The Liz Moore Market Watch Blog

Newport News One City Marathon Is a Go This Blustery Weekend

Posted by Lynnette Tully on Fri, Mar 10, 2017 @ 02:49 PM

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The 3rd annual Newport News One City Marathon, featuring the Nautical Mile Fun Run presented by the Daily Press, the Maritime 8K presented by Anthem, the One City Marathon Relay, and the One City Marathon presented by Newport News Shipbuilding will be taking place on Sunday, March 12th.  

After several days of uncertainty because of potential snow in the weather forecast, Newport News One City Marathon officials announced on Friday morning that the event will go on as planned. 

The marathon and marathon relay start at 7 a.m. at Newport News Park and ends at Victory Arch at 25th Street and West Avenue in downtown Newport News.

The 8K begins at 7:30 a.m. and the Nautical Mile begins at 10 a.m. both at the Victory Arch.

The One City One Celebration event takes place from 8 a.m. to 2 p.m. on Sunday in Victory Landing Park, adjacent to the arch.

Extra precautions are being added to deal with the cold weather and related hypothermia concerns including:

  • Additional busses at the start line to keep runners warm prior to the race;
  • Schools along the route that host water stations and relay exchange zones will be open;
  • Busses stationed on the course in locations that are not near a school to serve as warming stations; and
  • Extra resources added throughout the course and at the finish line such as electric blankets, emergency blankets and disposable outer layers.

Click here for a list of road closures.

One City Marathon...just another reason why we love where we live!

 

 

Tags: Locals - 101 Reasons, Newport News

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

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.

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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

 

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Tags: Buyers, Newport News

Latest Census Estimates Show Population Changes on Peninsula and in Williamsburg

Posted by Lynnette Tully on Mon, Jun 06, 2016 @ 02:41 PM

up-arrow.jpgThe U.S. Census Bureau released its population estimates from April 2015 - July 2015 for much of Virginia, including many of our local cities and counties.  

Williamsburg shows to be the fastest-growing community in Hampton Roads, according to the Census estimates, with an estimated 10.1% increase in residents to 15,052.  The state's average growth rate is 4.8%. 

James City County grew by 5,746 people between 2010 and 2015, according to Census data, which is up 8.5% from James City County's official 2010 census.

Hampton lost 1,056 residents between 2010 and 2015, while Poquoson lost 98 and Matthews lost 114.

Newport News, which is the largest city on the Peninsula, continues to grow and added 1,474 residents between 2010 and 2015.  York County grew by 2,646 and Gloucester by 285.

Virginia added added more than 381,000 people to its state between 2010 and 2015 - bringing the overall population estimate to around 8.3 million, which makes it the 12th largest state in the union.  

(Source: Virginia Gazette article, April 2, 2016)

If you’re a seller who has been wondering if it might finally be time to sell your home in Williamsburg or on the Peninsula, 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: Buyers, Sellers, Home Sale Statistics & Trends, Hampton, York County, Newport News, Poquoson, Williamsburg

The Liz Moore Summer Open House Extravaganza is Back!

Posted by Lynnette Tully on Thu, May 12, 2016 @ 12:28 PM

Calling all house hunters!  Visit a Liz Moore open house between May 14th 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, Sellers, Hampton, New Kent, York County, Newport News, Poquoson, New Homes, Home Page, Williamsburg

Inventory Drops to a Five Month Supply on the Peninsula

Posted by Liz Moore on Fri, May 06, 2016 @ 03:09 PM

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A steadily declining supply of inventory has led to a robust Spring market on the Virginia Peninsula (REIN MLS areas 101-112).

Click to Find Out How Much Your Home is Worth

The current market has a 5 month supply of inventory (down from 7.3 months in January), which has dropped below the balanced market of a 6 months supply, indicating a trend favoring sellers.  Pending sales are up 21% for the first quarter, as compared to the first quarter of 2015.  Liz Moore & Associates Williamsburg office celebrated a record March, and is pacing to set yet another record this month!  What does that mean for you?  It’s a great time to sell!

