The Liz Moore Market Watch Blog

How to Shop for a Mortgage, Part 2: Define What Affordable Means To You

Posted by Liz Moore on Tue, Aug 23, 2016 @ 03:53 PM

Only you can decide how much you are comfortable paying for your housing each month. In most cases, your lender can consider only if you are able to repay your mortgage, not whether you will be comfortable repaying your loan. Based on your whole financial picture, think about whether you want to take on the mortgage Money-to-grow.jpgpayment plus the other costs of homeownership such as appliances, repairs, and maintenance.
You can find calculators to help with this process at www.lizmoore.com/buying/mortgage-tools .

Click Here to Download "How to Shop for a Mortgage"

Compare Apples to Apples

The lowest advertised interest rate may not necessarily be the best option, since fees can significantly drive up the cost of a mortgage. In general, a mortgage with higher fees will have a lower interest rate, so it’s important to ask about loan origination and underwriting fees, broker fees, and other closing costs. Some fees are paid up front when you apply for a loan (application and appraisal fees, for instance), while others are collected at closing. Ask the lender which fees you will be charged, and to explain to you what each fee covers.

There are a multitude of different loan programs from which to choose: VA, FHA, VHDA, conventional, and more.  Once you have decided on a loan product, be sure to use the same criteria to compare one lender to another: they should price the same product, term, down payment, credit score, etc. You’ll need to analyze both interest rates and fees to insure you have an accurate picture to make the best decision.

Are you thinking about starting the home buying process?  Talking to a local lender is a great first step!  Contact Gee Horton, with Tidewater Home Funding, at ghorton@tidewaterhomefunding.com and she can help get you started.

 

Tags: Buyers

The Updated York County Homes Magazine is Here!

Posted by Lynnette Tully on Fri, Aug 19, 2016 @ 10:30 AM

We are excited to bring you the latest issue of the Liz Moore York County Homes MagazineClick the image below to flip through the magazine featuring our newest York County homes for sale.

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Check out the rest of our digital magazines - Newport News HomesWilliamsburg HomesWaterfront Property, and more!  You can subscribe to one or more of our magazines, and they will be delivered FREE to your inbox once a month, dynamically uploading the latest issues.

Check Out Our Digital Magazines

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Tags: Buyers, York County

One Month Left to Enter the Liz Moore Summer Open House Extravaganza Contest

Posted by Lynnette Tully on Wed, Aug 17, 2016 @ 02:00 PM
Time is running out!  Visit a Liz Moore open house between now and September 15th, 2016 and you'll be entered into a drawing to win some amazing prizes.  

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House hunters can register for the drawing at every Liz Moore open house.  The more you visit, the better your chances are of winning!
 
Click below for a list of open houses and to view complete contest rules.
 
Summer Open House Extravaganza Participating Properties

Tags: Buyers

Inspections Needed When Doing a Major Home Remodel

Posted by Lynnette Tully on Tue, Aug 16, 2016 @ 10:30 AM

Q: What inspections or building permits do I need for new construction or major remodeling?

There are a wide variety of different inspections, many of which may not be required for your particular project. Many building departments will tell you specifically which inspections you'll need to request, but if they don't, be sure that you ask when you pick up the permits.

Here are some of the more common inspections, as well as when they occur and what the inspector will be looking for.th-1.jpg

Footing Inspection: This is typically the first of the inspections, and occurs after the grading has been done and the forms have been laid for the foundation, or at least for the footings. The inspector is looking to see that the footings are the proper size and depth, that any reinforcing steel is in place, and that the location of the foundation does not violate any setbacks.

Underfloor Inspection: This occurs after the foundation has been poured and the floor framing is in place, but before the subfloor is installed. This gives the inspector the opportunity to look at the floor framing, as well as any plumbing or mechanical systems that might be in place under the floor. The inspector will be looking at the size and spacing of the framing; that proper materials have been used wherever the wood meets either the concrete or the soil; and that plumbing and mechanical systems are properly sized, installed and supported.

Rough Inspections: These inspections occur after the rough framing has been completed and all the rough wiring, plumbing and mechanical components have been installed, but before any finished wall and ceiling covering is installed. These are typically the most extensive and complicated of all the inspections, since there is a lot to review and it will all be covered and inaccessible in the future.

The rough framing inspection includes an inspection of all the structural components. The inspectors will be checking that the proper size and type of lumber was used, and that the spacing is correct; that hangers and steel connections are the correct type and are installed with the proper type and quantity of fasteners; that flashings and other weatherproofing measures are in place; and that the roof, windows, exterior doors and other components are in place to make the building weather-tight.

