Subscribe

Your email:

The Liz Moore Market Watch Blog

Current Articles | RSS Feed RSS Feed

Is it Time for a Price Reduction on My Home?

  
  
  

How Long Should a House be on the Market Before a Price Reduction?

That really depends on the situation.  As a rule of thumb, you should consider re-positioning your home at 30 days if you haven’t had an offer, or after 10 showings that haven’t produced an offer, whichever happens first.how much is my home worth?

If you’re not getting showings, that tells us that agents are rejecting your listing in favor of other listings that are a better value for their client.

If you are getting showings – but no nibbles – then that tells us that buyers are rejecting your listing in favor of other homes that are a better value.

Real Estate markets are dynamic – and it’s critical to be constantly monitoring changes in activity.  At Liz Moore & Associates, our agents sign our sellers up for “get the scoop,” which enables our sellers to receive e-mail alerts every time a new listing hits the market, a home goes under contract (or closes, or expires) in their neighborhood.  That way we can watch the market together, so that we can immediately take action if re-positioning becomes necessary.

The first step in pricing your home right is finding a professional real estate agent who can help you do just that.  Email us at concierge@lizmoore.com or click below for a complementary market analysis on your home.

 

How Much is My Home Worth?

 

 

Are you interested in hot real estate topics, tips and trends?  
Click below to subscribe to our blog

 

Subscribe!
Tags: 

What’s Happening in the Lot Market in Ford's Colony?

  
  
  

by Susan Krancer, REALTOR®, Liz Moore and Associates

Over the past 15 years, we’ve seen some dramatic activity in the lot market here in Ford’s Colony.  Sales skyrocketed in 2003 and 2004, and the data shown below actually underestimates the activity level since a significant number of lots were sold directly to buyers from the developer.  Developer direct sales were not captured by the Williamsburg MLS which is the source of these statistics.

ford's colony lots for saleYou might call the peak a buyer frenzy.  Buyers were confident, due diligence was lacking, and just about every lot that was listed for sale actually sold… and in a short amount of time.  Most of these buyers are now enjoying Ford’s Colony life in their custom built homes.  Some, however, have been trying to sell their lots and have fallen victim to a sharp market decline.  Most of the successful sellers have taken significant losses as we have seen lot prices fall by nearly 50% from the peak.

lots for sale in ford's colonyCurrently, there are 140 lots listed for sale.  Many of these have been on the market for years.  What’s behind the sellers’ motivation?  Most have had a change in circumstance which has derailed their plans to move to Williamsburg… health issues, loss of a spouse, desire to live closer to the grandchildren, etc.    Some have taken advantage of bargain prices on the resale market.  Some discovered that they could no longer afford to build the home they had planned to build.  Others found that the home they had planned would not actually fit on the lot they purchased.

Since construction in Ford’s Colony is scattered over the entire neighborhood, it’s hard to tell how many undeveloped lots are remaining.  Most people will be surprised to hear that we still have about 500 lots that have not been developed.  Buyers who are looking to build in Ford’s Colony can find plenty of options whether they are looking to downsize in St. Andrews Village, build a beautiful golf view home, or experience the ultimate privacy offered by the estate lots in Westport.

Where is the lot market heading now?  Well, we’ve historically seen a correlation between the lot market and builder activity.  Builder activity was nearly non-existent between 2007 and 2012.  We are now seeing an increase in both custom home construction and builder spec homes.  The long time Ford’s Colony builders are very busy.  Also, there’s a new level of excitement created by Wayne Harbin and the Southern Living Showcase Home and by several new builders who are now building new home construction in Ford’s Colony… specifically, Westmoreland, Stonehill, and Stephen Alexander.  Don’t be surprised if we start to see noticeable improvement in the lot market over the next couple of years.

Have you been thinking about purchasing a lot in Ford's Colony, or do you have a lot that you'd like to sell?  Contact Susan at 757-784-0363 or golfproperties@cox.net.

Characteristics of Home Buying & Real Estate Professionals in 2014

  
  
  

The National Association of REALTORS recently released some highlights from their 2014 Profile of Home Buyers and Sellers, with a section devoted to characteristics of home buying and real estate professionals. Did you know:  real estate agent

  • 88% of buyers purchased their home through a real estate agent or broker - a share that has steadily increased from 69% in 2001.
  • 40% of buyers found their agent through a referral from a friend or family member and 12% used an agent they had used before to buy or sell a home.
  • 2/3 of recent buyers only interviewed one agent before they found the agent they worked with.
  • 88% of buyers would use their agent again or recommend to others and 63% of buyers who purchased their home in the last year have recommended their agent to other buyers.

