The Liz Moore Market Watch Blog

What Will We See in the 2019 Peninsula Real Estate Market?

Posted by Lynnette Tully on Mon, Mar 11, 2019 @ 11:09 AM

rawpixel-620230-unsplashBy: Donna Moyer, Managing Broker in Newport News

2018 was another solid year for local real estate. Here on the Peninsula, closed sales finished up 1% for the year, on top of a small increase in 2017. The final quarter was strong, with pending sales up a little over 7%.

We are entering 2019 with less than 4.5 months of active inventory, and homes selling, on average, in only 41 days. On average, sellers accepted offers at over 98% of their asking price last year. That is good news for sellers who are priced properly and in good condition, or for prospective sellers who are thinking about diving into the market. Nationwide, most markets are experiencing inventory shortages, which is the single biggest factor keeping a lid on the number of sales.

The exception here is the upper end market, where sellers need to be significantly more patient – there is currently 10 months of inventory priced at $500,000 and up on the Peninsula.

Prices remained remarkably steady during the past 12 months, with the median sales price on the Peninsula at $192,00 for most of the year.

Here is what I see in the coming 12 months:

A shortage of listings has been our biggest challenge for the past 18 months. My expectation is that we will continue to see more listings come on the market as we move into the Spring. We have seen a significant jump in new listings over the past few months, signaling that wise sellers recognize the importance of beating the competition to the Spring market.

As the typical Spring seasonal demand builds, consumers will realize that moves need to be made ASAP in order to take advantage of a 9 year streak of historically low rates and home values. It’s important to note that the market can shift quickly, and it will not surprise me to see a highly competitive Spring season for homes selling below $400,000.

Interest rates will continue a slow and steady climb this year. Interest rates have been perplexing over the past 12 months. Most predicted the inevitable ascent would begin as the economy gained steam, but rates remained lower than predicted, most likely because the feds were hesitant to do anything that might inhibit the momentum of the recovery.

I believe that 2019 will be the year that interest rates incrementally increase, but the question remains by how much and how frequently. 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.

Prices will finally begin to show improvement in many neighborhoods. Prices are neighborhood specific, and some areas are definitely improving faster than others. We saw a slight rise in appreciation on the Peninsula last year (with the median sold price up 5%), and I expect we will continue to stay on this more normal appreciation rate in 2019 and beyond.

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 on the Peninsula in 2018, insuring a position as an 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 (REIN MLS areas 101-113) residential home sales in 2018

If you are looking to buy or sell a home this year, email us at info@lizmoore.com.  We'd love to help!

Tags: Buyers, Sellers, Hampton, York County, Newport News, Poquoson, lizlocal-Peninsula, relo-peninsula-news

Grand Opening in The Point on Fisher's Creek, Newport News

Posted by Lynnette Tully on Thu, Feb 21, 2019 @ 01:08 PM

POFC-2Join us for the Grand Opening of the Waverly in The Point on Fisher's Creek by Stephen Alexander Homes and Neighborhoods on Sat. March 9th and Sun. March 10th from 1-4pm. The builder, Stephen Quick, will be on-site to offer tours and answer any questions you may have about the home or their product.  

This beautiful home features 3,500 sq. feet of smart living, open concepts and coastal charm. This expansive floor plan includes five bedrooms, three and a half baths, a built-in entertainment center in the family room with bookshelves and a fireplace. A culinary chef’s dream, the kitchen features a large island, 42” custom cabinets, stainless steel appliances, granite, and a beautiful glass tile backsplash. Off the kitchen is a custom butler’s pantry including a culinary station and wine built-in. With 10’ ceilings on the first floor, the home feels open, airy and bright. Upstairs is a spacious master suite with a spa like bathroom, huge tile shower with a glass enclosure, dual showerheads and built-in vanities. Over the garage is a spacious bonus/bedroom that offers space for an office, playroom or both! Don’t forget about the beautiful screened-in porch off the eat-in kitchen area, it completes the house! There are so many gorgeous features in this model home at The Point on Fishers Creek, which is centrally located to shopping, Schools, Military Bases, Hospital, Christopher Newport University, Port Warwick, City Center Newport News.

Stephen Alexander Homes provide quality craftsmanship, unique design, and superior service.   A multigenerational family business, the company is committed to developing and building the finest communities in Hampton Roads.

For more information, ask Cathy Jackson (CathyJackson@lizmoore.com) or follow us on Facebook at www.facebook.com/lizmoorenewhomes

Tags: Newport News, New Homes, event, event-Peninsula, events

New Homes Tour...with Wine & Chocolate!

Posted by Lynnette Tully on Tue, Feb 05, 2019 @ 03:02 PM

Capture-18Join us on Saturday, February 16th, from 1-4pm for the Liz Moore and Associates New Homes Tour.  With 11 homes on tour from the Peninsula up to Richmond, one is bound to be near you!

