The Liz Moore Market Watch Blog

What Can We Expect to See in the Richmond Market in 2019?

Posted by Liz Moore on Thu, Mar 07, 2019 @ 02:52 PM

rawpixel-620230-unsplash2018 was another solid year for local real estate. Here in Richmond, closed sales finished down 2.15% for the year, with a 6.2% increase in 2 years overall. The final month showed pending sales down 12.3% compared to the year prior.

We are entering 2019 with less than 1.84 months of active inventory, and homes selling, on average, in only 32 days. On average, sellers accepted offers at over 99.75% 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.

Prices remained remarkably steady during the past 12 months, with the median sales price in Richmond slightly above $290,000 for most of the year and finishing up at $293,539.

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 $350,000.

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 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. Appreciation was up in the Richmond Metro market last year (with the median sold price up just over 3.72%), and I expect will continue to trend toward more normal appreciation rates (4 to 5%) 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 be a part of the Richmond Real Estate 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 Central Virginia Regional 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: Richmond, lizlocal-Richmond, relo-richmond-news

A Big Night for Liz Moore & Associates and Their Builder Clients at the MAME Awards in Richmond

Posted by Lynnette Tully on Mon, Mar 04, 2019 @ 04:31 PM

The Annual Mame Awards were held on Friday, March 1st in Richmond, Virginia.  MAME stands for Major Achievements in Marketing Excellence and the MAME Awards pay tribute to superior sales and marketing achievements by individual professionals, home builders, developers, remodelers, real estate agents, and associate members. The competition is presented by the Sales & Marketing Council (SMC). 

Three of the area builders that are marketing by Liz Moore and Associates took home awards.

perk-3Perkinson Homes won for Best DVD/Promotional Video and Best Digital Advertisement for their video series promoting Primland Creek in Hallsley.  A majority of their lots were pre-sold due to these promotions, so it is no surprise that they came home winners!

Baldwin Creek and Philip Bourdon won for Best Community Spirit.  Philip baldwinbelieves in giving back to his community by sponsoring an apprenticeship program with a local high school, giving students hands on experience in the building world.

53093761_316255829078001_7737482629984813056_nNK Homes won the award for Best Marketed Community in Rochambeau Estates.  The newly-established Rochambeau Estates highlights the beauty of New Kent County with spacious and quiet lots. This lends itself towards private living while still delighting in the charming community. 

In addition to our builder clients winning big, Tonya Morrow, managing broker of our Richmond office, took catie and tonya-1home two awards.  Tonya won Marketing Executive of the Year and Sales Manager of the Year.  Wow!  Congratulations, Tonya!

If you are interested in buying or selling real estate in the Richmond, Virginia area, or are a home builder looking for a firm to support you in marketing, email us at info@lizmoore.com.  We'd love to show you how our effective marketing can serve you!  

Tags: New Homes, Richmond, lizlocal-Richmond, relo-richmond-news

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

Cupcake Wars for CHKD and Conquer Chiari!

Posted by Lynnette Tully on Tue, Jan 22, 2019 @ 03:44 PM

Mark your calendars – our CupcakeWars_Sticker-2Annual Cupcake Wars fundraiser will be held on Monday, February 11th from 11am – 2pm (or until we run out of cupcakes) in ALL THREE Liz Moore offices! Get creative and donate your prize winning treats, or stop by and pick up some baked goods for your sweet tooth. All proceeds will go to CHKD and Conquer Chiari.

For more information on how you can contribute to this event, email Lynnette at lynnettetully@lizmoore.com.
Help us spread the word by inviting your friends and sharing the Cupcake Wars facebook event on your timeline!

Tags: Williamsburg, Community, Richmond, event, event-Peninsula, event-Williamsburg, event-Richmond, events

Introducing LJ Zapar, a Liz Moore Rainmaker

Posted by Lynnette Tully on Thu, Dec 06, 2018 @ 03:25 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 LJ Zapar, a Liz Moore Rainmaker!

