The Liz Moore Market Watch Blog

Lynnette Tully

Recent Posts

How Long Should It Take To Sell My Home?, Part 5: Dynamic Market

Posted by Lynnette Tully on Fri, May 26, 2017 @ 12:26 PM

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How long should it take to sell my home?

That’s a great question, and absent a crystal ball, we have to rely on market data to answer that question. There are several things to consider: supply and demand, absorption rates, competition, and seasonality.

It’s also important to remember that the market is dynamic, and literally shifts every single day with new listings coming on the market, properties selling and expiring, etc.  Each closing creates a new comparable for an appraisal, and so we must constantly monitor closing activity as it can lead to changes in market value between the time your listing goes active and when the appraisal for the buyer’s mortgage is completed.

Click here to download our eBook, "How Long Should it Take to Sell My Home?"

So…back to our initial question…"how long should it take to sell my home?”  Our agents use a 10 step methodology to answer that question, along with recommending a list price.  Then, we meet with you every 30 days to review what has happened in the market, and how that may affect our current market position.

If you’re a seller who has been wondering if it might finally be time to sell this summer, 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: Sellers

Neighborhood Spotlight: Woodlake, Midlothian

Posted by Lynnette Tully on Wed, May 24, 2017 @ 02:11 PM

I73A0928.jpgHave you ever dreamed of life on a lake? The Woodlake Community in Midlothian, VA is a suburban neighborhood located close to the city of Richmond. While it is nearby popular dining and entertainment options, Woodlake maintains the serene lifestyle that accompanies lake-front living. Woodlake is home to over 7,000 residents, and provides quick access to local schools, playgrounds, trails, and activities for the entire family.

The Woodlake Community Association is a board tasked with maintaining the community and providing programming to engage residents.

I73A0850-1.jpgWoodlake features unparalleled amenities and facilities for its residents that distinguish the community above others in the area. Not only are there recreational spaces always available for use, Woodlake residents can rent or reserve different facilities throughout the community. The Woodlake Community Clubhouse is located at the Swim & Racquet Complex, and the clubhouse, patio, and pool can all be rented for events. The Woodlake Community Association also facilitates a boat rental program where individuals can rent out paddleboards, canoes, kayaks and more. Another unique feature of the boat rental program is their famous Pontoon boat rentals that hold up to 14 adults. This program is exclusive to Woodlake residents and can be reserved for anytime during the day or evening. No other community in the area provides such an extensive list of recreational options, rental facilities, water activities, and more.

East West Legacy Park is one of the finest locations within the Woodlake community. It boasts some of the best views of the lake, and offers a pavilion with picnic tables perfect for any gathering! The Pavilion itself can be reserved but is otherwise open to community members to relax, enjoy the views, and spend time with loved ones. East West Legacy Park is one of many facilities and amenities that make Woodlake an incredible community to live in.  

For more information, click here to download our Woodlake neighborhood guide.

Download Our Woodlake Neighborhood Guide

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Tags: Buyers, Woodlake, Midlothian

It's Back...The Liz Moore Summer Open House Extravaganza!

Posted by Lynnette Tully on Tue, May 23, 2017 @ 02:10 PM

Calling all house hunters!  Visit a Liz Moore open house between May 26th and August 26th, 2017 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

How Long Should It Take To Sell My Home?, Part 4: Seasonality

Posted by Lynnette Tully on Thu, May 18, 2017 @ 03:14 PM

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How long should it take to sell my home?

That’s a great question, and absent a crystal ball, we have to rely on market data to answer that question. There are several things to consider: supply and demand, absorption rates, and competition.

Seasonality is another important consideration when attempting to predict how long it will take a home to sell.  Our local market has seasons that traditionally favor the Spring and early Summer for family homes/neighborhoods, and then a short burst in the Fall for the retiring/downsizing demographic.  Ideally, you are positioned 30-60 days ahead of these markets, to get a head start on the competition.

Click below to download "How Long Should it Take to Sell My Home?" and have all of your questions answered!

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Tags: Sellers

Mark Twain and the Magnificent Mystery House

Posted by Lynnette Tully on Tue, May 16, 2017 @ 02:24 PM

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Last week, Liz Moore & AssociatesTim Parker and Cyril Petrop hosted 65 members of the Williamsburg Symphony League and their guests for an Encore Affair to benefit the symphony.

The event was hosted at 160 John Browning in Kingsmill, a spectacular, one of a kind home overlooking Wareham’s Pond.

Mark Twain (an actual descendant of Samuel Clemons) regaled the sold out audience with tales of life and adventures on the river, while they enjoyed a wine bar and light h’ors doeuvres on the screened porch.

Rumor has it that Twain is interested in the house due to its unique architecture and perch high atop the pond, so if you’re interested in seeing it for yourself, you had better hurry!

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Tags: Locals - 101 Reasons, Kingsmill, Williamsburg

How Long Should It Take To Sell My Home?, Part 3: Competition

Posted by Lynnette Tully on Fri, May 12, 2017 @ 02:32 PM

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How long should it take to sell my home?

That’s a great question, and absent a crystal ball, we have to rely on market data to answer that question.  There are several things to consider, one being competition.

You must also remember that not all competition is comparable.  What I mean by that is that buyers don’t always just consider a single neighborhood.  A typical buyer will look at homes in a variety of neighborhoods, as well as new construction.  Usually those homes fall into a certain price range that the buyer can afford, and also share other common traits like a particular school district, or a community pool, or a commuting distance to a military base or other workplace.  In order to really drill down on predicting odds of selling, those calculations should be made using several different parameters (neighborhood, price range, school district, etc.).

