
NAR Releases 2019 Profile of Home Buyers and Sellers
NAR has just released its 2019 Profile of Home Buyers and Sellers. So why should you check it out? Because it’s chock full of great information like this….
- 20% of recent home buyers were veterans
- 29% of buyers primary reason for purchasing a home was the desire to own something of their own
- 83% of homes sold were single family
- There was a median of only 15 miles between the homes that recent buyers purchased and the home that they moved from
- 44% of buyers started their home search online
- 87% of buyers found their real estate agent to be a very useful source of information
- Home sellers cited that they sold their homes for a median of $60,000 more than they purchased it
Want more?? Access the highlights of the report for free or purchase the full report through the buttons below.
Local Real Estate Market Remains Strong in October
The October real estate market posted a large increase in sold volume fueled by double digit rise in number of units sold. Total sold dollar volume increased from $138 million in October of 2018 to $178.1 million in October of 2019, representing a 29% year-over-year increase. That rise was powered by 535 homes sold in the month, a more than 100 home increase from the October 2018 total of 419, a nearly 28% increase. Median sold priced increased 5% going from $295,000 in October of last year and increasing to $310,000 in October of this year.
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 over 11% with houses averaging just 40 days on the market in October of 2019 compared to 45 days in October of 2018.
Conventional loans continue to lead the way in transaction financing with 198 loans for the month October. VA was just behind with 123 and FHA came in at 99.
Overall active listings were down nearly 3% this October compared to last year, but the month posted a nearly 8% increase in new listings coming on the market. Prospective buyers have 1,610 homes to choose from right now, with 791 new listings coming onto the market. Commenting on the market for October, FAAR Board Member Carol Sondrini observes, “Inventory was low and it’s harder for buyers to find what they’re looking for. Overall sentiment is that it’s a good strong market and a good time to buy and sell, but there are not enough options out there.”
Median house price up $20K across Fred region
The local economy remained healthy throughout the 3rd quarter of 2019. Unemployment remains very low along with interest rates with no indication of either situation changing in the near future. Sales continued to grow throughout the FAAR footprint, with 5% more sales than a year ago. Median price rose sharply in the 3rd quarter, climbing $20,000 to $310,000 region-wide. All jurisdictions saw price gains, led by King George County, which saw an 11% increase in median sales price.
Want more??? Check out all the great information, charts, graphs, and narrative explanations. You can use any and all of this data in your communications with clients. So look super sharp at your next listing or buying presentation and take some of this expert data with you!
FAAR Cereal Drive Success
Each year, the Fredericksburg Area Association of Realtors® (FAAR) collects cereal to donate to area food banks. This year, FAAR members collected over 17,000 boxes of cereal. FAAR would like to recognize the members and volunteers who worked so hard to collect so much cereal for those in need.
Affiliate collecting the most boxes: Sandra and Phillip Blake with MBH Settlement with 156 boxes
Grand Prize: 1st Choice Better Homes and Land with 5,214 boxes
Most Improved: Long and Foster, Fredericksburg with 3,861 boxes
Participants: 1st Choice Better Homes and Land, Century 21 New Millennium, Long and Foster Fredericksburg, Coldwell Banker Elite Stafford, United Real Estate Premier, Century 21 Redwood-Locust Grove, Lake Anna Realty, Coldwell Banker Elite Massaponax, Nest Realty, Coldwell Banker Elite Spotsylvania, MBH Settlement, The Gillies Team with RE/MAX Real Estate Connections, Century 21 Redwood Fredericksburg, Keller Williams Fredericksburg, Coldwell Banker Elite Fredericksburg, Spring Arbor, RE/MAX Legacy, FAAR, The Title Professionals, Century 21 Redwood Stafford, Virginia CU Realty, Exit Elite Realty, Exit Realty Group, Weichert Realtors, Atlantic Coast Mortgage, RE/MAX Supercenter, Coldwell Banker Elite King George, Keller Williams Capital Properites, CTI Real Estate, and Holt for Homes.
FAAR would like thank everyone who participated and all of those who donated cereal. According to estimates from the Food Bank, we have stocked their shelves and those of other food pantries for nearly three weeks.
Press Releases
January Kicks Off 2017 with Consistent Numbers for Local Real Estate
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FAAR Supports Passage of Stafford Sign Ordinance
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FAAR Releases 2016 Year End Housing Report
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