Tags: Richmond, careers

Introducing Linda Elmore, a Liz Moore Rainmaker

Posted by Lynnette Tully on Wed, Oct 03, 2018 @ 11:17 AM

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 Linda Elmore, a Liz Moore Rainmaker!

Tags: Richmond, careers

New Construction in the Heart of Hanover

Posted by Lynnette Tully on Mon, Jul 30, 2018 @ 03:37 PM

Madison Estates

Liz Moore & Associates is delighted to announce that it has been selected by NK Homes  as the exclusive marketing agency for Madison Estates in Hanover. Team Hensley will be the exclusive sales team representing the community.

Madison Estates is a luxury development consisting of 1-2 acre, open lots. An equestrian lover’s delight, a custom stable is situated in the center of the development. Located nearby are horseback riding and walking trails and large community spaces. Neighbors enjoy seclusion, yet they are only minutes from Richmond.         

Madison Estates is in its final phase with only 10 homesites remaining. “When you buy in Madison Estates, you’re not only buying a great piece of land, you’re buying great peace of mind and serenity. You can’t put a price tag on that,” says Catie Burnett, New Homes Coordinator for Liz Moore and Associates. “With their upscale style and elegant craftsmanship, NK Homes has really captured the heart of Hanover in this community. It’s truly a rare opportunity.”

Learn more about this special new community at www.lizmoore.com/madisonestates.  For more information about Madison Estates or to arrange a visit, contact Jana Mills at 804-909-9570 or email janamills@lizmoore.com  for a brochure.

Tags: New Homes, Richmond, lizlocal-Richmond, Hanover

Vote for Perkinson Homes!

Posted by Lynnette Tully on Tue, Jul 24, 2018 @ 11:17 AM

Vote for our builder clients, Perkinson Homes, in the Richmond Times Dispatch's The Best of Richmond contest! Vote today and everyday through August 5, 2018 at www.voteforperk.com.

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Perkinson Homes, Inc. was founded in Richmond, Virginia in 2008 by Brian R. Perkinson. Brian is a 3rd generation home-builder, following in the footsteps of his grandfather and father. He holds a degree in Wood Science/ Forest Products from the Virginia Tech School of Natural Resources. 

For more information on Perkinson Homes, download the Meet the Builder story below.

Perkinson Homes - Meet the Builder

Tags: New Homes, Richmond

Flowers After Five: Lewis Ginter Botanical Gardens

Posted by Lynnette Tully on Thu, May 31, 2018 @ 03:59 PM

jason-leung-459606-unsplash

Relax on Thursday evenings throughout the summer at Flowers After 5 at the Lewis Ginter Botanical Gardens in Richmond. Stroll through the gardens; enjoy live music, wine, and beer, dining, and shopping.

Please note: No outside food and drink are allowed inside the Garden; food and drink are available for purchase. See menu (PDF). . Guests are encouraged to bring lawn chairs and blankets. Some chairs and tables are available, but they are available on a first-come, first-served basis.

For more information, visit http://www.lewisginter.org/event/flowers-after-5/all/ .

Tags: Richmond, event, event-Richmond, relo-richmond-local

Richmond Real Estate Market Predictions for 2018

Posted by Lynnette Tully on Tue, Feb 20, 2018 @ 03:25 PM

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Tonya Morrow, Managing Broker of our Richmond office, shares what she sees happening in the Richmond real estate market in 2018.

2017 was a solid year for local real estate. Here in Richmond, closed sales finished up 8.13% 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.

We are entering 2018 with just over 1.5 months of active inventory, and homes selling, on average, in only 37 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.

Prices showed a steady increase during the past 12 months, with the average sales price in Richmond finishing up at $282,257.

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 Richmond market appreciated just over 6% in 2017, and I expect that trend to continue into 2018.

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 be a part of the Richmond Real Estate 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 REStats CVRMLS, Richmond Metro all 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, Richmond, lizlocal, lizlocal-Richmond, relo-richmond-news