The Liz Moore Market Watch Blog

Liz Moore

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Join Us at Village Park of Poquoson for Craft Beer and Delicious Eats

Posted by Liz Moore on Tue, Apr 25, 2017 @ 03:34 PM

FoodTruck_Beer_SocialMedia2.jpgFree beer! Free food! Join us on May 6th from 1-3 at Village Park, the newest Wayne Harbin Builder community in Poquoson. St. George’s Brewery will be pouring their craft beer and The Thirsty Frog food truck will be serving some delicious eats!  

Out of 26 units, 6 have already sold and 3 are reserved. Don’t miss out on this flood insurance free living in Poquoson! Special incentives for a limited time. Call the Village Park team at 757-873-2707 for more details.

Download the Village Park Price List

Tags: Poquoson, New Homes

Liz's Crystal Ball for the Peninsula Housing Market

Posted by Liz Moore on Tue, Feb 14, 2017 @ 02:50 PM

crystal.jpg2016 was a solid year for local real estate. Here on the Peninsula, closed sales finished up
9.5% for the year, with pending sales up just under 10% in December, which is activity higher
than we typically see during the holidays. The New Year has started off with a bang, which I
believe is indicative of another strong year for our market.

We are entering 2017 with only slightly over 5 months of active inventory, and homes selling,
on average, in only 97 days. That is good news for sellers who are priced properly and in good
condition. The exception here is the luxury market, where sellers need to be significantly
more patient – there is currently 10 months of inventory priced at $750,000 and up.
Prices remained remarkably steady during the past 12 months, with the median sales price on
the Peninsula hovering right around $180,000 for most of the year.

Here is what I see in the coming 12 months:

Consumer confidence has been our biggest challenge in recent years, especially
during the contentious presidential election. With that behind us, activity levels have
definitely regained momentum.

My expectation is that there are many sellers who have been waiting for more favorable
market conditions to list – and that should begin to happen as we move toward Spring.
We saw a 30% jump in new listings in December, signaling that wise sellers recognize the
importance of beating the competition to the Spring market.

As prices begin an inevitable rise, consumers will realize that moves need to be made ASAP
in order to take advantage of a 7 year streak of historically low rates and home values. It’s
important to note that the market can shift quickly, and the pendulum is likely to continue its
swing toward lower inventory levels, creating a more competitive environment than we’ve seen
in recent years.

Interest rates will begin a slow and steady climb this year.
Interest rates began their inevitable ascent in the final quarter of 2016, and we are expecting at least 2 more increases in 2017, according to our friends in the mortgage industry. 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.

We recently got some great news for home buyers as FHA lowered mortgage insurance premiums, and Fannie Mae and Freddie Mac are now offering low down payment mortgage products (3%) in order to compete with their government counterparts. That, combined with underwriting restrictions which are finally beginning to ease, should encourage first time buyer activity that has been priced out of the market.

Prices will finally begin to show improvement in many neighborhoods.
Prices are neighborhood specific, and some areas are definitely improving faster than others. I expect the market to continue to trend toward more normal appreciation rates in 2017 and beyond.

My overall message here remains the same as last year: 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.

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 REIN Area 101-113 residential home sales in 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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Click below to subscribe to our blog

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Tags: Home Sale Statistics & Trends, Hampton, York County, Newport News, Poquoson

Model Grand Opening in Hallsley at Midlothian...there's chocolate and wine!

Posted by Liz Moore on Mon, Feb 13, 2017 @ 02:52 PM

perk fb ad.jpgJoin Liz Moore & Associates and The Southern Select Team on Friday, February 24th, from 11am - 1pm for our Perkinson Homes Model Grand Opening at 1906 Muswell Court in Hallsley at Midlothian. Enjoy luscious chocolates paired with exquisite wines creating a slightly sinful delight!

Attend this Grand Opening and our Dusty Boots Preview on Feb. 25-26 to be entered into a drawing to win a private party at Ashton Creek Vineyard.

For more information on this event, or to get started building your dream home in Midlothian, email us at concierge@lizmoore.com

Tags: New Homes, Richmond

Liz's Crystal Ball for the 2017 Williamsburg Housing Market

Posted by Liz Moore on Thu, Jan 26, 2017 @ 04:04 PM

Crystal Ball.jpg2016 was a solid year for local real estate. Here in Williamsburg, closed sales finished up 6.4%
for the year, with pending sales up over 10% in December, which is activity higher than we
typically see during the holidays. The New Year has started off with a bang, which I believe is
indicative of another strong year for our market.

We are entering 2017 with only slightly over 4 months of active inventory, and homes selling, on
average, in only 50 days. That is good news for sellers who are priced properly and in good
condition. The exception here is the luxury market, where sellers need to be significantly more
patient – there is currently 10 months of inventory priced at $750,000 and up.

Prices remained remarkably steady during the past 12 months, with the median sales price in
Williamsburg hovering right around $300,000 for most of the year.

Here is what I see in the coming 12 months:

Consumer confidence has been our biggest challenge in recent years, especially during the
contentious presidential election. With that behind us, activity levels have definitely regained
momentum.

My expectation is that there are many sellers who have been waiting for more favorable market
conditions to list – and that should begin to happen as we move toward Spring. We saw a 30% jump in
new listings in December, signaling that wise sellers recognize the importance of beating the
competition to the Spring market.

As prices begin an inevitable rise, consumers will realize that moves need to be made ASAP in order
to take advantage of a 7 year streak of historically low rates and home values. It’s
important to note that the market can shift quickly, and the pendulum is likely to continue its
swing toward lower inventory levels, creating a more competitive environment than we’ve seen
in recent years.

