Rise in Private Listings in this Competitive Real Estate Market

Here’s how private home listings benefits brokerages, but hurts buyers and sellers

This blog post is based on an article written by Michele Lerner for the Washington Post. To read the full article, click here.

If you ask any prospective home buyer this spring or summer to comment on their biggest homebuying challenge, you’ll likely hear about the severe shortage of homes on the market. They’ll tell you about the homes they lost to other buyers, the outrageous cash offers they can’t compete against and homes that sold before they even had a chance to see them.

There are many reasons for the limited availability of homes for sale, such as rock-bottom mortgage rates, homeowners delaying sales until the pandemic passes, and baby boomers choosing to age in place. Many real estate experts also point to another reason – pocket listings.

What are pocket listings? Also known as private exclusives or private office listings, they are homes that are marketed internally within a real estate brokerage or privately between agents and potential buyers but are not publicly marketed or listed on the Multiple Listing Service (MLS) or other websites.

For a brokerage, the benefit of a private listing is the higher probability that the sale will be handled on both ends by an agent within the same company, earning the full commission for the transaction within the company. Some sellers prefer private exclusives because they are privately marketed rather than allowing anyone to see photos and the price of their home.

“Historically, private exclusives have been used as marketing tools for extremely high-end homes or celebrity sellers who didn’t want to expose their homes to the general public,” said Larry “Boomer” Foster, president of Long & Foster Real Estate.

On the other hand, private exclusive listings can be detrimental for buyers who don’t have access to the full market of homes for sale. “In addition, sellers are less likely to receive the highest price for their property if they limit their pool of buyers,” said Foster. “While we encourage every seller to list their property publicly, sellers sometimes request us to keep their home off the MLS initially.”

Foster mentioned that recently one seller asked for their home to be privately listed and quickly received a full-price offer. Their listing agent also asked if they wanted to list publicly to see if they receive any additional offers. “The property sold for $130,000 over the listing price within a few days,” Foster said.

Maximum exposure on the open market is likely to gain the highest price and fastest sale for sellers, as well as offer access to all qualified buyers, not a select few.

If you’re thinking about listing your property, please contact a Long & Foster agent, who will always put your interests first. For more information, visit LongandFoster.com.

Long & Foster’s Mid-Year 2021 Report Details Real Estate Sales Trends in Richmond Region

The real estate market in the Richmond region was booming in the first half of 2021, both in the traditional and luxury($750,000+) space.

Sales across the market increased 14% from the same period in 2020, and the high end segment far outpaced that growth, with an over 70% increase in sales during the first half of the year, according to the Long & Foster | Christie’s International Real Estate 2021 Mid-Year Richmond Region Market Report.

“While inventory has remained low, interest rates have done the same—creating opportunities for both buyers and sellers, especially those working with professional Realtors like those at Long & Foster,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “Whether you’re shopping for a larger home, considering an investment or vacation property, or downsizing, Long & Foster offers everything you need to buy or sell a home without the complexity or uncertainty you may have experienced in the past.”

Within the City of Richmond, luxury home sales jumped by 58.1%, and median sale prices were up by 5.4%. Average monthly inventory declined 50%, while homes stayed on the market an average of just 18 days, which was a 47.1% decrease compared to 34 days during the same period in 2020.

Luxury real estate’s median sale price increased 4.6% in Henrico County, while the number of sales increased dramatically by 171%. Average monthly inventory declined by 49.2% compared to the same quarter of 2020, while the average time properties spent on the market fell by 42.6%, to 31 days in the second quarter.

In Chesterfield County, the median sale price of luxury properties sold in the first half of the year increased by 6%, while the number of homes sold increased by an astonishing 212.5%. Inventory by the end of June was down 55.6% compared to the same period a year earlier. In the meantime, days on the market dropped by 1.6%, to just 25 days.

Goochland County saw the median sale price of luxury homes sold decline by 11.6%. The area experienced a 46.7% increase in luxury home sales, with time on the market dramatically decreasing to only 20 days, which was an 81% drop from 105 days in the second quarter of 2020.

