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Real Estate Market & Economic Summit 2019

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Real Estate Market & Economic Summit with:

  • Dr. Lisa Sturtevant – Virginia Realtors, Chief Economist
  • Patrick Barker – Frederick County Economic Development Authority Executive Director
  • Shawn Hershberger – Winchester Development Services Director
  • Doug Parsons – Warren County Economic Development Authority Executive Director
  • Hosted by Blue Ridge Association of Realtors
  • Proceeds to benefit Habitat for Humanity and BRAR Scholarship Fund

A few key take aways from Dr. Lisa Sturtevant’s portion of the summit:

  • Because mortgage rates are so low, more people are locking in low interest rates instead of buying their next home. They are adding on to existing home.
  • Healthcare is highest growing job industry in Virginia.
  • We have lost 25-34 year-olds from Virginia. They are moving to places like  Austin, Cleveland, and Des Moines because of high quality of living and affordable housing. QUALITY OF LIFE AND HOUSING ARE BIGGEST REASON FOR LEAVING.
  • Job growth is the primary demand for housing.
  • Prices are going to continue to rise in the months to come.
  • Trend of supply will continue to decline.

Photos courtesy of Jennifer Avery.






Jennifer Avery, REALTOR®
“Your Happy Home Expert!”
BPOR, SRS, CNE, E-Pro Certified | Licensed in VA
jenaveryrealtor@gmail.com | 540-683-0790
CRUM REALTY, INC | 318 S Loudoun St, Winchester VA 22601

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Real Estate

Warren County Real Estate Market Report – August 2019

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Huge shift in NEW PENDING sales in 2019. Could it be low interest rates?

Watch this video for a quick summary of Warren County real estate for August 2019 and a brief visual update of the new splash pad construction across from Fantasyland Playground. Video footage will show the progress including some additional work on the creek around the small overpass bridge near Bing Crosby Stadium. The work appears to be helping to protect the creek from future flooding and has already helped the flow of water in this area.

In general summary:

  1. New Listings are down for the first time in months. -5.66%
  2. New Pendings are the most remarkable change this month. 62.50% Because this change is so drastic, it has caused me to dig a little deeper. After reaching out to a few other business professionals including Michelle Napier (CBM Mortgage) and Jennifer Compton (Blue Ink Original Title and Settlement), we think the low interest rates that are available to purchasers right now must be playing a role in the sales jump. Jennifer commented, “The low interest rates have had us extremely busy the past few weeks closing refi’s.” She continued, “I bet these low rates are playing a big part in the percentage change in pending sales.”
  3. 3. Average Days on Market 73.

*If you would like a copy of this report emailed to you, please send request to jenaveryrealtor@gmail.com

Resource: 2019 Market Stats by ShowingTime
MRIS: Statistics calculated September 2019

Jennifer Avery, REALTOR®
“Your Happy Home Expert!”
BPOR, SRS, CNE, E-Pro Certified | Licensed in VA
jenaveryrealtor@gmail.com | 540-683-0790
CRUM REALTY, INC | 318 S Loudoun St, Winchester VA 22601 | 540-662-0400

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Real Estate

NextHome Realty Select announces Curtis Siever as a NextHome Certified Instructor

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Every year, NextHome hosts a Franchise Owner Summit that brings together franchise owners and brokers from across the country with corporate and industry leaders. The event provides attendees with a first glance at new technology and products, allows them to network with other NextHome members, and to share strategies on elevating their business.

NextHome rolled out a brand new program at last week’s Franchise Owner Summit in Denver. Brokers and owners had the opportunity to register and complete our inaugural Train the Trainer course, a NextHome accreditation program.

Completing the course, in addition to meeting other prerequisites, has resulted in 35 franchise owners becoming NextHome Certified Instructors. Their office locations across the country are now National Association of REALTORS® approved sites where our NextHomies can teach the NAR Accredited Buyers Representative (ABR) course.

Given that over 50 percent of all agents inquire about the ABR designation, this is a game-changing opportunity for the first class of NextHome Certified Instructors to host trainings in their office locations and connect with local real estate professionals.

NextHome Realty Select would like to recognize Broker/Owner Curtis Siever, who completed the Train the Trainer course in Denver and is now ready to spread his knowledge with agents in his sphere.

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Real Estate

5 questions to ask when choosing a neighborhood

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Before you start shopping for a new home, it’s a good idea to consider what neighborhood you want to live in. Here are five questions to ask yourself when considering location.

1. Are the schools good? If you have young kids, this is a top priority. Do some digging online and consider visiting the more promising schools in person.