Interest rates will begin a slow and steady climb this year.
Interest rates began their inevitable ascent in the final quarter of 2016, and we are expecting at
least 2 more increases in 2017, according to our friends in the mortgage industry. 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.

We recently got some great news for home buyers as FHA lowered mortgage insurance premiums, and
Fannie Mae and Freddie Mac are now offering low down payment mortgage products (3%) in order to
compete with their government counterparts. That, combined with underwriting restrictions which are
finally beginning to ease, should encourage first time buyer activity that has been priced out of
the market.

Prices will finally begin to show improvement in many neighborhoods.
Prices are neighborhood specific, and some areas are definitely improving faster than others. I
expect the market to continue to trend toward more normal appreciation rates in 2017 and beyond.
My overall message here remains the same as last year: 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 2016,
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
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?

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

Subscribe!

Tags: Home Sale Statistics & Trends, Williamsburg

Three Units Sold in Village Park of Poquoson!

Posted by Liz Moore on Tue, Sep 20, 2016 @ 03:46 PM

We have recently sold three units, leaving only one unit left in the first building at Village Park of Poquoson! Construction will begin soon on the second building. The builder is also offering free fireplace, washer & dryer, and refrigerator on all units in the first two buildings.  Don't wait - call 757-873-2707 today for more details.

VP_logo-2.jpgThis 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.

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

Download the Village Park Price List

 

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

Subscribe!

Tags: Poquoson, New Homes

We Are Reinventing Real Estate in Richmond!

Posted by Liz Moore on Thu, Sep 01, 2016 @ 03:59 PM

Presentation1-1.jpg

Liz Moore and Associates is excited to announce that we are expanding our reach to the Richmond market opening an office in Midlothian, Virginia.  Liz Moore’s first Richmond area office is scheduled to open September 1st.

This new office will introduce the Richmond market to the Liz Moore & Associates brand, a real estate company focused on the client experience with client-centered services like pre-listing inspections and appraisals, exceptional customer service, and creative marketing strategies.  

The Midlothian based office will be led by Tonya Morrow as Richmond Managing Broker.  Tonya is recognized as an innovator in Richmond area real estate, bringing with her a successful track record in sales management.  Morrow, who recently completed the Richmond Association of REALTORS Leadership Academy, is highly respected by local agents for her creative ideas and results driven coaching.

Annemarie Hensley, currently ranked fourth in overall residential resale sales volume in the local market, will serve as the anchor agent for the new office, bringing her team of 5 to the new venture.

Liz Moore & Associates was founded in 2003 by President Liz Moore and her partner Brian D. Lytle, with a vision for an enlightened real estate agency where all the greatest agents want to work, and where business is solidly built on enthusiastic referrals and out-of-the box marketing techniques.  Liz built the company from the inside out, creating the systems and resources that would allow agents to “wow” clients by delivering exceptional customer service.  Liz is very excited to expand and serve the growing Richmond market. 

“I’ve always been interested in expanding into key markets in the Commonwealth, and when this opportunity presented itself, it was simply too good to pass up,” says Liz Moore.  “I was approached by two very accomplished women who were interested in introducing the Liz Moore brand to the Richmond market; they saw the need for a boutique brokerage with a laser focus on the client experience, and our plan is to fill that gap.” 

To learn more about Liz Moore & Associates, this new Richmond area office, and new team members Tonya Morrow and Annemarie Hensley, please visit www.lizmoore.com/rva or email RVA@lizmoore.com.

Tags: Locals - 101 Reasons, Home Page, Richmond, timeline

Are You Looking for a Home in Newport News?

Posted by Liz Moore on Tue, Aug 30, 2016 @ 04:17 PM

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

NewportNews DigitalMagazine resized 600

Check out the rest of our digital magazines - Hampton 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

 

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

 Subscribe!

Tags: Buyers, Newport News

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

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!

FullSizeRender-1.jpg

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

 

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

Subscribe!

Tags: Poquoson, New Homes, Village Park

How to Shop for a Mortgage, Part 1: Where Should You Start?

Posted by Liz Moore on Tue, Jul 19, 2016 @ 04:39 PM

Buying a home is likely to be one of, if not the, largest purchases in your lifetime. Choosing the right mortgage, and mortgage lender, is a critical step in the process.  So, where should you begin?

Focus on Mortgage First q3dvj466-1462888098.jpg

First, a lender can help you narrow down your desired price range, both in terms of what you will qualify for, and also in terms of what is comfortable. Having a thorough understanding of how much cash you’ll need for a down payment and closing costs is essential to know before you begin to formulate a negotiating strategy.

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

A mortgage is a long-term financial obligation and the rate you pay greatly affects the overall cost of buying your new home. A 0.5% difference in rate, for example, can save or cost you tens of thousands of dollars over the life of a loan. Accordingly it is important to shop around.

Shop For Your Lender Before You Shop For Your House

Today’s sellers won’t accept an offer until they can review a written pre-approval letter. Many sellers and their listing agents prefer that pre-approval letter comes from a reputable local lender. This can give you a negotiating edge if there are multiple prospective buyers for the same property.

Where Should You Start?

At Liz Moore & Associates, we strongly recommend using a proven local lender. Because we sell thousands of homes every year, we have a lot of experience with which mortgage companies offer the best products and the best service. 

Are you thinking about starting the home buying process?  Talking to a local lender is a great first step!  Contact McKim Beale, with TowneBank Mortgage, at mckim.beale@townebankmortgage.com and he can help get you started.

 

Tags: Buyers