And what's better than touring beautiful homes?  Doing so while sampling wine and chocolate! 

Bring your valentine out for a little fun! To download the complete list of participating homes, visit www.lizmoore.com/valentine.

 

Tags: Newport News, Poquoson, New Homes, Williamsburg, Richmond, event, event-Peninsula, event-Williamsburg, event-Richmond, events

Coming Soon: Grand Opening in The Point on Fisher's Creek, Newport News

Posted by Lynnette Tully on Fri, Jan 25, 2019 @ 10:59 AM

POFC-2Coming Soon: Grand Opening of the Waverly in The Point on Fisher's Creek by Stephen Alexander Homes and Neighborhoods. The builder, Stephen Quick, will be on-site to offer tours and answer any questions you may have about the home or their product.  Stay tuned for date and time.

This beautiful home features 3,500 sq. feet of smart living, open concepts and coastal charm. This expansive floor plan includes five bedrooms, three and a half baths, a built-in entertainment center in the family room with bookshelves and a fireplace. A culinary chef’s dream, the kitchen features a large island, 42” custom cabinets, stainless steel appliances, granite, and a beautiful glass tile backsplash. Off the kitchen is a custom butler’s pantry including a culinary station and wine built-in. With 10’ ceilings on the first floor, the home feels open, airy and bright. Upstairs is a spacious master suite with a spa like bathroom, huge tile shower with a glass enclosure, dual showerheads and built-in vanities. Over the garage is a spacious bonus/bedroom that offers space for an office, playroom or both! Don’t forget about the beautiful screened-in porch off the eat-in kitchen area, it completes the house! There are so many gorgeous features in this model home at The Point on Fishers Creek, which is centrally located to shopping, Schools, Military Bases, Hospital, Christopher Newport University, Port Warwick, City Center Newport News.

Stephen Alexander Homes provide quality craftsmanship, unique design, and superior service.   A multigenerational family business, the company is committed to developing and building the finest communities in Hampton Roads.

For more information, ask Cathy Jackson (CathyJackson@lizmoore.com) or follow us on Facebook at www.facebook.com/lizmoorenewhomes

Tags: Newport News, New Homes, event, event-Peninsula, events

Introducing Barbara Wells, a Liz Moore Rainmaker

Posted by Lynnette Tully on Mon, Oct 15, 2018 @ 12:37 PM

Rainmakers are selected based on their sales accomplishments earning them a spot among the top 20% of Liz Moore & Associates top performers.

In additional to sales volume standards, Rainmakers share client-centric philosophies, a dedication to being masters of their craft, and a commitment to giving back to the community they serve.

Introducing Barbara Wells, a Liz Moore Rainmaker!

 

Tags: Newport News, careers

Port Warwick Summer Concert Series

Posted by Lynnette Tully on Thu, May 31, 2018 @ 03:27 PM

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Warmer weather is finally here! Come out to Port Warwick every Wednesday, 6-9pm through August 29th (no concert July 4) to enjoy the summer night air on Styron Square listening to the area’s best music.

The concerts are FREE and all are welcome! Bring your own lawn chairs (no tents), blankets, food and drink – beer and wine allowed. Or enjoy the music from one of Port Warwick restaurant patios.

Click here for a list of bands and dates.

Thinking about moving to this great community?  Click to view homes for sale in Port Warwick.  

 

 

Tags: Newport News, Port Warwick, event, event-Peninsula, relo-peninsula-local

Hilton Art Show & Porch Walk

Posted by Lynnette Tully on Wed, May 09, 2018 @ 03:12 PM

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The Hilton Art Show & Porch Walk is taking place on Saturday, May 12th from 11am to 7pm!

Stroll through Hilton Village's commercial district, down Main Street and to the James River and view and purchase incredible local art. Live music, food trucks, and a beer garden will be on site.

This event is part of Hilton's Centennial Celebration happening all year long!  

Hilton Village is a planned community located in Newport News, mid-way between Virginia Beach and Williamsburg. Hilton was built in 1918 as part of the war effort to house shipyard workers. Hilton sits on 100 acres of land between the C&O Railroad and the James River. When it was first built, it was a block of houses and a strip of stores in the middle of a vast forest, connected to the shipyard and the rest of the city by a streetcar. After World War I, the homes of Hilton were rented out, and later, sold as private residences. The quality housing of the village and its convenient commercial district became a big draw for the area. Hilton Village was listed on the National Register of Historic Places in 1969. The village is full of stories waiting to be told from its rich history. Hilton Village started as neo-traditional town planning in 1918 that translates today as a modern community that both treasures its history and looks toward the future. 