2. Is it safe? Ensure that the neighborhood doesn’t have issues with crime. You can often find information about crime rates on the web. Another option is to make inquiries with the local police department.

3. Where can I go by foot? Consider what shops, services or amenities are within walking distance. This includes grocery stores, cafes, restaurants, daycares, clinics, parks and gyms.

4. What will commuting be like? Take into account how close the neighborhood is to your workplace and your children’s school. If you intend to take public transportation, see how accessible and convenient it is.

5. Do I like the atmosphere? To better understand the overall vibe of the neighborhood, the best thing to do is scope it out in person. Walk the streets, chat with the locals and visit the area’s shops and restaurants.

In addition to asking yourself these five questions, it’s worth discovering what trends are emerging with respect to home values in the neighborhood. This will indicate whether buying in the area will prove a good investment if you choose to sell the property down the road.

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Real Estate

Warren County Market Report – July 2019

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Welcome back to school, Warren County!

Watch this video for a quick summary of Warren County real estate for July 2019. Charts demonstrate the changes in the market, so be sure to click play!

In general summary:

  1. New Listings are up 15%.  This is a significant increase over last year.  Good news is that we are selling what we list and hopefully will continue to do so.  Closed Sales are up 9%.
  2. Average Median Sold $241,000.
  3. Average Days on Market 76.

*If you would like a copy of this report emailed to you, please send request to jenaveryrealtor@gmail.com.

Resource: 2019 Market Stats by ShowingTime
MRIS: Statistics calculated July 2019

Jennifer Avery, Realtor
“Your Happy Home Expert”

BPOR, SRS, CNE, E-Pro Certified | Licensed in VA
jenaveryrealtor@gmail.com | 540-683-0790
CRUM REALTY, INC | 318 S Loudoun St., Winchester, VA 22601 | 540-662-0400

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Real Estate

Fixed versus variable rate mortgages: what you need to know

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Fixed or variable rate? It’s a question every homebuyer is faced with when obtaining a mortgage. If you’re unsure about which option is best for you, this primer should help.

What are fixed and variable rate mortgages?
Fixed rate mortgages are straightforward and involve paying the same monetary installments and interest rate for the duration of your term.

Variable rate mortgages, on the other hand, are a little more complicated. They’re tied to your bank’s prime rate, which may change over time.

Your bank’s prime rate is based on the target federal funds rate or the rate banks charge each other when they lend funds overnight. A quoted prime rate is typically the average of the prime rates charged by the major banks.

The target federal funds rate can increase or decrease several times per year. For example, in 2018, this rate changed four times. It rose by 0.25 percent each time, climbing from 1.25 percent in March to 2.50 percent in December.

Should you choose a fixed or variable rate mortgage?
Variable rate mortgages typically have a lower interest rate than fixed rate mortgages and historically, they’ve saved people money. However, fixed rate mortgages have the benefit of offering certainty and predictability. They make budgeting easier and take away any trepidation around potential interest rate hikes.

To better determine which mortgage type will cost you the least, see what leading economists are forecasting for the target federal funds rate. Just keep in mind that no one can reliably predict future fluctuations.

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Right of first refusal: what it is and why it’s useful

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A right of first refusal (ROFR) in a real estate contract is a clause that gives an individual first dibs on buying a particular property. If someone other than the specified individual makes an offer, they’re notified by the seller and given the opportunity to match the bid.

Who can arrange an ROFR?
An ROFR clause can be arranged between a tenant and a landlord, between family members or between neighbors. An ROFR can also be offered to a tenant via a homeowners’ association or condo board.

Advantages for tenants

This type of agreement can benefit all parties involved. If, for instance, a tenant is interested in eventually buying the home they’re renting, an ROFR clause gives them the assurance that so long as they have the funds, they’ll be first in line.

Advantages for landlords
On the landlord’s end, he or she maintains the right to sell to the highest bidder and always has at least one interested buyer. As an added bonus, it’s likely to be someone who can purchase the place with little hassle.

If you sign a right of first refusal agreement, make sure that the specifics suit you. Look at details such as the deadline to match an offer and the expiry date of the clause. Additionally, it’s a good idea to consult with a lawyer before entering into any legal agreement.

