The Liz Moore Market Watch Blog

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.

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

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?  
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Tags: Home Sale Statistics & Trends, Williamsburg

Richmond Sees Dramatic Rise in Sold Price to List Price Ratio

Posted by Lynnette Tully on Mon, Jan 09, 2017 @ 12:58 PM

RVA.jpgIn the Central Virginia Region, sold price verses list price trends yielded a 96.7% ratio, up from last year's 79.7% (November 2015), a dramatic 21.27% upswing.

As we begin to move into the year's busiest selling season, this will certainly create pressure on decreasing Month's Supply of Inventory (MSI) in the months to come.

What does this mean to you?  Now is a great time to sell!

Statistics are from CVRMLS, and are based on data from Dec. 2015 - Dec. 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: Sellers, Home Sale Statistics & Trends, Richmond

Williamsburg Real Estate Sales Up Year Over Year

Posted by Lynnette Tully on Thu, Dec 08, 2016 @ 04:01 PM

Capture-11.jpgClosed Sales in the Greater Williamsburg real estate market are up 4.6% over 2015. 

It looks like the year will finish strong, with positive trends in each of the key benchmarks.  2017 promises to be another great year for Williamsburg real estate!

*Statistics are from the Williamsburg Multiple Listing Service, and are based on January – October 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

Average Days on Market in Williamsburg

Posted by Lynnette Tully on Tue, Nov 08, 2016 @ 03:53 PM

Capture-10.jpgThe average number of days on market in the greater Williamsburg are housing market (23185, 23188, 23168) is 55 days.  That means that homes are selling in less than two months!

Current inventory of available homes on the market is relatively low, which translates to a great time to sell.

*Statistics are from the Williamsburg Multiple Listing Service, and are based on January – September, and run date October 15th, 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.

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Tags: Home Sale Statistics & Trends, Williamsburg

Months Supply of Inventory Drops to 3.06 in Richmond

Posted by Lynnette Tully on Thu, Oct 27, 2016 @ 02:34 PM
Arrows-down-graph.jpgThe supply of inventory in the Greater Richmond area has dropped to a low 3.06 months.  

This benchmark reflects the number of months it would take to exhaust active listings at the current sales rate.  Generally speaking, a 3 month supply of inventory indicates a seller's market. 

What does this mean for you?  It's a great time to sell!

Statistics are from CVRMLS, and are based on data from January – August, 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, Richmond

Supply of Inventory on the Virginia Peninsula Creeps up Slightly

Posted by Lynnette Tully on Fri, Sep 09, 2016 @ 11:38 AM

peninsula-1.jpgThe supply of inventory on the Virginia Peninsula has crept up from 5.3 months to 5.5 months, which is not an unusual trend as the summer winds down. 

This benchmark reflects the number of months it would take to exhaust active listings at the current sales rate.  Generally speaking, a 6 month supply of inventory is considered a balanced market. 

What does this mean for you?  It's a great time to sell!

Statistics are from REIN Multiple Listing Service, and are based on January – July, 2016. Run date, August 31, 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: Sellers, Home Sale Statistics & Trends

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.

    for-sale-by-owner-sign.jpg

  • 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.

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Tags: Home Sale Statistics & Trends

Williamsburg Sees a 6% Increase in Average Sales Price

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

Capture-8.jpg

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

97.9% Median Sold Price to List Price on The Peninsula

Posted by Lynnette Tully on Fri, Jul 01, 2016 @ 02:18 PM

Peninsula.jpg

The Peninsula housing market has slowly gained momentum all year, especially in the lower price points.

Sellers can expect to get on average over 97% of their asking price, based on year-to-date numbers.  

What does that mean for you?  It's a great time to sell!

*Statistics are from the REIN Multiple Listing Service, and are based on January – May, and run date June 30th, 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?  
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Tags: Home Sale Statistics & Trends