Visit http://www.hiltonvillage100.com/ for a calendar of upcoming events.  

Tags: Hilton Village, Newport News, event-Peninsula, events

The Point on Fisher's Creek: New Construction in the Heart of Newport News

Posted by Lynnette Tully on Wed, Feb 21, 2018 @ 02:43 PM

18739040-160606.jpgThe new community of The Point on Fisher's Creek boasts the best large marsh and waterfront lots Newport News has to offer and is currently the only new construction community in the Menchville High School district. This new neighborhood by Stephen Alexander Homes is just a few miles from Christopher Newport University, Port Warwick, and City Center at Oyster Point, where a culinary extravaganza awaits with some of the area best new eateries. An array of grand opening incentives are being offered!  Email us at info@lizmoore.com for details.  

Interested in a brand new homes in The Point on Fisher's Creek?  Download the price list below.

Download The Point on Fisher's Creek Price List

 

Tags: Newport News, New Homes

We Love Local Art!

Posted by Lynnette Tully on Thu, Feb 15, 2018 @ 10:27 AM

NN Art Reception-21.jpgAt Liz Moore & Associates, we truly love where we live!  So much so, in fact, that we commissioned local artist Bob Oller of Oller Creative Studios, to create original vector paintings of some of our favorite places!

Oller introduced his LizLocal collection a few months ago in the Newport News Liz Moore office in City Center – introducing the collection at a reception for VIP clients and Liz Moore agents.

5 paintings were unveiled to an eager audience:

Poquoson Flats
Yorktown Skies
Playing Time Lions Bridge, Newport News
Clear Skies, Air & Space Hampton
City Center Newport News

You can enjoy these works in the lobby at 11801 Canon Boulevard in Newport News, or view them online at lizmoore.com/art.  Various size glycee prints are also available via the website.

What’s next?  Stay tuned for the Williamsburg and Richmond office debuts!

For more information, visit lizmoore.com/art!
Visit lizmoore.com/art

Tags: Hampton, Locals - 101 Reasons, York County, Newport News, Poquoson, lizlocal, lizlocal-Peninsula, relo-peninsula-local

Peninsula Real Estate Market Predictions for 2018

Posted by Lynnette Tully on Tue, Feb 13, 2018 @ 09:54 AM

Donna Moyer, Managing Broker of our Newport News office, shares what she sees happening in the Peninsula real estate market in 2018.

2017 was a solid year for local real estate. Here on The Peninsula, closed sales finished up 3% for the year, with pending sales up over 5%, which indicates a strong start to 2018. Much like last year, we did not experience the typical holiday slowdown, which also bodes well for sales activity in the New Year, despite some early snow events in January.

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We are entering 2018 with just 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, or for prospective sellers who are thinking about diving into the market. Nationwide, most markets are experiencing inventory shortages, which is the single biggest factor keeping a lid on the number of sales.

The exception here is the upper-end market, where sellers need to be significantly more patient – there is currently 12 months of inventory priced at $500,000 and up on The Peninsula.

Prices remained remarkably steady during the past 12 months, with the median sales price on The Peninsula slightly above $180,000 for most of the year, and finishing up at $185,000.

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 now behind us, activity levels have definitely regained momentum. Record activity in the stock market has also translated to increased real estate interest.

My expectation is that there are many sellers who have been waiting for more favorable market conditions to list – and that will continue to happen as we move toward Spring. We have seen a significant jump in new listings over the past few months, signaling that wise sellers recognize the importance of beating the competition to the Spring market.

As prices continue to climb due to the inventory shortage, consumers will realize that moves need to be made ASAP in order to take advantage of an 8 year streak of historically low rates Real Estate is Local. So are We. and home values. It’s important to note that the market can shift quickly, and it will not surprise me to see a highly competitive Spring season for homes selling below $400,000.

Interest rates will begin a slow and steady climb this year. Interest rates have been perplexing over the past 12 months. Most predicted the inevitable ascent would begin as the economy gained steam, but rates remained lower than predicted, most likely because the feds were hesitant to do anything that might inhibit the momentum of the recovery.

I believe that 2018 will be the year that interest rates incrementally increase, but the question remains by how much and how frequently. 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.

Prices will finally begin to show improvement in many neighborhoods. Prices are neighborhood specific, and some areas are definitely improving faster than others. The overall Peninsula market appreciated 3% in 2017, and I expect will continue to trend toward more normal appreciation rates (5 to 6%) in 2018 and beyond.

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 7 home sales on The Peninsula in 2017, insuring our position as a leader 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!

If you are looking to buy or sell a home this year, email us at info@lizmoore.com.  We'd love to help!

Tags: Buyers, Sellers, Hampton, York County, Newport News, Poquoson, lizlocal, lizlocal-Peninsula, relo-peninsula-news