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Upcoming Events

Oct
15
Tue
10:00 am Acrylic Painting: An Individuali... @ Art in the Valley
Acrylic Painting: An Individuali... @ Art in the Valley
Oct 15 @ 10:00 am – 12:30 pm
Acrylic Painting: An Individualized Approach @ Art in the Valley
With an emphasis on individuality and creativity, this acrylic painting class welcomes all skill levels. Some concepts we will explore include various paint application techniques, color theory, and composition. Within these basic parameters, we will[...]
Oct
16
Wed
10:30 am Art Class “Fall is Here” @ Art in the Valley
Art Class “Fall is Here” @ Art in the Valley
Oct 16 @ 10:30 am – 12:00 pm
Art Class "Fall is Here" @ Art in the Valley
We are offering classes for children ages 7-12 who would enjoy expressing themselves through art. The students will expand their creative side with drawing, painting and constructing, using various mediums such as acrylic, pastels, watercolor[...]
7:00 pm Author Jeff Hunt book signing @ Warren Rifles Confederate Museum
Author Jeff Hunt book signing @ Warren Rifles Confederate Museum
Oct 16 @ 7:00 pm – 8:30 pm
Author Jeff Hunt book signing @ Warren Rifles Confederate Museum
Author Jeff Hunt will be presenting and signing copies of his books from the Meade and Lee Series at multiple events in the state of Virginia. The first event is at 7:00 pm on Wednesday,[...]
Oct
17
Thu
1:30 pm The Fundamentals of Oil Painting... @ Art in the Valley
The Fundamentals of Oil Painting... @ Art in the Valley
Oct 17 @ 1:30 pm – 4:00 pm
The Fundamentals of Oil Painting - Fall 2019 @ Art in the Valley
This class will focus on proven approaches for successful oil paintings. Subject matter will be the student’s choice. No previous painting experience with oils necessary. The class will introduce students to fundamental concepts of color[...]
Oct
18
Fri
10:00 am R-MA Homecoming @ Randolph-Macon Academy
R-MA Homecoming @ Randolph-Macon Academy
Oct 18 @ 10:00 am – 4:00 pm
R-MA Homecoming @ Randolph-Macon Academy
Randolph-Macon Academy will welcome alumni and their families back to campus on Friday and Saturday, October 18th and 19th, during the annual Homecoming weekend. Events that are open to the general public include the Homecoming[...]
1:30 pm The Fundamentals of Acrylic Pain... @ Art in the Valley
The Fundamentals of Acrylic Pain... @ Art in the Valley
Oct 18 @ 1:30 pm – 4:00 pm
The Fundamentals of Acrylic Painting - Fall 2019 @ Art in the Valley
This class will focus on proven approaches for successful acrylic paintings. Subject matter will be the student’s choice. No previous painting experience with acrylics necessary. The class will introduce students to fundamental concepts of color[...]
Oct
19
Sat
10:00 am R-MA Homecoming @ Randolph-Macon Academy
R-MA Homecoming @ Randolph-Macon Academy
Oct 19 @ 10:00 am – 4:00 pm
R-MA Homecoming @ Randolph-Macon Academy
Randolph-Macon Academy will welcome alumni and their families back to campus on Friday and Saturday, October 18th and 19th, during the annual Homecoming weekend. Events that are open to the general public include the Homecoming[...]
10:30 am 2nd Annual Peak Leaf Music & Bre... @ Valley Roots Farm
2nd Annual Peak Leaf Music & Bre... @ Valley Roots Farm
Oct 19 @ 10:30 am – 7:00 pm
2nd Annual Peak Leaf Music & Brewers Festival @ Valley Roots Farm
Join us for the 2nd annual Peak Leaf Music & Brewers Festival! Come party on Saturday, October 19th, 2019, for a day of live music, local brews, local merchants, and local food trucks; all for a[...]
1:00 pm Workshop: An Introduction to Col... @ Art in the Valley
Workshop: An Introduction to Col... @ Art in the Valley
Oct 19 @ 1:00 pm – 6:00 pm
Workshop: An Introduction to Color Theory @ Art in the Valley
This one day workshop will be an introduction to color theory as it applies to image-making. We will talk about primary, secondary and tertiary colors and how to mix them from a simple palette for[...]
5:30 pm 7th Annual Front Royal Zombie Walk @ Bing Crosby Stadium
7th Annual Front Royal Zombie Walk @ Bing Crosby Stadium
Oct 19 @ 5:30 pm – 8:30 pm
7th Annual Front Royal Zombie Walk @ Bing Crosby Stadium
Put on your best zombie costume and practice your best shambling limp, because it’s time for the annual FRONT ROYAL ZOMBIE WALK! The Walk will begin at Bing Crosby Stadium at 6pm sharp. We will[...]