FREDERICKSBURG AREA BUILDERS ASSOCIATION
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Volume 2: Issue 12 │ December 2018
FREDERICKSBURG - STAFFORD - SPOTSYLVANIA - CAROLINE - KING GEORGE - ORANGE
Click here to watch!
THURSDAY, DEC. 13
5 - 8 pm
fredericksburg country club
While the cost of mortgage financing and its impact on housing affordability are giving many prospective home buyers pause, the overall state of the economy remains positive, according to NAHB Chief Economist Robert Dietz.
Following a 4.2% growth rate in the second quarter, third quarter real GDP growth came in at an annualized rate of 3.5%. This was the strongest two-quarter performance in four years. And in October, the economy created 250,000 jobs, beating expectations and leaving the unemployment rate at a near 50-year low of 3.7%.
Increases in the 10-year Treasury rate have pushed mortgage interest rates up in recent months. In September, the average rate on 30-year mortgages for new homes increased to 4.64%, up from approximately 4% over the last 12 months.
While higher rates have cooled home sales, home price appreciation remains solid, increasing at a 5.8% year- over-year basis according to the Case Shiller Index in August.
Dietz provided this housing industry overview in the bi-weekly newsletter "Eye on the Economy."
Economic Growth Continues Solid Pace
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SATURDAY, JAN. 19, 2019
a. smith bowman distillery
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In a victory for NAHB, the Department of Labor on Nov. 9 agreed to a settlement that keeps a permanent injunct- ion in place that stops the “persuader rule” from taking effect and prevents a future administration from seeking to revive the rule.
The Obama-era persuader rule sought to unfairly require lawyers and consultants to report to the DOL when counseling employers concerning union organizing. And trade assoc- iations like NAHB would have been directly regulated un- der the rule if they engaged in certain activities, such as holding educational seminars on labor relations topics.
Midterm Elections and The Housing Agenda
The 2018 midterm elections delivered a split decision: Republicans expanded their majority in the Senate, picking up two seats to give them a 53-47 edge. Democrats picked up a net gain of 39 seats in the House to give them a majority for the first time since 2010.
NAHB’s election summary looks at the election results and explains how the new political landscape will affect the housing agenda.
Would you like to learn how to better manage your company, discover the latest techniques in high-performance building, or work toward an NAHB professional designation? Then take advantage of NAHB’s Pre-Show Education offerings, taught Feb. 16-18, just before the NAHB International Builders’ Show begins.
The Federal Housing Finance Agency announced recently that the maximum baseline conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2019 will increase from $453,100 to $484,350.
The loan limit will rise 6.9% in 2019 because FHFA has determined that the average U.S. home value increased 6.9% between the third quarters of 2017 and 2018.
Higher loan limits will be in effect in higher-cost areas as well, rising from $679,650 to $726,525.
FHFA Announces Higher Loan Limits
The U.S. Supreme Court in November handed down a decision in Weyerhaeuser Co. v. United States Fish and Wildlife Service, giving a victory to two NAHB members and land developers across the country.
The case examined the Fish and Wildlife Service’s designation of over 1,500 acres of private property in Louisiana as “critical habitat” for the endangered dusky gopher frog. In an 8-0 opinion, the Supreme Court ordered the Court of Appeals for the Fifth Circuit to reconsider its decision that allowed the Service to designate the area as critical habitat.
NAHB filed briefs in both the Fifth Circuit and Supreme Court.
Make the Most of Pre-Show Education
Supreme Court Ruling a Win for NAHB
Could Be a $2.5 Billion Tax
Could Be a $2.5 Billion Tax Court
Settlement Ends "Persuader Rule"
In a recent NAHB survey, 65% of builders reported that the overall supply of developed lots in their area was low to very low. This is up only 1% from June 2017, but is significantly higher than the 42% posted in September 2012.
The focus on lots was included in a special survey section in September’s NAHB/Wells Fargo Housing Market Index (HMI). The 65% of respondents citing a shortage of lots represents the largest low-supply percentage recorded since NAHB began periodically asking the question in the HMI survey in 1997.
The 65% includes 43% who characterized the supply of lots simply as low and 22% who said the supply of lots was very low.
The continued low supply of developed lots is a hindrance to a fuller housing recovery.
Roughly 13% Plan to Purchase a Home in the Next Year
Only 13% of adults are planning to buy a home in the next 12 months, according to NAHB's Housing Trends Report for the third quarter of 2018.
Most of these prospective buyers (58%) report this is the first time in their lives they would be buying a home.
The younger people are, the more likely they are to be interested in purchasing a home. The data shows that 19% of millennials have plans to purchase a home in the next year, with the percentage falling to 13% among the Gen Xers, 7% for the baby boomers and a scant 3% for seniors.
These results are not surprising, given that mobility rates decline significantly with age. According to the Census Bureau’s 2017 Current Population Survey, 18% of those under 40 years of age moved in the previous year, compared to 9% in the 40-49 age range, 6% of people aged 50-69, and 3% who were 70 or older.
The Housing Trends Report is a research product created by the NAHB Economics team to track changes in buyers’ perceptions over time. The data are derived from national polls of representative samples of American adults conducted for NAHB by Morning Consult.
