The Liz Moore Market Watch Blog

What Can We Expect to See in the Richmond Market in 2019?

Posted by Liz Moore on Thu, Mar 07, 2019 @ 02:52 PM

rawpixel-620230-unsplash2018 was another solid year for local real estate. Here in Richmond, closed sales finished down 2.15% for the year, with a 6.2% increase in 2 years overall. The final month showed pending sales down 12.3% compared to the year prior.

We are entering 2019 with less than 1.84 months of active inventory, and homes selling, on average, in only 32 days. On average, sellers accepted offers at over 99.75% of their asking price last year. That is good news for sellers who are priced properly and in good condition, or for prospective sellers who are thinking about diving into the market. Nationwide, most markets are experiencing inventory shortages, which is the single biggest factor keeping a lid on the number of sales.

Prices remained remarkably steady during the past 12 months, with the median sales price in Richmond slightly above $290,000 for most of the year and finishing up at $293,539.

Here is what I see in the coming 12 months:

A shortage of listings has been our biggest challenge for the past 18 months. My expectation is that we will continue to see more listings come on the market as we move into the Spring. We have seen a significant jump in new listings over the past few months, signaling that wise sellers recognize the importance of beating the competition to the Spring market.

As the typical Spring seasonal demand builds, consumers will realize that moves need to be made ASAP in order to take advantage of a 9 year streak of historically low rates and home values. It’s important to note that the market can shift quickly, and it will not surprise me to see a highly competitive Spring season for homes selling below $350,000.

Interest rates will begin a slow and steady climb this year. Interest rates have been perplexing over the past 12 months. Most predicted the inevitable ascent would begin as the economy gained steam, but rates remained lower than predicted, most likely because the feds were hesitant to do anything that might inhibit the momentum of the recovery.

I believe that 2019 will be the year that interest rates incrementally increase, but the question remains by how much and how frequently. The good news is that this is a sure sign of a strengthening economy, but the bad news is that each hike raises the bar on home affordability. My prediction is that this will add some urgency to the market this year, particularly in the lower price ranges.

Prices will finally begin to show improvement in many neighborhoods. Prices are neighborhood specific, and some areas are definitely improving faster than others. Appreciation was up in the Richmond Metro market last year (with the median sold price up just over 3.72%), and I expect will continue to trend toward more normal appreciation rates (4 to 5%) in 2019 and beyond.

If a home purchase is on your New Year resolution list, buy early in the year, as interest rates have a much greater impact than most realize. For instance, waiting for prices to drop 5% to save $12,500 on a $250,000 purchase may cost you an extra $225 per month in payments; if rates increase from 4% to 5.5%, then your payment increases from $1194 to $1419. For most buyers, the affordability index of monthly payments is a more critical consideration.

We were fortunate to be a part of the Richmond Real Estate Market. Your support and referrals are much appreciated, and we promise to deliver the extraordinary client experience that has become our hallmark!

*All stats based on Broker Metrics for Central Virginia Regional residential home sales in 2018

If you are looking to buy or sell a home this year, email us at info@lizmoore.com.  We'd love to help!

Tags: Richmond, lizlocal-Richmond, relo-richmond-news

A Big Night for Liz Moore & Associates and Their Builder Clients at the MAME Awards in Richmond

Posted by Lynnette Tully on Mon, Mar 04, 2019 @ 04:31 PM

The Annual Mame Awards were held on Friday, March 1st in Richmond, Virginia.  MAME stands for Major Achievements in Marketing Excellence and the MAME Awards pay tribute to superior sales and marketing achievements by individual professionals, home builders, developers, remodelers, real estate agents, and associate members. The competition is presented by the Sales & Marketing Council (SMC). 

Three of the area builders that are marketing by Liz Moore and Associates took home awards.

perk-3Perkinson Homes won for Best DVD/Promotional Video and Best Digital Advertisement for their video series promoting Primland Creek in Hallsley.  A majority of their lots were pre-sold due to these promotions, so it is no surprise that they came home winners!

