The Liz Moore Market Watch Blog

How Long Should It Take To Sell My Home?, Part 5: Dynamic Market

Posted by Lynnette Tully on Fri, May 26, 2017 @ 12:26 PM

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How long should it take to sell my home?

That’s a great question, and absent a crystal ball, we have to rely on market data to answer that question. There are several things to consider: supply and demand, absorption rates, competition, and seasonality.

It’s also important to remember that the market is dynamic, and literally shifts every single day with new listings coming on the market, properties selling and expiring, etc.  Each closing creates a new comparable for an appraisal, and so we must constantly monitor closing activity as it can lead to changes in market value between the time your listing goes active and when the appraisal for the buyer’s mortgage is completed.

Click here to download our eBook, "How Long Should it Take to Sell My Home?"

So…back to our initial question…"how long should it take to sell my home?”  Our agents use a 10 step methodology to answer that question, along with recommending a list price.  Then, we meet with you every 30 days to review what has happened in the market, and how that may affect our current market position.

If you’re a seller who has been wondering if it might finally be time to sell this summer, 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: Sellers

How Long Should It Take To Sell My Home?, Part 4: Seasonality

Posted by Lynnette Tully on Thu, May 18, 2017 @ 03:14 PM

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How long should it take to sell my home?

That’s a great question, and absent a crystal ball, we have to rely on market data to answer that question. There are several things to consider: supply and demand, absorption rates, and competition.

Seasonality is another important consideration when attempting to predict how long it will take a home to sell.  Our local market has seasons that traditionally favor the Spring and early Summer for family homes/neighborhoods, and then a short burst in the Fall for the retiring/downsizing demographic.  Ideally, you are positioned 30-60 days ahead of these markets, to get a head start on the competition.

Click below to download "How Long Should it Take to Sell My Home?" and have all of your questions answered!

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Tags: Sellers

How Long Should It Take To Sell My Home?, Part 3: Competition

Posted by Lynnette Tully on Fri, May 12, 2017 @ 02:32 PM

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How long should it take to sell my home?

That’s a great question, and absent a crystal ball, we have to rely on market data to answer that question.  There are several things to consider, one being competition.

You must also remember that not all competition is comparable.  What I mean by that is that buyers don’t always just consider a single neighborhood.  A typical buyer will look at homes in a variety of neighborhoods, as well as new construction.  Usually those homes fall into a certain price range that the buyer can afford, and also share other common traits like a particular school district, or a community pool, or a commuting distance to a military base or other workplace.  In order to really drill down on predicting odds of selling, those calculations should be made using several different parameters (neighborhood, price range, school district, etc.).

A 27% chance of selling in 6 months seems slim.  Yes, it does.  And, that’s exactly why you must be careful not to get too focused on medians or averages – in both cases, although some homes sell more quickly, others take longer.

I am always amazed at how many listings expire after not selling in the first 6 months on the market.  It’s not unusual for that number to be as much as 50%!

That’s precisely why the “days on market” calculation is the least reliable.  Although the MLS system will generate a report showing us how many days a listing has been on the market, it does not show how many days the same house may have been on the market under a prior listing.

Click below to download "How Long Should it Take to Sell My Home?" and have all of your questions answered!

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Tags: Sellers

How Long Should It Take To Sell My Home?, Part 2: Absorption Rates

Posted by Lynnette Tully on Wed, May 03, 2017 @ 02:31 PM

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How long should it take to sell my home?

That’s a great question, and absent a crystal ball, we have to rely on market data to answer that question.  There are several things to consider, beginning with supply and demand.

Accordingly, I like to consider absorption rates as the best indicator of your odds of selling.  It’s a relatively simple calculation of the number of sales in the past 6 months divided by the current inventory.  So, if there have been 4 sales in the past 6 months in Happy Acres, and there are currently 15 active listings in Happy Acres, then your home has a 27% chance of selling within 6 months.  You can perform this same calculation for any time period desired, but the longer the time, the more accurate the predictive rate.

Like any other statistics, it is absolutely essential to focus on the correct data set in order to get a true result.  Looking at the local market in general, for instance, is not likely to give you a practical idea of how long it will take to sell your home, as that data set includes first time buyer properties under $200,000 all the way up to luxury homes over $1 million, and everything in between.  Averages and medians on that wide a scope are not likely to be accurate indicators of a specific price point.

Click below to download "How Long Should it Take to Sell My Home?" and have all of your questions answered!