Rough electrical inspections include checking the size and installation of all the wires; the service panel; grounding; installation and location of boxes; installation of can lights; and whether the wires are properly routed and protected. Rough plumbing inspections look at the size and type of pipe that was used; proper slope for drain pipes; vent pipe sizes and locations; size and location of water lines; and that everything is secure and well supported. Rough mechanical inspections include the size, location, and installation of all ducts and vents; installation of furnaces and ventilation fans; and the proper ducting of fans to the outside of the building.

Insulation Inspection: This inspection occurs after the wall insulation has been installed and checks to see that it is complete and of the proper R-value.

Drywall Inspection: Some cities include a drywall inspection, which occurs after the drywall has been installed but before it is taped. The inspectors are checking to see that the proper number and type of fasteners have been used to secure the drywall to walls and ceilings.

Final Inspections: When everything is done, the inspectors will make their final inspections of all systems to ensure that everything has been completed correctly. They will test different systems, check for compliance with manufacturer's specifications, and ensure that everything is operating properly and the house is safe for occupancy.

Remember that this is just a brief overview of the inspection process, and that the actual number, timing and details of the inspections can vary widely. Be sure to talk with your building department to get the specific details of the inspections for your particular project, and to get any of your questions answered before you begin.

Are you thinking about new construction?  Tell us a little bit about your dream home, and we’ll arrange for a complimentary consultation with a new homes expert who can point you in the right direction!

Meet with a New Homes Expert

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Tags: New Homes

Profile of Home Buyers and Sellers: For Sale By Owner Sellers

Posted by Lynnette Tully on Fri, Aug 12, 2016 @ 11:09 AM

The National Association of REALTORS recently released some highlights from their 2015 Profile of Home Buyers and Sellers, with a section devoted to for sale by owner sellers.  Did you know:

  • Only 8% (down from 9%) of recent home sales were FSBO sales. This is the lowest share recorded
    since this report started in 1981.

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  • The median age for FSBO sellers is 54 years. 77% of FSBO sales were by married couples that have a median income of $104,100.
  • FSBOs typically sold for less than the selling price of agent assisted homes; FSBO homes sold at a median of $210,000 (up from $208,700 the year prior), yet lower than the median of all homes at $245,000.
  • FSBO homes sold more quickly on the market than agent assisted homes. All FSBO homes typically sold in less than two weeks—often because homes are sold to someone the seller knows.
  • 70% of successful FSBO sellers were satisfied with the process of selling their home.
  • 9 in 10 FSBO sellers who both knew and did not know the buyer were satisfied with the home selling process.

If you’re a seller who has been wondering if it might finally be time to sell, email us at concierge@lizmoore.com, or click below, and we can prepare a complimentary analysis of market value for you – you just may be pleasantly surprised.

How Much is My Home Worth?

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Tags: Home Sale Statistics & Trends

Colonial Williamsburg Offering Free Tickets to Area Residents

Posted by Lynnette Tully on Wed, Aug 10, 2016 @ 01:59 PM

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Have you been dying to take a trip to Colonial Williamsburg before the end of the summer?  For the week of Aug. 8-14, Hampton Roads and Tidewater residents are eligible for a free Colonial Williamsburg single-day ticket, according to a news release from CW.

The offer is available to residents of Williamsburg, Chesapeake, Hampton, New Kent, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, Gloucester, Isle of Wight, James City, Surry and York counties.

“This offer is the perfect chance for locals who have been meaning to visit Colonial Williamsburg to seize the opportunity,” Skip Ferebee, executive director of business development for Colonial Williamsburg said in the release. “We are excited to welcome neighbors from all over the region to this special place where the 18th century comes alive, and hope to make them frequent visitors.”

The ticket grants access to more than 40 historic trades shops and sites, guided tours of original 18th-century buildings, and admission to the Foundation’s world-class art museums.

To redeem the offer, guests must fill out a registration form available online at colonialwilliamsburg.com/residents. The completed form and proof of residency must be brought to the Colonial Williamsburg Regional Visitor Center to receive the free Single-day Ticket. Tickets must be redeemed on the day they are issued, only one ticket per guest.

Interested in finding more things to do in and around the Historic Triangle? Subscribe here to our blog as we post ideas frequently.  You also can purchase a copy of Liz’s recently published book, 101 Reasons to Love Living in the Historic Triangle, in either paperback or e-book version by clicking the button below.