In addition to highlighting major trends in the Richmond region, the Long & Foster | Christie’s Richmond Region Market Report spotlights individual neighborhoods. It also summarizes the local luxury market by the types of homes (for example, single family and townhomes) sold in individual neighborhoods, providing an in-depth analysis of the residential market. View the report in its entirety here.

Real Estate in Baltimore-Annapolis-Eastern Shore Region Soared in Q2 2021

Real estate in the Baltimore | Annapolis | Eastern Shore regions soared in the first half of 2021, both in the traditional and luxury ($750,000+) space. Sales across the market increased 26% from the same period in 2020, and luxury home sales more than doubled, with a 130% increase in sales during the first half of the year.

The luxury market in the Baltimore region saw a 34% decline in the number of homes for sale, according to the Long & Foster | Christie’s International Real Estate mid-year market report for the region.

“While inventory has remained low, interest rates have done the same—creating opportunities for both high-end buyers and sellers, especially those working with professional Realtors® like those at Long & Foster,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “Whether you’re shopping for a larger home, considering an investment or vacation property, or downsizing, Long & Foster offers everything you need to buy or sell a home without the complexity or uncertainty you may have experienced in the past.”

Luxury home sales jumped by 136.7% in Central Maryland by the end of the second half of 2021, and prices were up 3.4%, compared to a year earlier. Homes sold much faster in the second quarter, staying on the market just 29 days, a 47.3% decrease from the second quarter of 2020.

On the Eastern Shore, the number of luxury properties sold in the second quarter increased by a significant 150.5% while inventory was down 41.6%. The median sale price increased 2.3% compared to same time last year. The average marketing time fell 45.4% in the second quarter, to 65 days. Among the area’s luxury neighborhoods, Queenstown had the highest percent of luxury listings at 40%, followed by St. Michaels with 35%, Easton with 19% and Stevensville with 14%.

In addition to highlighting major trends in the Central Maryland region, the Long & Foster | Christie’s Baltimore/Annapolis/Eastern Shore Region Market Report spotlights individual neighborhoods. It also summarizes the local luxury market by the types of homes (for example, single family and townhomes) sold in individual neighborhoods, providing an in-depth analysis of the residential market. View the report in its entirety, here.

Long & Foster is the nation’s No. 1 real estate company as part of HomeServices of America. For more information, visit longandfoster.com.

Luxury Home Sales Soared in the Greater D.C. Region in Q2 2021

Long & Foster’s Quarterly Capital Region Market Report details trends in luxury real estate

Real estate in the Washington, D.C., metro region soared in the first half of 2021, both in the traditional and luxury ($1M+) space. Sales across the market increased 33% from the same period in 2020, and the overall number of high-end homes sold more than doubled.

In the greater D.C. metro area, the overall number of homes for sale dropped 10% in the second quarter compared to the year prior, according to the Long & Foster | Christie’s International Real Estate 2021 Q2 Quarterly Capital Region Market Report.

The luxury market was also afflicted by inventory challenges, with a 28% decline of properties for sale. With fewer houses on the market, homes sold faster and often for more money than in the past. The number of days that properties were listed on the market before selling dropped by double-digits in D.C., Northern Virginia and Montgomery Country, Maryland.

Within Washington, D.C., luxury home sales were up by a significant 135.6% in the second quarter of the year, while median sale prices rose 0.7%. Average monthly inventory decreased by 14%, and the days on market dropped 34.5% to just 19 days. D.C.’s most prominent luxury neighborhoods—as rated by the percent of active listings over $1 million—included Kent with 94% of listings falling into the luxury category and American University Park with 78%.

Luxury real estate sales jumped by 161% in Northern Virginia in the second quarter of 2021. Average monthly inventory dropped by 30.5% compared to the second quarter of 2020, while median sale prices declined slightly by .08%. The average time properties spent on the market dropped by 52.4%, selling much faster than the same quarter last year. The Northern Virginia areas with the most luxury homes on the market included Great Falls, which had 96% luxury property listings, followed by McLean with 68% and Vienna with 67%.