Employers Must Use New I-9 Form
Builders Report Shortage of Lots
Of the 848,000 single-family homes started in 2017, roughly 79,000 were nonmetro- politan – that is, they were built outside of one of the officially-defined metropolitan areas. This is one finding of a special study from NAHB Economics looking at charac- teristics of newly built nonmetropolitan homes. Other highlights include:
The 79,000 nonmetropolitan single-family starts in 2017 is a 40% increase from 2011, compared to 97% for single-family starts overall.
The average size of a single-family home built in the nonmetropolitan part of the U.S. was 2,148 square feet in 2017, compared to 2,639 square feet inside metropolitan areas.
The average price of a single-family home built for sale in the nonmetropolitan part of the U.S. was $245,552, about a third less than in metropolitan areas.
Over 16% of single-family homes built in nonmetropolitan areas are purchased for cash (compared to less than 9% inside metropolitan areas).
Study Looks at Non-Metro Areas
BUILDERS & CONTRACTORS:
SAVE THE DATE
2015 Building Code Changes Training
Friday, March 29, 2019
8 am - 4 pm
Spotsylvania County School Board Building
8020 River Stone Dr, Fredericksburg, VA 22407
More details are coming soon!
Click on the event names below for more details and information.
Wednesday, Dec. 5 Caroline County Quarterly Meeting
11:30 am - 12:30 pm
Caroline County Offices
233 West Broaddus Ave, Bowling Green, VA 22427
Wednesday, Dec. 12 Associates Committee Meeting
9:00 am - 10:00 am
Wednesday, Dec. 12 Membership Committee Meeting
10:00 am - 11:00 am
Thursday, Dec. 13 Holiday Party Hard Hat!
5:00 pm - 8:00 pm
Fredericksburg County Club - lower level
Friday, Dec. 14 King George County Quarterly Meeting
11:30 am - 12:30 pm
King George County Community Development Office
10459 Courthouse Dr., Ste. 104, King George, VA 22485
Monday, Dec. 17 Stafford County Bi-Monthly Meeting
9:00 am - 10:00 am
King George County Community Development Office
1300 Courthouse Rd, Stafford, VA 22554
Thursday, Dec. 20 Legislative Meeting
8:30 - 9:30 am
Friday, March 29, 2019 2015 Building Code Training
SAVE THE DATE 8:00 am- 4:00 am
(more details coming soon) Spotsylvania County School Board Building
8020 River Stone Dr, Fredericksburg, VA 22407
FABA will be CLOSED Dec. 24, 2018 - Jan. 1, 2019 for Christmas break.
We will reopen on Wednesday, Jan. 2, 2019
Calendar at a Glance
In the home building industry, rather than simply thanking veterans for their service to our country, many builders also are hiring veterans.
The industry has long focused on training veterans through the Home Builders Institute, the nonprofit partner of NAHB. The HBI Military and Veterans Program operates on a number of U.S. military bases with training, certification and placement services focused on landing home building jobs for transitioning military members and veterans.
Skills learned in the military can easily transfer to the home building industry.
Marci O’Brien, a new home sales specialist in California, served in the Marine Corps from 1989 to 1994. She then got a real estate license and began participating in the housing boom in Southern California during the mid-90s.
O’Brien noted that the Marines’ unofficial slogan “Improvise, Adapt and Overcome” helped her a great deal in 2008 and 2009 during the housing market collapse. “The ability to confront challenges head-on and the thick skin I developed were invaluable during that time,” she said.
Looking to join a supportive community, O’Brien became involved in the Sales & Marketing Council of the BIA of Southern California soon after starting in the industry, eventually serving on its board.
That sense of belonging and validation also rings true for Air Force veteran Quint Lears, MIRM, who specializes in new home sales in New Mexico.
Lears also became involved with NAHB and his local Las Cruces (N.M.) HBA early in his career. He won the 2012 Salesperson of the Year at The Nationals and has recently published a book through Builder Books, "Partnering with Brokers to Win More Sales."
5 - 8 pm
'Tis the season for holiday festivities!
Join us at the Fredericksbug Country Club for our final Hard Hat happy hour event of the year and celebrate the holiday's with your FABA family.
Veterans Find New Careers in Home Building
Welcome... New Members
& Thank You Spikes !
Lansing Building Products - spike Dan Sandoval
The Roof Center - spike Frank Sigmon
Thank you... Renewed Members
Apple Door of Fredericksburg
C & F Mortgage
Drafting Surveying & Supply
Mid-Atlantic Laboratories, Inc.
Morris Tile Company
Pella Windows & Doors
Premier Insurance Agency
Smart Com Home Technologies
Thank you for your continued support!
NEW BENEFITS: MEMBERSHIP INCLUDED IN ALL LEVELS plus
EVENT TICKETS and MARKETING
Membership – New for 2019! All five levels of Cornerstone Sponsorship now include FABA’s 3-in-1 (FABA / HBAV / NAHB) Membership*. Your 2019 FABA Membership will be automatically renewed for a full year in your renewal month. Each sponsor level also includes NAHB Affiliate Membership for your employees to take advantage of professional designation classes, generous discounts, and many other benefits and services available to NAHB members.