Baldwin Creek and Philip Bourdon won for Best Community Spirit.  Philip baldwinbelieves in giving back to his community by sponsoring an apprenticeship program with a local high school, giving students hands on experience in the building world.

53093761_316255829078001_7737482629984813056_nNK Homes won the award for Best Marketed Community in Rochambeau Estates.  The newly-established Rochambeau Estates highlights the beauty of New Kent County with spacious and quiet lots. This lends itself towards private living while still delighting in the charming community. 

In addition to our builder clients winning big, Tonya Morrow, managing broker of our Richmond office, took catie and tonya-1home two awards.  Tonya won Marketing Executive of the Year and Sales Manager of the Year.  Wow!  Congratulations, Tonya!

If you are interested in buying or selling real estate in the Richmond, Virginia area, or are a home builder looking for a firm to support you in marketing, email us at info@lizmoore.com.  We'd love to show you how our effective marketing can serve you!  

Tags: New Homes, Richmond, lizlocal-Richmond, relo-richmond-news

Liz's Crystal Ball for 2019

Posted by Liz Moore on Wed, Feb 27, 2019 @ 04:01 PM

crystal ball-12018 was another solid year for local real estate. Here in Williamsburg, closed sales finished up 5% for the year, on top of a 2% increase in 2017. The final quarter slowed down slightly, with pending sales down almost 2%.

We are entering 2019 with less than 4 months of active inventory, and homes selling, on average, in only 30 days. On average, sellers accepted offers at over 98% of their asking price last year. That is good news for sellers who are priced properly and in good condition, or for prospective sellers who are thinking about diving into the market. Nationwide, most markets are experiencing inventory shortages, which is the single biggest factor keeping a lid on the number of sales.

The exception here is the luxury market, where sellers need to be significantly more patient – there is currently 18 months of inventory priced at $750,000 and up in Greater Williamsburg.

Prices remained remarkably steady during the past 12 months, with the median sales price in Williamsburg slightly above $300,000 for most of the year and finishing up at $310,000. 

Here is what I see in the coming 12 months:

A shortage of listings has been our biggest challenge for the past 18 months. My expectation is that we will continue to see more listings come on the market as we move into the Spring. We have seen a significant jump in new listings over the past few months, signaling that wise sellers recognize the importance of beating the competition to the Spring market.

As the typical Spring seasonal demand builds, consumers will realize that moves need to be made ASAP in order to take advantage of a 9 year streak of historically low rates and home values. It’s important to note that the market can shift quickly, and it will not surprise me to see a highly competitive Spring season for homes selling below $500,000. Interest rates will continue a slow and steady climb this year.

Interest rates have been perplexing over the past 12 months. Most predicted the inevitable ascent would begin as the economy gained steam, but rates remained lower than predicted, most likely because the feds were hesitant to do anything that might inhibit the momentum of the recovery.

I believe that 2019 will be the year that interest rates incrementally increase, but the question remains by how much and how frequently. The good news is that this is a sure sign of a strengthening economy, but the bad news is that each hike raises the bar on home affordability. My prediction is that this will add some urgency to the market this year, particularly in the lower price ranges.

Prices will finally begin to show improvement in many neighborhoods. Prices are neighborhood specific, and some areas are definitely improving faster than others. Appreciation was relatively flat in the Greater Williamsburg market last year (with the median sold price down just over 1%), and I expect will continue to trend toward more normal appreciation rates (4 to 5%) in 2019 and beyond.

If a home purchase is on your New Year resolution list, buy early in the year, as interest rates have a much greater impact than most realize. For instance, waiting for prices to drop 5% to save $12,500 on a $250,000 purchase may cost you an extra $225 per month in payments; if rates increase from 4% to 5.5%, then your payment increases from $1194 to $1419. For most buyers, the affordability index of monthly payments is a more critical consideration.

We were fortunate to participate in 1 out of every 6 home sales in greater Williamsburg in 2018, insuring our position as the #1 agency in the local market. Your support and referrals are much appreciated, and we promise to deliver the extraordinary client experience that has become our hallmark!

*All stats based on Broker Metrics for WMLS, 23188, 23185, and 23186 residential home sales in 2018

If you are looking to buy or sell a home this year, email us at info@lizmoore.com.  We'd love to help!