Are you looking to start the home buying process?  Email us at concierge@lizmoore.com, we'd love to help! Or, click below to download our free Home Buyer's Handbook.

Download Our FREE Home Buyer's Handbook

 

 Are you interested in hot real estate topics, tips and trends?  
Click below to subscribe to our blog

Subscribe!


Celebrate the Season & Still Make Your Home Attractive to Buyers

  
  
  

People often think that having your home on the market in November and December means you have to forego all of those festive holiday decorations.  That is not true!  However, you do have to be mindful of a few things in order to make sure your home is still attractive to
potential home buyers.  Follow these tips from Houzz.com for a holiday selling success story:

1. Clean and declutter before you decorate. selling my home during the holidays
If your house is already full of knickknacks and furniture, piling on the holiday decor and plopping a blinking, tinsel-laden tree in the middle is a sure way to turn a potential buyer into Scrooge. The cardinal rules of home staging apply, no matter when you list your home. So give your house a good, deep clean and pack up those everyday tchotchkes before you haul out the holiday bins.

2. Less is more. 
Ornaments stuffed into every nook, twinkle lights dripping from walls and gutters, and that rooftop inflatable Santa may seem bright and festive to you but are likely to turn off, not dazzle, your buyers. You want them to be impressed with your house, not distracted by decorations. So keep it simple this year. 

3. Treat all the senses. 
Wintery, holiday scents are welcoming, but use them judiciously and avoid the cloying and artificial. 
Try a nice basket of scented pinecones, simmer cinnamon on the stovetop or simply allow the subtle and fresh smell of a fir wreath to tantalize and mesmerize. 

4. Class, not clash. 
For the best impression, make sure your holiday decor complements your existing color palette. 
For example, if your home is done up in warm or earth tones, lean toward golds, forest greens and deep reds. If your palette is cooler, use silvers, blues and whites to make your home sparkle. 

5. Decorate to accentuate. 
Show off your home’s selling points by decorating strategically. Does your home have a beautiful archway? Hang a single shiny ornament to draw the eye. Funky-cool beehive fireplace? Go easy on the stockings and give the mantel some breathing room. Curved staircase? String garlands up the railing. 

6. Trim down the Tannenbaum. Traditionally, the Christmas tree is afforded a place of honor in the home. However, space sells and, most likely, that tree will be occupying prime interior real estate. Don’t worry; you don’t have to do without it. Simply make sure your tree has the right proportions rather than being the elephant in the room.

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?

 

Are you interested in hot real estate topics, tips and trends?  
Click below to subscribe to our blog

 

Subscribe!


Tags: ,

Introducing the Latest Liz Moore Digital Magazine…New Homes!

  
  
  

We are very excited to launch our latest marketing innovation – an online digital New Homes magazine. This issue features all of our new construction listings, if you’re in the market for a new home.  Our exclusive digital magazines have many advantages over traditional printnew homes for sale media:

  • Because the magazines are dynamic, they are always up to date with the newest listings.  Print magazines are out of date the minute they hit the stand.
  • Our magazines are digital, and each listing is hyperlinked to its very own website, so consumers can immediately access ALL of the property data – price, address, schools, photos and much more!
  • Each listing is also linked to the listing agent, so if you would like to make an appointment to view the property or have any questions, you can contact the agent at your convenience.
  • You can subscribe to one or more magazines FREE, and they will be delivered monthly to your inbox via email; unsubscribe at any time.

We’ve created individual issues for 12 different market segments – everything from luxury to waterfront to investors!  Our largest local cities (Hampton, Williamsburg, Newport News, and Yorktown) each have their own magazines, and the Liz Moore Home Journal includes all of our listings.

Check out the latest issues on our brand new bookshelf at www.lizmoore.com/magazines - and subscribe to your favorite issues for free today!

Have you ever thought about buying a brand new home? 

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

 

Are you interested in hot real estate topics, tips and trends?  
Click below to subscribe to our blog

 

Subscribe!
Tags: 

Characteristics of For Sale By Owner Sellers in 2014

  
  
  

The National Association of REALTORS recently released some highlights from their 2014 Profile of Home Buyers and Sellers, with a section devoted to characteristics of FSBO (for sale by owner) Sellers. Did you know: for sale by owner

  • The share of home sellers who sold their home without the assistance of a real estate agent was 9%. 44% knew the buyer prior to home purchase.
  • Among sellers who did not know the buyer of the home previously, 15% were contacted by a buyer they did not know to buy the home.
  • FSBOs typically have a lower median selling price: $208,700 compared to $235,000. Thus, the typical agent-assisted home sale typically has a 13% higher sales price than the typical FSBO sale.
  • Half of FSBO sellers took no action to market their home, and 73% did not offer any incentives to attract buyers.

