In the Spotlight: Virginia REALTOR® Drew Fristoe

Virginia REALTOR®  Drew Fristoe was taught from a young age to believe that he could make positive change. His philosophy is that if you want to make something better, get involved and do it. It’s a strong mantra in his real estate career. Drew shares how a passion for helping others and a knack for staying calm are two key ingredients for making a client’s dreams come true. Watch his story here.

Now it’s your turn!

Not only have we got a solid line up of member cameos, we want more. We’ll be in the field and in the Virginia REALTORS® studio capturing the message of our members and sharing it statewide. Don’t be surprised when we invite you to tell a bit of your story on camera. And, don’t forget to share your experience through our Storyboard feature. Your message could motivate another REALTOR®, help us identify common challenges and opportunities, and even create connections for your business success. Email outreach@virginiarealtors.org to share with us today.

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March Surge Contributes to Significant Growth in First Quarter Residential Market

The first quarter of 2017 illustrates another year of significant market strength. With particularly strong sales in March, the first quarter of 2017 outperformed the prior year first quarter by 7.8 percent (rising from 21,213 transactions to 22,859). Likewise, first quarter volume grew year-over-year, from $6.492 billion in 2016 to $7.287 billion in 2017. The 12.2 percent increase in volume resulted from both significant gains in pace and steadily rising median prices. Median price for the first quarter rose 4 percent from 2016 to 2017, from $249,900 to $260,000.

Each month of the first quarter outperformed its prior year benchmark in sales. Annualized pace, the sum of all transactions for the preceding twelve months, rose for the tenth consecutive quarter. Relative to the prior quarter, the annualized measure was up 1.4 percent.

Year-over-year, first quarter home sales increased in all price bands except the lowest, where limited inventory typically restricts market activity. Sales pace and median price increased in every region of the state.

Though 30-year and 15-year fixed mortgage interest rates remain relatively low, they each continued to rise in the first quarter. The Federal Reserve Bank announced a raise in the key rate in March, acting on strong national jobs reports. The average rates for 30-year and 15-year fixed mortgage interest rates in the first quarter were 4.17 percent and 3.39 percent respectively. The prospect of rising rates may continue to spur greater activity in 2017.

According to 2017 Virginia REALTORS® President Claire Forcier-Rowe, “The start of 2017 has underscored the sustained strength of Virginia’s housing market and also illustrated the effects of evolving economic factors. Prices have inclined steadily as eager buyers enter the market and, with greater inventory in March, sales surged with their pent up demand.”

Click here to view the First Quarter Home Sales Report.

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In the Spotlight: new cameo series!

Who better to talk about the industry and impact of Virginia REALTORS® than… Virginia REALTORS®?

We’ve got a slew of member cameos telling the story of Virginia real estate, and we are kicking off the series with the incredible Virginia REALTOR® who is at the helm of this year’s Virginia Leadership Academy. Beth Dalton shares one of her favorite stories about being a REALTOR® and seeing the pride in a family’s first home purchase.

We want you!

Not only have we got a solid line up of member cameos, we want more. We’ll be in the field and in the Virginia REALTORS® studio capturing the message of our members and sharing it statewide. Don’t be surprised when we invite you to tell a bit of your story on camera. And, don’t forget to share your experience through our Storyboard feature. Your message could motivate another REALTOR®, help us identify common challenges and opportunities, and even create connections for your business success. Email outreach@virginiarealtors.org to share with us today.

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Read all about it! NEW member benefit

Beginning in May, Inman Select will be a new feature of Virginia REALTORS® membership. Select connects you to the latest news, powerful insights, objective analysis, special reports, and the numbers behind the news. Your Select subscription includes:

  • Inman Daily & Weekly Headlines
  • Inman News Flash
  • Special Reports
  • News Article Archives
  • Inman Video Vault
  • Inman Select Webinars
  • Inman Connect Live Stream

We are launching Inman Select to all Virginia REALTORS® members on TUESDAY, MAY 2nd, and it is absolutely FREE with your membership. Watch for an activation email on that date, which will include all the instructions you need to access Select. We hope you enjoy this exciting way to stay current with industry news and trends and deliver continued value and expertise to your clients. Knowledge is power!