In Montgomery County, Maryland, the number of luxury properties sold in the second quarter rose by an astounding 145.9%. Average monthly inventory of luxury homes for sale declined by 41.3% for the quarter, and the median sale price decreased by 8.3%. The average marketing time dropped 47.7% to 23 days, down from 44 days in the same quarter in 2020. Among the area’s luxury neighborhoods, Potomac had the highest percent of luxury listings at 91%, followed by Bethesda at 47% and Chevy Chase at 44%.

In addition to highlighting major trends in the D.C. region, the Long & Foster | Christie’s Capital Region Market Report spotlights individual neighborhoods. It also summarizes the local luxury market by the types of homes (for example, single family and townhomes) sold in individual neighborhoods, providing an in-depth analysis of the residential market. To view the report in its entirety, visit 2021-mid-year-capital-region-market-report.

For more information about Long & Foster, visit LongandFoster.com.

Long & Foster Presents Diane Hesson and Kim Miller With Annual Foster Family Awards

Honor recognizes commitment to exceptional service

Long & Foster Real Estate has named Diane Hesson and Kim Miller as its 2020 Foster Family Award winners. Hesson is a recruiter in the Human Resources department at the company’s home office in Chantilly, Virginia. Miller is a settlement coordinator at the company’s Sage Premier Settlements office in Broomhall, Pennsylvania. The Foster Family Award recognizes Long & Foster employees who achieve excellence in customer service.

“We are proud of Diane and Kim and grateful for the contributions they make to our company,” said Jeffrey S Detwiler, president & CEO of The Long & Foster Companies. “Both Diane and Kim have proven to be true professionals who are dedicated to providing excellent service to everyone with whom they work—from our agents to our buyers and sellers.”

Nominations for the awards are accepted for any employees who exemplify the organization’s five keys to exceptional service—being accessible, listening, being responsive, having a can-do attitude and caring about their clients and colleagues. The company then presents two awards—one to an employee in its field operations and another to an employee within its shared corporate teams—to those individuals who embody that commitment to exemplary service.

Hesson is known for enjoying a challenge and delivering results. To everyone she comes in contact with, she is positive and upbeat. She takes great pride in her work – whether searching for a sales assistant fluent in mandarin to translate for our clients, to finding the right talent to fill an open position at the company.

Miller wears many different hats, provides support, and is known as the glue that holds everyone together at Sage Premier in the Philadelphia region. She greets each customer, whether in person or on the phone, with a smile on her face and in her voice, letting them know she cares, listening intently and putting them on the right path to a resolution – with 100% professionalism every day.

Long & Foster is the nation’s No. 1 real estate company as part of HomeServices of America. For more information, visit longandfoster.com.

Ten Design Projects to Improve Your Home’s Value

With historically low interest rates and a flood of buyers on the market, there may be no better time to sell a home.

While today’s real estate market conditions unquestionably favor those looking to sell, that does not mean homeowners should take things for granted. Buyers still want to purchase quality houses that will feel like home. Use this summer to make subtle home improvements that will not only look nice for you now but will give your home some extra appeal when you decide to sell.

Let’s look at ten design projects you can undertake to improve your home’s curb appeal (and the value).

Improve your driveway. The driveway is the first thing people encounter when they visit your home. Take the time to fix potholes, repave worn areas and ensure landscaping around the driveway remains clean. You likely will need to hire a professional, but a well-maintained driveway provides an instant positive first impression.
Decorate the front door. Just like your driveway, the front door serves as an early visual entry point for your home. Do simple things like applying a fresh coat of paint, polishing the door hardware, replacing the doorbell, knocker, or any nearby lighting.
Revisit your windows. Replacing windows can get expensive but can provide an energy-saving benefit along with aesthetics.
Create an outdoor living space. It is amazing what some nice furniture can do. During the pandemic, many homeowners invested in patios and decks. Just purchasing some nice lawn furniture and a few outdoor fixtures can improve the look and feel.
Decorate the porch. Like the driveway and the front yard, a lovely porch helps welcome people to the home. If you have one, take time to decorate with flowers, small plants, and even low-level mood lighting.
Change your hardware. Inside the home, an easy way to improve the look is with new hardware on cabinets. The kitchen is one of the rooms everyone uses, so installing modern hardware can create a simple and instant refresh.
Freshen the bathroom. Everyone knows that the bathrooms should be clean before anyone comes to look at a home. However, homeowners may want to think about replacing tiles, updating bathroom fittings, or even upgrading to a new tub before selling.
Painting is always a good idea. A can of paint costs $25 and instantly brightens any room.
Play with visuals. Aspiring interior decorators can make their home feel larger with a few tricks. Replace heavy closed drapes with vertical blinds or shudders, add a single large mirror to a room to visually double the space, and clear the clutter in a Marie Kondo-inspired clean-up.
Spruce up the yard. A nice yard pays enormous dividends. Your grass does not need to look like the fairway at Augusta National but make an effort to keep the yard clean, manage regular maintenance, and if you are getting ready to sell, hire a landscaping expert to get your greenery ready to go.