Tags: Buyers, Sellers, Williamsburg, lizlocal-Williamsburg, relo-williamsburg-news

Grand Opening in The Point on Fisher's Creek, Newport News

Posted by Lynnette Tully on Thu, Feb 21, 2019 @ 01:08 PM

POFC-2Join us for the Grand Opening of the Waverly in The Point on Fisher's Creek by Stephen Alexander Homes and Neighborhoods on Sat. March 9th and Sun. March 10th from 1-4pm. The builder, Stephen Quick, will be on-site to offer tours and answer any questions you may have about the home or their product.  

This beautiful home features 3,500 sq. feet of smart living, open concepts and coastal charm. This expansive floor plan includes five bedrooms, three and a half baths, a built-in entertainment center in the family room with bookshelves and a fireplace. A culinary chef’s dream, the kitchen features a large island, 42” custom cabinets, stainless steel appliances, granite, and a beautiful glass tile backsplash. Off the kitchen is a custom butler’s pantry including a culinary station and wine built-in. With 10’ ceilings on the first floor, the home feels open, airy and bright. Upstairs is a spacious master suite with a spa like bathroom, huge tile shower with a glass enclosure, dual showerheads and built-in vanities. Over the garage is a spacious bonus/bedroom that offers space for an office, playroom or both! Don’t forget about the beautiful screened-in porch off the eat-in kitchen area, it completes the house! There are so many gorgeous features in this model home at The Point on Fishers Creek, which is centrally located to shopping, Schools, Military Bases, Hospital, Christopher Newport University, Port Warwick, City Center Newport News.

Stephen Alexander Homes provide quality craftsmanship, unique design, and superior service.   A multigenerational family business, the company is committed to developing and building the finest communities in Hampton Roads.

For more information, ask Cathy Jackson (CathyJackson@lizmoore.com) or follow us on Facebook at www.facebook.com/lizmoorenewhomes

Tags: Newport News, New Homes, event, event-Peninsula, events

Real Estate Assessments Grow Across the Richmond Area

Posted by Lynnette Tully on Fri, Feb 08, 2019 @ 11:37 AM

rawpixel-790897-unsplashReal Estate Assessments are up in the majority of counties across the Richmond area and the news has homeowners buzzing.  

Hanover County will see its largest year-over-year increase in the past decade by 6.1%.  According to the assessor’s office, the reassessment of 37,000 properties and new construction will increase the value of the county’s total taxable property by $856.6 million.  

The median assessment of a Hanover County home will be $277,700, an increase of 7.7% over the current year.

In Henrico County residential real estate assessments were roughly 4.8% higher than last year’s, with the average assessment at $255,000.

Henrico’s tax rate is 87 cents per $100 of assessed value, meaning that the average real estate tax bill for Henrico homeowners will increase by about $92.

The average assessment in Chesterfield County increased by about 3.7%, with the average single-family home assessed at $250,000.  Here, the county’s real estate tax rate is 96 cents per $100 of assessed value.

What does this mean for homeowners?  The market is strong and there's not a lot of inventory.  If you have been thinking about selling, now could be the time!  Email us at concierge@lizmoore.com, or click below, and we can prepare a complimentary analysis of market value for you.

How Much is My Home Worth?

 

 

Tags: Buyers, Sellers, lizlocal, lizlocal-Richmond, relo-richmond-news

New Homes Tour...with Wine & Chocolate!

Posted by Lynnette Tully on Tue, Feb 05, 2019 @ 03:02 PM

Capture-18Join us on Saturday, February 16th, from 1-4pm for the Liz Moore and Associates New Homes Tour.  With 11 homes on tour from the Peninsula up to Richmond, one is bound to be near you!

And what's better than touring beautiful homes?  Doing so while sampling wine and chocolate! 

Bring your valentine out for a little fun! To download the complete list of participating homes, visit www.lizmoore.com/valentine.

