The Liz Moore Market Watch Blog

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

My Village Park Experience - "They made sure everything was taken care of before we moved into our dream home"

Posted by Lynnette Tully on Fri, Jan 12, 2018 @ 08:27 AM

26230206_10155903941034223_2262678914345279487_n.jpg"Working with Wayne Harbin and his company was a wonderful experience!! We couldn't imagine our home in a more perfect way! They helped us pick everything out and answered any and every question we could think of. Shirley Hammond with Liz Moore was beyond amazing. She and the Harbins made this process of building a new home so easy and fun. We never had any problems throughout this whole process and they all made sure everything was taken care of before we moved into our dream home. Thank you all again!!"

- Jordan and Chris McDougal

Village Park of Poquosona community of 26 town home units, is masterfully crafted by Wayne Harbin Builders and 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

 

Tags: Buyers, Poquoson, New Homes

My Village Park Experience - "Satisfied Even the 'Pickiest' of Buyers"

Posted by Lynnette Tully on Thu, Dec 21, 2017 @ 10:30 AM

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"I just wanted to say thank you to Wayne Harbin Builders, Shirley Hammond (Liz Moore), as well as Fulton Mortgage and Lytle Title for making our recent home purchase one of the easiest things we have ever done.  Being a first time homebuyer and having a picture in your mind of exactly what you are looking for can be a very daunting and exhausting process.  When we had decided two years ago that we were ready to downsize and buy our first home, we never realized we would be house hunting for so long.  One look at the Village Park Townhomes in Poquoson ended our search.  The townhomes are beautiful both inside and out with quality material and endless upgrades that satisfied even the “pickiest” of buyers.  Our buying process couldn’t have been any easier thanks to Shirley Hammond and her team from Liz Moore.  From start to finish we were led through the entire process from offer to closing and beyond.  We are extremely happy with our decision and am pleased to call Village Park our home."

- Sam and Debbie Botelho

Village Park of Poquosona community of 26 town home units, is masterfully crafted by Wayne Harbin Builders and 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

 

 

 

Tags: Poquoson, New Homes, Village Park

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, lizlocal, Peninsula, lizlocal-Peninsula

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

Join Us for Our Grand Opening in Village Park of Poquoson

Posted by Lynnette Tully on Wed, Nov 16, 2016 @ 10:21 AM

Join us on Saturday, December 3rd and Sunday, December 4th from 1-4pm for our grand opening event at Village Park of Poquoson.  Come meet the Village Park team, along with the builder, and experience a true taste of Poquoson, with locally catered hors d'oeuvres.  

Currently, only one unit in the first building remains.  The builder is offering incentives and concessions on the last unit in building one and all of the second building.  Call 757-873-2707 for more details.

grand opening.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. 

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

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

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

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?

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

Subscribe!

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