Purchase

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Tags: Locals - 101 Reasons, Williamsburg

Liz Moore & Associates Partering with the Linda Matney Fine Art Gallery and the College of William & Mary to Display Local Art in Oyster Point Office

Posted by Lynnette Tully on Tue, Aug 09, 2016 @ 11:32 AM

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Liz Moore & Associates is excited to partner with the Linda Matney Fine Art Gallery and the College of William & Mary to display local art in the lobby of their Oyster Point office. 

The art exhibit, "Taking the Time to Look", will be unveiled on Wednesday, September 7th and will be accompanied by a wine and cheese reception from 5-7pm.

"Taking the Time to Look, presented by the Linda Matney Fine Art Gallery, is an exhibit of six artists associated with the College of William and Mary. Multi-tasking and technology distract from the process of "looking" at works of art and appreciating the true nature of our inner lives and the world around us. Each of the selected artists has produced works that reflect, navigate, and celebrate the transformative nature of art on our perceptions of reality. These perceptions, in turn, can transform ourselves and the spaces where we live and work for the better. Whatever the media from painting and drawing to sculpture much of the works in this exhibit tend toward a softer palette which lends itself to numerous decorative applications." - John Lee Matney

RSVP below - it's free!

I'll Be at the Opening Reception!

Join Liz Moore & Associates each quarter as they unveil a new works of art in their building. 

Tags: Locals - 101 Reasons

Williamsburg Sees a 6% Increase in Average Sales Price

Posted by Lynnette Tully on Mon, Aug 08, 2016 @ 04:10 PM

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The average sales price in the greater Williamsburg marketplace (23185, 23188, 23168) jumped 6% to $341,958 in June, which is great news for local sellers.  Average sales price year over year is down slightly, dropping 1% from $331,880 to $328,601. 

*Statistics are from the Williamsburg Multiple Listing Service, and are based on January – June, and run date July 16th, 2016.

If you’re a seller who has been wondering if it might finally be time to sell, email us at concierge@lizmoore.com, or click below, and we can prepare a complimentary analysis of market value for you – you just may be pleasantly surprised.

How Much is My Home Worth?

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Tags: Home Sale Statistics & Trends, Williamsburg

Join Us for a Beer Tasting at the Southern Living Showcase Home

Posted by Lynnette Tully on Thu, Aug 04, 2016 @ 11:13 AM

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Enjoy happy hour on the patio of the beautiful Southern Living Home, located at 109 Ford's Colony Drive, on Wednesday, August 10th from 6-7pm!  

Inspired by the pages of Southern Living magazine, the award winning team at Wayne Harbin, Builders is building “Harrison Place,” a 3,500 square foot, fully furnished and decorated show home, outside the gate on Fords Colony Drive.  Preferred subcontractors are featuring the latest and greatest trends in home design, interior finishes, and home electronics.  Unleash your inner chef with on-site cooking demonstrations in our fabulous kitchen, discover imaginative landscaping and outdoor space ideas, and find design inspiration and style tips in every room!

The Virginia Beer Company owners Chris Smith & Robby Willey will host a tasting of Free Verse India Pale Ale & Wrenish Rye Dry-Hopped Amber Ale - both exclusively brewed by The Virginia Beer Company.  In addition, there will be a a small batch release of Picket Fences White IPA available for tasting. 

RSVP below - it's free!

RSVP to the Virginia Beer Co. Tasting

For more information on the Harbin Southern Living Showcase Home in Fords Colony or building your dream home in Williamsburg, call our new homes team at 757-645-4106 or email us at newhomes@lizmoore.com.

 

Tags: Fords Colony, New Homes

Construction is Underway in Village Park of Poquoson

Posted by Liz Moore on Wed, Aug 03, 2016 @ 03:48 PM

We are very excited to be seeing so much progress in Village Park of Poquoson!

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This community of 26 town home units masterfully crafted by Wayne Harbin Builders is located in the heart of Poquoson.  Offering a small town atmosphere with friendly neighbors who have a common interest in the well-being of the city and their families, Poquoson is near major employment sites including Langley Air Force Base, NASA, Fort Monroe, and The Newport News Shipyard.

We are currently offering some great incentives on the Loblolly Pine and the Dogwood floor plans in the first building that include a free fireplace; free refrigerator and a free washer and dryer, in addition to builder paid closing costs.  Call 757-873-2707 for more details.

Interested in Village Park of Poquoson?  Click below to download the price list.

Download the Village Park Price List

 

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Tags: Poquoson, New Homes, Village Park