 

 

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Truckloads of opportunity

 Tons of furniture (literally), dozens of house cleaning kits, a small fleet of U-Hauls, and twelve Virginia REALTORS® made for an energetic scene at our headquarters this week. The Virginia Leadership Academy (VLA) convened for its first retreat, but the class had already been hard at work. Around the state, the VLA class of 2017 spent weeks gathering supplies to benefit CARITAS in order to make Wednesday’s incredible delivery. CARITAS works in and beyond central Virginia to break the cycle of homelessness and housing vulnerability with effective and permanent solutions. Their mission is centered around the same principle that is at the core of this year’s VLA curriculum – servant leadership. It’s a principle that’s natural to REALTORS®, as constant guardians of your clients’ interests and ambassadors to your communities. An astonishing volume of collections came in from each classmate. CARITAS was on hand to fill an entire truck in addition to the donations that had already arrived directly at their warehouse. The truckloads of furniture, housewares, linens, appliances, and cleaning supplies will equip families and individuals in need and enable their permanent housing stability.

Thank you, VLA Class of 2017!

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NAR Government Affairs release Spring Break Report

Photo courtesy of www.nar.realtor.

The National Association of REALTORS® recently released their Spring Break Report updating REALTOR® members on policy happenings on Capitol Hill.  While the legislative year is still in the initial stages, there are several key issues important to REALTORS® on the Congressional horizon.

NAR’s Spring Break Report  breaks down some hot topics that could impact your business such as tax reform, flood insurance, and Fannie Mae and Freddie Mac reforms. The Report is chock full of valuable information you should know, especially if you happen to run into your Senator or Representative around the district during Congress’s spring recess from April 10-21.

Also, there’s still time to register for NAR’s 2017 REALTORS® Legislative Meetings & Trade Expo in Washington, D.C. May 15-20.

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REALTOR® Jackson Miller runs for Prince William Clerk of Court

Jackson and his wife Suzanne.

Jackson Miller, REALTOR® and part-owner of Crossroads, REALTORS® in Manassas, is no stranger to public service.

As a former Prince William County police officer, former Manassas City Councilor, and current member of the Virginia House of Delegates, he has dedicated much of his life serving and fighting for the people of Prince William, Manassas and Manassas Park.

It should come as no surprise that when there was an untimely vacancy for the Prince William Clerk of the Circuit Courts position, Jackson saw another opportunity to give back to the community that has given him so much.

With a focus on providing accountability and better customer service to the citizens of the area, Jackson announced his intention to run for the Clerk of the Circuit Court in the April 18th Special Election.

Jackson knows that the most important moments of people’s life like getting married, buying a home, settling a loved one’s estate, involve the Clerk of the Circuit Court. His commitment to taxpayers includes modernizing the Clerk’s office, streamlining the permit process and ensuring responsive customer service.

With that dedication to service, Jackson earned the endorsement of the REALTORS® Association of Prince William.

To get to know Jackson better and to see his ideas, visit him at www.millerforclerk.com.

If you’re a voter in Prince William, Manassas, or Manassas Park, be sure to vote for Jackson in the April 18th Special Election.  Not sure where to vote? You can find out on the Virginia Department of Election website.

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Storyboard: Josh and Breese Romano

Josh and Breese Romano are Richmond REALTORS® and a husband and wife team – 
they represent both buyers and sellers and they are gaining national attention for their renovation business. Through their company, Cobblestone Development, they are committed to improving their community’s neighborhoods but still leaving each house with a taste of RVA flavor. Their most important commitment is to leaving their clients in custom comfort and with room to grow equity.

Josh and Breese are debuting a pilot on HGTV this spring and they recently visited the Virginia REALTORS® headquarters to talk about their journey. Their encouragement to fellow Virginia REALTORS®? While success as a REALTOR® may not be an overnight phenomenon, the hard work, ingenuity, and – above all – dedication to clients will build your reputation and your business. Be motivated by the career you’ve chosen to connect people with their dreams.

Stay tuned for more on this dynamic couple as their air date approaches!

It’s your turn to share a REALTOR® story. Whether or not you have a television show in the works, we want to put you in the spotlight. Whatever your experience – hilarious, discouraging, outrageous, or inspiring – let us know about it. Storyboard connects REALTORS® across Virginia; you never know who you’ll inspire with a few simple words.

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Legal Video: Website Accessibility

Virginia REALTORS® Associate General Counsel Erin Barton shares information on website accessibility and how the issue might affect your business. Do you have an employee designated to maintain your site’s accessibility? Have you trained your staff on website accessibility standards? Make sure you know the standards and are ready to avoid this risk in your business. Click the video to watch. 

Posted in Business Resources, The Buzz | 4 Comments

Virginia Stars Recognized in NAR’s 30 Under 30

This year’s 30 under 30 Class of 2017 honorees have been announced by the National Association of REALTORS®, and two Virginia REALTORS® have been recognized as rising stars in the real estate industry. These outstanding members have demonstrated success, creativity, and leadership skills in their careers. Congratulations to Elizabeth Stone of RE/MAX Allegiance, and Will Wiard of Weichert, REALTORS®!

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