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?

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

St. Patty's Open House Weekend on The Peninsula and in Williamsburg

Posted by Lynnette Tully on Mon, Mar 14, 2016 @ 10:07 AM

No matter the type of home or area you are looking for, we have something for everyone!!lma_stpats-logo-1.jpg

For those looking to get lucky with a brand new home in Williamsburg, visit our new homes parade Saturday and Sunday from 1-4pm.  Builders will be on hand at many of the homes on Sunday to answer your questions.  For a list of participating properties, download our brochure below.  

Download our New Homes Parade Brochure

Are you looking for a pot of gold on The Peninsula?  Check out our open houses in Newport News, Hampton, Yorktown and Poquoson at www.lizmoore.com/openhouses.  Register to win a $100 gift card to Park Lane Tavern at each resale open house you visit.  Click below for a list of participating properties and open house times.

View a List of Open Houses

 

Tags: Buyers, Hampton, York County, Newport News, Poquoson, New Homes, Williamsburg

Closed Sales Up 9.5% in October on the Virginia Peninsula

Posted by Lynnette Tully on Fri, Nov 20, 2015 @ 02:33 PM

The number of closed sales continues to rise on the Peninsula forecasting a strong late Fall market.  What is currently going on in the real estate market?LMA_info-nn-10-15-1.jpg

  • Months Supply of Inventory - 6.9
    Six months of inventory is considered a balanced market.  
  • Current Median Sold Price - up slightly to $174,000
     
  • % of Sold Price to List Price - 97.66%
     
  • Average Days on Market - down to 90
     
  • Closed Sales - up 9.5%

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, Hampton, York County, Newport News, Poquoson

Newport News Park - One of the Largest Parks in America

Posted by Lynnette Tully on Tue, Nov 10, 2015 @ 03:23 PM

There are many parks in the area, but the crown jewel is definitely Newport News Park.  One of the largest municipal parks in America, our park is 8,000 acres of beautiful natural wildlife and fun!  Great camping, boating, and fishing in two large freshwater lakes.Newport News Park

For history lovers, Newport News Park is a designated stop on the official Virginia Civil War Trail with some of the best fortifications and redoubts in Virginia.

30 miles of hiking and biking trails, dozens of picnic shelters, a 30 acre aero-model flying field, Deer Run golf course, a Discovery and Nature Center, a disc golf course, and home to the Fall Festival, a favorite family expedition in October.           

For more information on what Newport News Park has to offer, visit http://www.nnparks.com/parks_nn.php.

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.

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Tags: Locals - 101 Reasons, Newport News

How Did Newport News, Virginia Get Its Name?

Posted by Lynnette Tully on Fri, Nov 06, 2015 @ 02:54 PM

Do you know how Newport News got its name?

Steeped in history, ours is a community of diverse trades including shipbuilding, technological research and international commerce. We are proud of our city and its rich heritage which dates back to the founding of America.

Newport News was named for Christopher Newport, captain of the Susan Constant, the lead ship of the three ship fleet that carried the Jamestown settlers to the new world in 1607. Captain Newport made several more trips between the new world and England. After the Starving Time of 1610, the original colonists abandoned Jamestown and encountered Captain Newport in the James River and learned that reinforcements of men and supplies had arrived, thus prompting their return to Jamestown. The place where that occurred became known for Newport’s good news, ‘Newport’s News,’ and eventually just Newport News.

Since the turn of the 19th century, Newport News has been known as the provider of the nation’s finest, technologically advanced military ships. In more recent years, Newport News has also become a center for international commerce, research and technology. Our economy is strengthened by a strong military presence in Hampton Roads and, in Newport News, we are proud to be home of the U.S. Army Transportation Center at Fort Eustis. The City’s historic sites, museums and cultural facilities compliment the quality of life for Newport News residents and businesses. The City boasts 18 public parks, as well as public boat ramps and recreation facilities.

Interested in finding more things to do in Newport News 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.

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Tags: Locals - 101 Reasons, Newport News, Home Page