If you’re thinking of selling your home, a Long & Foster agent can help to recommend home improvements that will give you the highest return on your investment.

For more information, visit longandfoster.com.

Long & Foster Partners with Roof AI

New technology adds personalized digital experience to the home-buying journey

Long & Foster Real Estate, the nation’s No. 1 real estate company, as part of HomeServices of America, recently partnered with Roof AI, a customer intelligence solution, to introduce Holmes, a real estate bot powered by Roof AI.

Holmes will be engaging with Long & Foster’s customers, as their virtual real estate concierge, handling everything from sales to customer service and support. Holmes will provide 24/7 digital recommendations that assist in the buying experience.

“Choosing the right technology that brings real value to the user while delivering a great customer experience is very important to us at Long & Foster,” said Jeffrey S. Detwiler, CEO of The Long & Foster Companies. “I am excited to offer this seamless and personalized digital experience to further serve our clients.”

The virtual bot will provide a conversational experience to personalize every customer interaction, providing immediate and responsive service with real-time, self-serve support. Holmes will also offer customers a connected experience around the company’s core services.

“In a world that is becoming more digital, tailoring the online experience to the individual is key. Our goal is to help real estate companies build a connective tissue that provides a personalized and seamless experience, online and offline.” said Pierre Sabbagh, CEO of Roof AI. “We are thrilled to be partnering with industry leaders like Long & Foster, who are committed to providing their customers with the best digital experience.”

Long & Foster Real Estate is the nation’s No. 1 real estate company as part of HomeServices of America. For more information, visit LongandFoster.com.

Scotty Felton: Making Lives Brighter in her South Boston Community

The real estate business is about building relationships and Scotty Felton does it well. She and each of the other 12 real estate agents in Long & Foster Real Estate’s South Boston, Virginia office provide best-in-class customer service to all of their valued clients. It is clear they love the community where they live and work.

Her contributions to South Boston began long before the Covid-19 pandemic brought the global economy to a standstill. Throughout her real estate career, she has donated to good causes in her beloved hometown. “In a wonderful small community like this, it is money well spent,” said Felton.

To Felton, giving back to her community not only means donating to organizations – but to people too. She has helped young people pursue their dreams including the local high school robotics team and the culinary arts department. “Three students in the culinary arts department won the state contest and moved on to the nationals,” said Felton. “Although they raised money to go, I donated some funds for their exciting adventure to travel to the national competition.”

Left to Right: Bonita Taylor, Scotty Epps Felton and Taylor’s granddaughter, Alicia Waller

Last year, she arranged for a few students from the Halifax County school system to visit her office, two by two. There, they were given a demonstration of how real estate works. Then, Felton handed each of them $20 to go out into the community and purchase something. Their only assignment was to observe how people treated them, recognizing whether they received good or bad service, then decide how they wanted to be – or didn’t want to be – when dealing with people.

“To whom much is given, much is expected,” said Felton. “It is my pleasure to be a part of and give back to this community with such wonderful, hard-working people.”

This year, to celebrate Felton’s 25^th year in the real estate business, her theme of giving is centered around the number 25. For instance, she began a campaign called ‘Hometown Heroes’, inviting residents to nominate those they considered to be heroes in the community. She then recognized 25 individuals from the Halifax County school system – including everyone from students, teachers, and the custodian to the school superintendent – with $100 each.

Upon arrival at her office, Felton celebrates each winner by reading what was written about them in their nomination and then taking a photo of them accepting their $100, which is later posted on Felton’s Facebook page. In September, Felton plans to recognize 25 people in the medical field and in the future, she plans to also honor those in law enforcement.