A 27% chance of selling in 6 months seems slim.  Yes, it does.  And, that’s exactly why you must be careful not to get too focused on medians or averages – in both cases, although some homes sell more quickly, others take longer.

I am always amazed at how many listings expire after not selling in the first 6 months on the market.  It’s not unusual for that number to be as much as 50%!

That’s precisely why the “days on market” calculation is the least reliable.  Although the MLS system will generate a report showing us how many days a listing has been on the market, it does not show how many days the same house may have been on the market under a prior listing.

Click below to download "How Long Should it Take to Sell My Home?" and have all of your questions answered!

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Tags: Sellers

Liz Moore Agents Complete the Hampton Home Repair Blitz

Posted by Lynnette Tully on Wed, May 10, 2017 @ 03:26 PM

IMG_6531.jpgVarious organizations, including Habitat for Humanity, Hampton Redevelopment and Housing Authority, and the City of Hampton, came together on Saturday, May 6, 2017 to complete the Hampton Home Repair Blitz. Six homeowners in the North Phoebus area had homes that received exterior repairs including painting, fascia/wooden trim replacement, railing additions, storm doors, gutter work, power washing, light landscaping and more. Interior painting, minor repairs and landscaping were also done to beautify Bryan and Moton Elementary Schools. 

Our very own Patrick Pauls masterfully built an impressive wooden platform with railing to aid a homeowner who was unable to go out the back door due to a disability and deteriorating steps.  Kaera Mims was the team lead and Nadia Anac was not only a great help with her painting skills, but she brought some friends who were so helpful! 

Hampton Home Repair Blitz...just another reason why we love where we live!

 

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Tags: Hampton, Locals - 101 Reasons

How Long Should It Take To Sell My Home?, Part 2: Absorption Rates

Posted by Lynnette Tully on Wed, May 03, 2017 @ 02:31 PM

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How long should it take to sell my home?

That’s a great question, and absent a crystal ball, we have to rely on market data to answer that question.  There are several things to consider, beginning with supply and demand.

Accordingly, I like to consider absorption rates as the best indicator of your odds of selling.  It’s a relatively simple calculation of the number of sales in the past 6 months divided by the current inventory.  So, if there have been 4 sales in the past 6 months in Happy Acres, and there are currently 15 active listings in Happy Acres, then your home has a 27% chance of selling within 6 months.  You can perform this same calculation for any time period desired, but the longer the time, the more accurate the predictive rate.

Like any other statistics, it is absolutely essential to focus on the correct data set in order to get a true result.  Looking at the local market in general, for instance, is not likely to give you a practical idea of how long it will take to sell your home, as that data set includes first time buyer properties under $200,000 all the way up to luxury homes over $1 million, and everything in between.  Averages and medians on that wide a scope are not likely to be accurate indicators of a specific price point.

Click below to download "How Long Should it Take to Sell My Home?" and have all of your questions answered!

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Tags: Sellers

Where Did Buyers Find Their Home in 2016?

Posted by Lynnette Tully on Fri, Apr 21, 2017 @ 03:09 PM

The 2016 National Association of Realtors Profile of Home Buyers and Sellers reports on where buyers found the home they purchased.  

Click Here to Download Our Free Home Buyer's Handbook

Internet - 51%
The number has consistently increased year after year, starting at just 8% in 2001.

Real Estate Agent - 34%
Ranging between 38% and 33% since 2004, this number was at its highest in 2001 (48%) and its lowest (33%) 2013-2015.

Yard Sign/Open House Sign - 8%
This number stayed between 15% and 16% from 2001-2008, and started to drop in 2009.

Friend, Relative, Neighbor - 4%
Jumping back and forth from 7% to 8% from 2001-2008, this number dropped to 6% in 2009 and is now at its lowest.

Home Builder or Their Agent - 2%
This number stayed the same for the last few years and is now at its lowest.

Directly From Sellers - 1%
This number has remained between 2% and 3% since 2005 and dropped to 1% in 2016.

Print Newspaper Advertisement - 
This number started at 7% in 2001 and has consistently dropped year after year, currently being too low to calculate.

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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

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Tags: Buyers, Sellers

How Long Should It Take To Sell My Home?, Part 1: Supply & Demand

Posted by Lynnette Tully on Mon, Apr 17, 2017 @ 01:44 PM

ph-sc-collaborative-planning-demand-supply-management.jpgHow long should it take to sell my home?

That’s a great question, and absent a crystal ball, we have to rely on market data to answer that question.  There are several things to consider, beginning with supply and demand.

Let’s start with supply.  The traditional benchmark for determining whether it’s a market favoring sellers or buyers is what we call “month’s supply of inventory.”  It is most commonly calculated by taking the number of active listings (we’ll call that inventory) and dividing it by the average number of homes that go under contract monthly.  The result is a factor that represents the number of months it would take to absorb all of the active inventory at the current sales pace, assuming no new listings come on the market.

Six months of inventory is considered a balanced market, with factors generally not favoring either side.  More than six months of inventory favors buyers, and less than six months favors sellers.

The other side of the equation is demand.  We typically begin by measuring how many listings close each month, and look for trends.

You have to be careful just studying one element of the market, however; for example, closings could be increasing each month which may lead you to believe that the market favors sellers…but, if new listings coming on the market are outpacing those sales, then the market could actually be softening.

Click below to download "How Long Should it Take to Sell My Home?" and have all of your questions answered!

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Tags: Sellers