The Liz Moore Market Watch Blog

The Love Where You Live Photo Contest is Back!

Posted by Lynnette Tully on Fri, Jul 20, 2018 @ 02:45 PM

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We had so much fun a few years ago with the Liz Moore Love Where You Live Photo Contest that we've decided to do it again! 

Who doesn’t love to take photos of the things that make them smile?  Whether you know your way around a sophisticated camera, or you just enjoying taking photos of your cat with your iPhone, we’d love for you to enter!  

Enter photos in categories such as Recreation, Community, Pets, Special Places, and more. 

The photo contest will run through October 15, 2018, and at that time we will select the grand prize winners.  Over $4,000 in prizes will be awarded including an iPad, Busch Gardens Season Passes, cash, and more!  We will also be running “mini contests” each month – stay tuned for details.

Enter as many times as you’d like!  Visit lizmoore.com/love to enter and to view our photos entries so far.

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Tags: Locals - 101 Reasons, lizlocal, lizlocal-Richmond, lizlocal-Williamsburg, lizlocal-Peninsula, relo-williamsburg-local, relo-peninsula-local, relo-richmond-local, relo-williamsburg-news

10 Questions Every Seller Should Ask Before They Hire a REALTOR, Part 10: Why?

Posted by Lynnette Tully on Fri, Apr 20, 2018 @ 02:33 PM

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By Liz Moore

Hiring the right real estate professional is probably the single most important decision you’ll make when you put your home on the market for sale. I recommend interviewing a few agents from different firms before making a choice. There are 10 questions you should ask before you hire a real estate agent - part 10: why?

Question 10: Why should I list with you?

In most real estate markets, only a small percentage of agents sell more than 4 or 5 homes per year. While experience isn’t the ONLY key to a great agent, it is important. Your agent should be committed to real estate as a full-time career, be responsive, and care about your objectives in the transaction. A good agent will ask you what is most important to you. In addition to understanding the market, and having a strong marketing strategy for your home, a great agent is also a skilled negotiator, and will protect your bottom line throughout the transaction.

Are you are thinking about about selling your home?  Download our eBook, "10 Questions Every Seller Should Ask Before They Hire a REALTOR®".

Download 10 Questions Every Seller Should Ask Before They Hire a REALTOR

Tags: Sellers, relo-peninsula-news, relo-williamsburg-news, relo-richmond-news

Liz's Predictions for the 2018 Williamsburg Real Estate Market

Posted by Lynnette Tully on Tue, Feb 06, 2018 @ 02:02 PM

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2017 was a solid year for local real estate. Here in Williamsburg, closed sales finished up 2.1% for the year, with pending sales up over 8%, 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. And, I must brag a little bit on our office, we outpaced the market 5 fold last year!

We are entering 2018 with less than 4 months of active inventory, and homes selling, on average, in only 39
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 luxury market, where sellers need to be significantly more patient – there is currently 18 months of inventory priced at $750,000 and up in Greater Williamsburg.

Prices remained remarkably steady during the past 12 months, with the median sales price in Williamsburg
slightly above $300,000 for most of the year, and finishing up at $314,900.

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 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 $500,000.

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 Greater Williamsburg 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 6 home sales in greater Williamsburg in 2017, 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 2017

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, Williamsburg, lizlocal, lizlocal-Williamsburg, relo-williamsburg-news

Can you Guess the Industry's Forecast for the 2018 Color of the Year?

Posted by Lynnette Tully on Wed, Dec 27, 2017 @ 10:56 AM

Every year around the end of the year, paint manufactures, designers, fashion editors, and printers all announce what they believe will be the color or colors of the upcoming year. These selections are derived from many sources including art, architecture, museums, gardens, travel, fashion, food, and cocktails; even pop culture, politics, technology, and social issues can influence these color selections.

In 2016, simple, understated white hues like Benjamin Moore’s Simply White and Sherwin Williams’ Alabaster White that went with everything were trending, and are still great choices for a bright neutral paint.

In 2017, we saw a shift to darker neutral shades. Deep greyish blues and purples, along with some warm neutrals and even a bold yellow made the list.

The forecast for 2018 is even deeper and bolder colors. The Pantone Color Institute predicts intense colors over pastels for the coming year. “Intense colors seem to be a natural application of our intense lifestyles and thought processes these days,” says Leatrice Eiseman, Pantone Color Institute executive director.

One of the first companies to release their prediction was PPG Paints, who for the first time in history picked a black paint as their color of the year. PPG named Black Flame as their Color of 2018 and they describe it as an “unprecedented, statement-making black with deep tones of indigo.” This dark shade evokes feelings
of privacy and classic modernism.

You can expect to see more announcements in the twilight color palette like dark blues, greens, and charcoal tones paired with the ever-popular warm neutrals like golden yellows and muted pinks.

But you won’t only see dark hues in 2018. In Sherwin Williams’ Colormix® Forecast 2018, they predict next year will be about three bright color palettes which they've dubbed Unity, Connectivity, and Sincerity. All of these combinations are surprising and guaranteed to pack serious happiness into a room.

Behr announced “In the Moment” as their 2018 Color of the Year. Behr says, “This cool, tranquil spruce blue is inspired by nature and is a soothing, restorative coalescence of blue, gray and green.”

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Buyers can think about using these bold saturated colors in smaller doses, such as for an accent wall, in a niche or on the ceiling only, rather than on all four walls in a room. Paint manufacturers also release of palette of several trending, complimentary colors every year, many of which include more neutral shades of white, grey, and tan.

Homeowners are in no way expected to change the color scheme of their home with each passing color trend. Where these selections can be useful, however, is when there's a particular color being touted that you really like. It becomes much easier to find furnishings and decorative accessories that coordinate with the favorite hue because it's trending.

Another interesting aspect of the Color of the Year announcements are the names of the hues themselves.

The process of naming these colors in rigorous and well thought out, often involving color specialists, marketing professionals, and lawyers to name a few contributors. Where you once saw a shade named Bright Red, today you'll see a similar red named Heartthrob or Spirit Warrior. In today’s competitive paint market, manufacturers want consumers to connect with their colors. Color names can typically be divided into four categories: visual, geographical, emotional, and experiential. Studies have shown that paint names are often the ultimate tie breakers with so many similar color choices on the market.

So, next time you’re shopping for paint colors, consider what’s trending and how those colors and names make you feel. Want to learn more? Visit:
www.ppgvoiceofcolor.com
www.sherwin-williams.com
www.behr.com 

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Tags: Buyers, Sellers, New Homes, relo-peninsula-news, relo-williamsburg-news, relo-richmond-news