 

Tags: Newport News, Poquoson, New Homes, Williamsburg, Richmond, event, event-Peninsula, event-Williamsburg, event-Richmond, events

2019 Hampton Roads Home Show

Posted by Grayson Moore on Thu, Jan 31, 2019 @ 02:34 PM

Be sure to check out the Peninsula’s largest Home Show on February 9th and 10th. Meet remodeling contractors, landscaping companies and interior designers that can help make your home design dreams come true. The show will be held at the Hampton Roads Convention Center (1610 Coliseum Drive Hampton, VA 23666) on Saturday, February 9th from 10AM to 6PM and on Sunday February 10th from 11AM to 5PM. Admission is $10 at brina-blum-612693-unsplashthe door, $7 online and $5 for active and retired military with valid ID. Admission for anyone under 18 is free and tickets may be purchased with cash only (an ATM is available on site for your convenience). For more information and to see a list of participating exhibitors, please visit https://hamptonvahomeshow.com/  

Tags: event-Peninsula

Coming Soon: Grand Opening in The Point on Fisher's Creek, Newport News

Posted by Lynnette Tully on Fri, Jan 25, 2019 @ 10:59 AM

POFC-2Coming Soon: Grand Opening of the Waverly in The Point on Fisher's Creek by Stephen Alexander Homes and Neighborhoods. The builder, Stephen Quick, will be on-site to offer tours and answer any questions you may have about the home or their product.  Stay tuned for date and time.

This beautiful home features 3,500 sq. feet of smart living, open concepts and coastal charm. This expansive floor plan includes five bedrooms, three and a half baths, a built-in entertainment center in the family room with bookshelves and a fireplace. A culinary chef’s dream, the kitchen features a large island, 42” custom cabinets, stainless steel appliances, granite, and a beautiful glass tile backsplash. Off the kitchen is a custom butler’s pantry including a culinary station and wine built-in. With 10’ ceilings on the first floor, the home feels open, airy and bright. Upstairs is a spacious master suite with a spa like bathroom, huge tile shower with a glass enclosure, dual showerheads and built-in vanities. Over the garage is a spacious bonus/bedroom that offers space for an office, playroom or both! Don’t forget about the beautiful screened-in porch off the eat-in kitchen area, it completes the house! There are so many gorgeous features in this model home at The Point on Fishers Creek, which is centrally located to shopping, Schools, Military Bases, Hospital, Christopher Newport University, Port Warwick, City Center Newport News.

Stephen Alexander Homes provide quality craftsmanship, unique design, and superior service.   A multigenerational family business, the company is committed to developing and building the finest communities in Hampton Roads.

For more information, ask Cathy Jackson (CathyJackson@lizmoore.com) or follow us on Facebook at www.facebook.com/lizmoorenewhomes

Tags: Newport News, New Homes, event, event-Peninsula, events

Introducing Karen Wolons, a Liz Moore Rainmaker

Posted by Lynnette Tully on Thu, Jan 24, 2019 @ 11:10 AM

Rainmakers are selected based on their sales accomplishments earning them a spot among the top 20% of Liz Moore & Associates top performers.

In additional to sales volume standards, Rainmakers share client-centric philosophies, a dedication to being masters of their craft, and a commitment to giving back to the community they serve.

Introducing Karen Wolons, a Liz Moore Rainmaker!

Tags: Williamsburg, careers

Cupcake Wars for CHKD and Conquer Chiari!

Posted by Lynnette Tully on Tue, Jan 22, 2019 @ 03:44 PM

Mark your calendars – our CupcakeWars_Sticker-2Annual Cupcake Wars fundraiser will be held on Monday, February 11th from 11am – 2pm (or until we run out of cupcakes) in ALL THREE Liz Moore offices! Get creative and donate your prize winning treats, or stop by and pick up some baked goods for your sweet tooth. All proceeds will go to CHKD and Conquer Chiari.

For more information on how you can contribute to this event, email Lynnette at lynnettetully@lizmoore.com.
Help us spread the word by inviting your friends and sharing the Cupcake Wars facebook event on your timeline!

Tags: Williamsburg, Community, Richmond, event, event-Peninsula, event-Williamsburg, event-Richmond, events