Thinking about selling? The right REALTOR can actually SAVE you money. 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?

 

Are you interested in hot real estate topics, tips and trends?  
Click below to subscribe to our blog

 

Subscribe!



Liz Moore & Associates Launches New Homes Website

  
  
  

new homes for saleIf you’re thinking about a brand new home, we can help you imagine the possibilities!  We’ve gathered everything you need to know before starting your new homes search – all in one place at LizMooreNewHomes.com!  You’ll find information about new homes communities in Williamsburg and on the Virginia Peninsula – from River’s Bend at Uncles Neck to Westport to the Oaks at Fenton Mill – and everything in between!  You can search new homes for sale in Williamsburg, Yorktown, Newport News, Hampton and surrounding areas, and learn about new home and model open houses that will be open for touring in the coming weeks.  Browse floor plans and elevations in our custom floor plan gallery, and learn about local new home builders with their online profiles.  Read articles about building a new home, and be sure to check out Liz’s Pick of the Week, where Liz Moore will post reviews of the latest trends and products in homebuilding.

Inspiration Starts Here!  Visit LizMooreNewHomes.com today!

Have you ever thought about buying a brand new home? 

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

 

Are you interested in hot real estate topics, tips and trends?  
Click below to subscribe to our blog

 

Subscribe!

Operation Santa Stocking for CHKD

  
  
  

chkdThis holiday season we are partnering with The Arc and Habitat for Humanity ReStore to collect gifts for stockings for the kids at the Children’s Hospital of the King’s Daughters.  We will be collecting donations at both Liz Moore offices (11801 Canon Blvd., Ste. 100 in Newport News & 5350 Discovery Park Blvd. in Williamsburg). Some of items needed include small toys and games, gift cards ($10), DVDs (cartoons and movies), individually wrapped candy, small craft kits and art supplies, socks, and books.

The deadline for dropping off donations is December 11th.

Help us spread some Christmas cheer around CHKD! 

Email us at concierge@lizmoore.com with any questions.

Characteristics of Home Sellers in 2014

  
  
  

The National Association of REALTORS recently released some highlights from their 2014 Profile of Home Buyers and Sellers, with a section devoted to characteristics of home sellers. Did you know: real estate statistics

  • 40% of home sellers traded up to a larger sized home, 47% purchased a more expensive home, and 53% purchased a newer home.
  • The typical seller lived in their home for 10 years. The median tenure has increased in recent years. In 2007, the typical tenure in home was only 6 years.
  • 88% of sellers were assisted by a real estate agent when selling their home.
  • Recent sellers typically sold their homes for 97% the listing price, and 45% reported they reduced the initial asking price at least once.
  • 17% of recent sellers had to delay or stall selling their home because the value of their home was worth less than their mortgage.
  • 36% of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.

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?

 

Are you interested in hot real estate topics, tips and trends?  
Click below to subscribe to our blog

 

Subscribe!


Characteristics of Home Buyers in 2014

  
  
  

The National Association of REALTORS recently released some highlights from their 2014 Profile of Home Buyers and Sellers, with a section devoted to characteristics of home buyers.  Did you know:home buyers

  • 33% of recent home buyers were first-time buyers, which is still suppressed from the historical norm of 40% percent among primary residence buyers.
  • 13% of buyers purchased a multi-generationalhome due to cost savings, children over the age of 18 moving back into the house, and health and caretaking of aging parents.
  • The typical first-time buyer was 31-years-old, while the typical repeat buyer was 53.
  • The 2013 median household income of buyers was $84,500. The median income was $68,300 among first-time buyers and $95,000 among repeat buyers.
  • 65% of recent home buyers were married couples.
  • For 24% of recent home buyers, the primary reason for the recent home purchase was a desire to own a home, while 9% purchased due to a job-related relocation or move, and 8% bought for the desire to be in a better area or a change in family situation.
Are you looking to start the home buying process? Email us at concierge@lizmoore.com, we'd love to help! Or, click below to download our free Home Buyer's Handbook.
Download Our FREE Home Buyer's Handbook

 

 Are you interested in hot real estate topics, tips and trends?  
Click below to subscribe to our blog

Subscribe!

All Posts