Marketing Benefits – All levels include high visibility logo placement and recognition at the four FABA Marquee Events and other scheduled FABA Events throughout the year. Each level also includes marketing of sponsor logos using the reach of FABA’s social media, print and digital publications, and signage at events to position your company directly to your target audience.
Event Reservations (Tickets) – Every level of Cornerstone Sponsorship includes a specific number of ticket “reservations” for each of the four FABA Marquee Events – Presidents Gala, Crab Feast/BBQ, Parade of Homes Celebration & Awards, and 2019 Annual Meeting. The top two levels include additional benefits, including Spring Golf Foursomes and other VIP perks.
Click on the image of the brochure below to download the complete brochure.
*Builder Members at the Silver and Friend Level will receive a $630 credit toward their membership renewal.
FABA Members, we are about to begin the process of assembling our 2019 Membership Directory.
In order to start from the most current information, we will be contacting you to verify your company and contact information. The directory includes the following:
Primary Contact Person Name
Address (mailing address or physical address, whichever you want published in the book)
Primary Contact Email
Company Website address
Your Business Category
You can help us by confirming the information we have in our membership database by logging into your account on our FABA website.
If you don't have your log in information, to the members-only side of the www.fabava.com website, please contact us today at: firstname.lastname@example.org and we will resend your log in details.
See next page for an overview of benefits at each level.
2019 Cornerstone Sponsorships
2018 FABA Board of Directors
FAB Foundation continues it's mission to further the Workforce Development in the Fredericksburg Region.
If you are looking for an intern, apprentice, or job shadow opportunity please contact FABA as we have several pipelines to help you find the best student- tradesman match.
Save the Date!
The December Legislative Meeting is Thursday, December 20th at 8:30 am in the FABA Boardroom.
Atlantic Builders, Ltd.
1st Vice President
2nd Vice President
Spaces Design Studio
Assurance Financial Group
Associate Vice President
Embrace Home Loans
Immediate Past President
David Phelps II
ICF Homes of Virginia, LLC
Built Right Homes
Toll Brothers Inc.
Republic Home Builders
Legacy Engineering, PC
The Federal Savings Bank
The Stafford County Community Development Service Center’s operational hours will change beginning January 10, 2019 to 9:00 am to 4:30 pm on Thursdays. We will be open during our regular hours, 8:00 am to 4:30 pm on all other work days.
For questions, please contact:
Brenda J. Schulte; Community Development Service Center Manager
Apply online at https://progress.stafford.va.us/DP84
New Office Hours on Thursdays
Department of Public Works
will be awarded!
NEWS AND HAPPENINGS
Send us your press releases, news, and event information! We can post it here in our newsletter and on the Member Happenings page of our website!
Contact email@example.com for more information.
Do you have job openings, apprenticeships, or internships to fill? Contact us today!
FAB Foundation is working with FABA's workforce partners to help you fill these positions with qualified and trained local students.
FABA also posts job openings on the FABA website.
Contact firstname.lastname@example.org for more information or assistance.
2018 Partner Cornerstone Sponsor
2018 Platinum Cornerstone Sponsor
2018 Gold Cornerstone Sponsor
2018 Gold Cornerstone Sponsors
President Marc Simes, WJ Vakos
1st VP Stacey Lampman, Spaces Design Studio
2nd VP Scott Hine, Assurance Financial
Treasurer Jeremiah Horstick, CORELOT
Secretary Sara Fila, Legacy Engineering
Associate VP John Reid, Embrace Home Loans
IPP Gene Brown, Atlantic Builders
Tim Hall, Tricord Homes
Dan Sandoval, Republic Home Builders
Brandon Serbay, Built Right Homes
John Gasque, Cornerstone Homes
Sean Halsey, Halsey Homes
Teressa Taylor Griffis, Foundation Homes
Bruce Reese, Legacy Engineering
Frank Sigmon, BFS
Rusty Cowper, The Federal Savings Bank
Part of being a great volunteer is loving what you're doing. Find something that you're passionate about or something that inspires you, and then find a need in your community. There are dozens of reasons why you should volunteer - you just need to find the one that feels right.
20 GREAT REASONS TO VOLUNTEER
- Help others
- Make a difference
- Find purpose
· Enjoy a meaningful conversation
· Connect with your community
· Feel involved
· Contribute to a cause you care about
· Use your skills in a productive way
· Develop new skills
· Meet new people
· Explore new areas of interest
· Meet good people
· Impress your mom
· Impress yourself
· Expand your horizons
· Get out of the house
· Make new friends
· Strengthen your resume
· Feel better about yourself
2019 FABA Officers & Directors
Platinum Cornerstone Sponsor:
Silver Cornerstone Sponsors:
2018 Silver Cornerstone Sponsors:
Discounts for FABA Members
2018 Friend Cornerstone Sponsors:
Thank you to all of our
Cornerstone Sponsors and Advertisers
Don't forget to refresh or submit your ads!
FABA works to educate, promote and represent the building industry while enhancing the region’s quality of life.