And what about the people who nominate these ‘Hometown Heroes’? If their nominee is selected as a winner, they are rewarded with a $25 gift certificate to a local business. “This has helped local businesses, so it’s been a win-win all around,” Felton said.

Felton also includes pets in the fun, by inviting pet owners and their dog to visit the office to have a photo taken with their pet. She then posts their photo on Facebook, mails the photo to each pet parent, and donates $25 for each pet visit to the three local animal shelter organizations in the area.

“I have been very blessed by this community and by the real estate business,” said Felton. “This is my home community. I have lived here all my life, and I enjoy giving back to it.”

Felton can be reached at sfelton@scottyfelton.com or at 434-572-0510.

Long & Foster Sales Associates Honored with Latino Agents Award

Award granted to agents impacting nationwide Hispanic homeownership

Congratulations to four Long & Foster | Christie’s International Real Estate agents who have been named to the National Association of Hispanic Real Estate Professionals (NAHREP) Top 250 Latino Agents list. The annual awards recognize top-performing agents whose commitment and hard work has impacted the rate of Hispanic homeownership in communities across the country.

Juan Umanzor, of Long & Foster’s Bethesda Gateway office was recognized in two categories, including Top 250 Individuals by Transactions and ranked No. 24 in the category of Top 100 Teams by Transactions. A top-producing Realtor for nearly 20 years, Umanzor has built a successful team, Umanzor and Associates, which serves clients in Maryland, Washington, D.C., and Virginia.

Teresa Guzman of the Roanoke, Virginia office earned the No. 66 ranking in the Top 100 By Region category for the Southeast. Guzman has been an agent since 2014 and has experience as a mortgage loan officer, a counselor for tenants and landlords and has worked with government organizations to provide housing assistance in her area.

Alfonzo Talavera of the Greater Silver Spring, Maryland office came in No. 99 in the Top 100 By Region category for the Southeast. Talavera has a reputation for being hard-working, disciplined, and honest. He has a background in engineering, construction and statistics. Active in his community, he speaks fluent Spanish, Portuguese and English.

Marta Granados of the Greater Silver Spring office was recognized as No. 100 on the Top 100 By Region category for the Southeast. A real estate agent for over 30 years, Granados was in her third year of electrical engineering school when she switched gears to a career in real estate. Granados is consistently a Top Producer in her office.

“We congratulate Juan, Teresa, Alfonzo and Marta on being named to the NAHREP’s Top 250 Latino Agents list,” said Boomer Foster, president of Long & Foster Real Estate. “They are well deserving of these prestigious awards based on all of their hard work and contribution to the industry and their communities.

Gary Scott, president of Long & Foster Real Estate agreed with Foster and added, “We are very proud of each of these agents for their impact on the rate of Hispanic homeownership in the community and express our gratitude to them for helping to make Long & Foster the leading real estate company in the Mid-Atlantic and the Northeast.”

The NAHREP will officially recognize all award winners during the 2021 convention which will be held in San Diego from September 29 to October 2.

Long & Foster is the nation’s No. 1 real estate company as part of HomeServices of America. For more information, visit longandfoster.com.

Long & Foster Associates Named as Best Real Estate Agents and Top Producers by Washingtonian Magazine

Congratulations to the winning agents of Long & Foster | Christie’s named by the Washingtonian as 2021’s Best Agents and Top Producers in the greater D.C. metro area!

This year, as in past years, hundreds of Long & Foster | Christie’s top real estate teams and individual agents were honored by the publication. It also identifies its Best Agents by surveying its subscribers and compiling a list of top agents from thousands of area real estate associates.

The Washingtonian program recognizes how well these leading Realtors know the market and the extraordinary level of service they provide, from simplifying the communication process with their clients to helping ensure streamlined and seamless closings.

Find Long & Foster agents and teams who were honored as Top Producers by the Washingtonian HERE or read July 2021 issue of Washingtonian, on stands today.

Long & Foster Real Estate is the nation’s No. 1 real estate company as part of HomeServices of America. For more information, visit longandfoster.com.