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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!
How to Renew Your Real Estate License in Virginia through DPOR
The Virginia Department of Professional and Occupational Regulation (DPOR) regulates the real estate industry in the state of Virginia. Real estate licensees are required to renew their licenses every two years. The renewal process is relatively simple and can be completed online or by mail.
To renew your license online, you will need to:
- Go to the DPOR website and log in to your online account.
- Click on the “Renew License” link.
- Enter your license number and expiration date.
- Pay the renewal fee.
- Complete the continuing education requirements.
To renew your license by mail, you will need to:
- Download the renewal form from the DPOR website.
- Complete the form and mail it to the DPOR address.
- Pay the renewal fee.
- Include a copy of your completed continuing education certificate.
As of 6/1/2023, the renewal fee for real estate licenses in Virginia is $65 for salespersons and $80 for brokers. The continuing education requirements are 16 hours for salespersons and 24 hours for brokers. NOTE: All salespersons renewing their licenses for the first time must complete 30 hours of post-license education (instead of continuing education).
Your license will be renewed for a period of two years. You will receive a renewal notice in the mail approximately two months before your license expires.
If you fail to renew your license before it expires, you will be required to pay a late fee of $50. If you fail to renew your license for more than two years, you will be required to complete the entire licensing process again.
What if my license date has passed?
If your license date has passed, you are not permitted to practice real estate in Virginia. The term “active” refers to your account status at DPOR, not your license status.
For more information on renewing your real estate license in Virginia, please visit the DPOR website.
Here are some additional tips for renewing your real estate license in Virginia:
- Start the renewal process early. The deadline to renew your license is the last day of the month in which it expires.
- Make sure you have completed all of the continuing education requirements. You can find a list of approved courses on the DPOR website.
- Pay the renewal fee online or by mail. You can also pay the fee by credit card over the phone.
- Keep a copy of your renewal certificate. You will need this to show to clients and potential employers.
By following these tips, you can easily and quickly renew your real estate license in Virginia.
NAR Lawsuits Update
NAR has released a few new articles on pending litigation that may be of interest. Use the links below to navigate to those articles and also check out NAR’s site focused on how market competition benefits the marketplace and clients and customers.
Realtor Magazine: Explain How REALTORS®, Local Broker Marketplaces Work
Real Trends Opinion: Realtors, it’s time to raise your voice for consumers
Are you taking advantage of all Bright has to offer?
Are you taking advantage of all Bright has to offer? Recently, Bright added tools and features to help you provide even more value to your clients through your MLS subscription. Stand out from the competition and win new clients. Make the most of your MLS subscription this summer.
- Share Before You Publish Listing Preview now lets you share draft listings with key office members—and the sellers—directly from Bright’s Listing Management. Ensure the most complete and accurate listings every time! Get the latest at brightmls.com/ListingPreview
- Access the industry’s hottest headlines and market news with RISMedia Premier A $249 value, RISMedia Premier is included in your Bright MLS subscription! Enjoy the top source for residential real estate news directly from your Bright workspace. Learn more at brightmls.com/RISMedia.
- Free floor plans are now available through CubiCasa Did you know that homebuyers consider floor plans to be one of the most desired data assets on a listing? It’s true! Floor plans are second only to standard photos and listing data in terms of what buyers want to see. CubiCasa’s mobile app—now available through Bright MLS—makes creating floor plans easy, fast, and FREE! Get started at brightmls.com/CubiCasa
Kickstart your business! Our experienced Customer Success Coaches provide exclusive spots every week for coaching sessions. If you’re looking for the latest on Bright’s prospecting features, have some questions about the latest Bright apps or need a little help with search, sign up for Office Hours at BrightMLS.com/OfficeHours.
FAAR Expo 2023: Save the Date for Fredericksburg’s Largest Real Estate Expo!
The FAAR Expo is back, and it’s bigger and better than ever! This year’s event will be held on September 13, 2023, at the Fredericksburg Expo Center. The expo is a great opportunity for real estate professionals to connect with other professionals, learn about new trends, and find new ways to grow their businesses.
What to Expect at the FAAR Expo
The FAAR Expo will feature a variety of educational sessions, networking opportunities, and vendor booths. There will be something for everyone at the expo, whether you’re a new real estate agent or a seasoned veteran.
New additions
New additions to this year’s expo include the “Septic Adventure”! Come explore an above-ground septic exhibit in the middle of the expo center! The event will also feature the opportunity to book a headshot photography session ($50 per headshot) where you can get a new professional headshot. Not only will you get a new headshot, the proceeds from the session will benefit RPAC and count towards your annual investment.
Educational Sessions
The FAAR Expo will feature morning educational sessions including:
- What’s in Store for 2024? Market Forecast & Trends Panel
- Understanding Home inventory Seminar
These sessions will provide you with the insights to communicate the market changes prevalent in the real estate industry to your clients.
Networking Opportunities
The FAAR Expo is a great opportunity to network with other real estate professionals. You’ll have the chance to meet new people, learn about their businesses, and build relationships that can help you grow your own business.
Vendor Booths
The FAAR Expo will feature a variety of vendor booths from companies that offer products and services to real estate professionals. This is a great opportunity to learn about new products and services that can help you improve your business. Stop by Builders Row to meet with local builders and Retail Lane to connect with closing gift vendors and more.
Why Should You Attend the FAAR Expo?
There are many reasons why you should attend the FAAR Expo. Here are just a few:
- Learn about new trends in the real estate industry
- Find new ways to grow your business
- Network with other real estate professionals
- Get inspired by other successful real estate professionals
The FAAR Expo is a valuable resource for real estate professionals of all levels. Don’t miss this opportunity to learn, grow, and connect with other professionals in your field.
Vendor & REALTOR® Registration
Vendor registration & booth selection is underway. Contact Jennifer Saenz at jsaenz@faarmembers.com for more information.
FAAR REALTORS® who register on or by 9/5 will be eligible to register for FREE (including lunch) thanks to a decision by the 2023 FAAR Board of Directors. REALTOR® registration will open in July at faarmembers.com/calendar!
For more information on the education sessions and this year’s theme, visit faarmembers.com/expo!
We hope to see you there!
Press Releases
Real estate market demand continues to cool
February 2023 saw more of the same in the local real estate market with falling demand, rising prices, and increasing days on market. Total sold dollar volume was down 20% coming in at approximately $158.7 million compared to nearly $200 million in February of 2022. ...
Real estate prices continue to rise while demand craters
January 2023 saw demand crater compared to the highs of early 2022, but prices continued to rise with sizable jumps in nearly every locality. Units sold is the big story for this past month with more than 35% fewer homes changing hands than last year. January 2022...
2022 Real Estate Market Closes with High Prices, Declining Sales
2022 was a tumultuous year for the local real estate market with a fiery start to the year that began to moderate about halfway through due to rising interest rates and continued supply challenges. “The housing market always fluctuates. We had an intense seller’s...
November Housing Market Sees Plummeting Sales
The Fredericksburg regional housing market continues to show signs of a softening market, but prices remain stubbornly high in many jurisdictions. Total sold dollar volume took a staggering 37% drop this November coming in at approximately $193.5 million compared to...