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Tags: Sellers

Where Did Buyers Find Their Home in 2016?

Posted by Lynnette Tully on Fri, Apr 21, 2017 @ 03:09 PM

The 2016 National Association of Realtors Profile of Home Buyers and Sellers reports on where buyers found the home they purchased.  

Click Here to Download Our Free Home Buyer's Handbook

Internet - 51%
The number has consistently increased year after year, starting at just 8% in 2001.

Real Estate Agent - 34%
Ranging between 38% and 33% since 2004, this number was at its highest in 2001 (48%) and its lowest (33%) 2013-2015.

Yard Sign/Open House Sign - 8%
This number stayed between 15% and 16% from 2001-2008, and started to drop in 2009.

Friend, Relative, Neighbor - 4%
Jumping back and forth from 7% to 8% from 2001-2008, this number dropped to 6% in 2009 and is now at its lowest.

Home Builder or Their Agent - 2%
This number stayed the same for the last few years and is now at its lowest.

Directly From Sellers - 1%
This number has remained between 2% and 3% since 2005 and dropped to 1% in 2016.

Print Newspaper Advertisement - 
This number started at 7% in 2001 and has consistently dropped year after year, currently being too low to calculate.

Where Buyers Found Their Home_Flyer.jpg

Are you looking to start the home buying process?  Email us at concierge@lizmoore.com, we'd love to help! Or, click below to download our free Home Buyer's Handbook.

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Tags: Buyers, Sellers

How Long Should It Take To Sell My Home?, Part 1: Supply & Demand

Posted by Lynnette Tully on Mon, Apr 17, 2017 @ 01:44 PM

ph-sc-collaborative-planning-demand-supply-management.jpgHow long should it take to sell my home?

That’s a great question, and absent a crystal ball, we have to rely on market data to answer that question.  There are several things to consider, beginning with supply and demand.

Let’s start with supply.  The traditional benchmark for determining whether it’s a market favoring sellers or buyers is what we call “month’s supply of inventory.”  It is most commonly calculated by taking the number of active listings (we’ll call that inventory) and dividing it by the average number of homes that go under contract monthly.  The result is a factor that represents the number of months it would take to absorb all of the active inventory at the current sales pace, assuming no new listings come on the market.

Six months of inventory is considered a balanced market, with factors generally not favoring either side.  More than six months of inventory favors buyers, and less than six months favors sellers.

The other side of the equation is demand.  We typically begin by measuring how many listings close each month, and look for trends.

You have to be careful just studying one element of the market, however; for example, closings could be increasing each month which may lead you to believe that the market favors sellers…but, if new listings coming on the market are outpacing those sales, then the market could actually be softening.

Click below to download "How Long Should it Take to Sell My Home?" and have all of your questions answered!

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Tags: Sellers

5 Cleaning Hacks to Keep Your Home Looking Show-Ready

Posted by Lynnette Tully on Tue, Mar 14, 2017 @ 03:09 PM

blog_cleaningSoul_900.jpgWhen you’re selling your home, you must be ready for people to pop in at a moment’s notice.  A squeaky clean home is a must, but how do you accomplish that while you are still living there?

REALTOR.com came up with five cleaning hacks to get the job done quickly and easily, so you can free up your time and save your sanity. 

1.  Work the Room
While your instinct might be to clean everything, you might also go crazy trying to pull it off before every showing. Instead, zero in on what the potential buyer is likely to notice, Haynes recommends cleaning it every day or two, and then doing a deeper clean once a week.

2.  Use Mobile Storage
As soon as you know you’re going to show your house, pack up everything you don’t normally use. Once you’re down to the stuff you actually need, find a way to quickly and easily hide it when it’s time to show the house.

3.  Fake the Good Habits
By taking small steps throughout the day, you’ll save yourself a ton of time and keep the house clean around the clock. In the living room, pick up as you go (or at least as soon as your kids leave the room). In the bathroom, make it a habit to keep your toiletries under the sink and not on the counter. In the kitchen, unload the dishwasher as soon as the drying cycle is done so you can start loading again right away.

4.  Give the Illusion of Clean
Running short on time? You can easily make a room look clean without actually having to clean everything as long as you focus on the stuff people notice the most.

Focus most of your effort on two rooms: the kitchen and the bathroom.

If you have time, give rooms an extra boost by wiping down the fixtures and faucets, running a dry mop over the floors, and dusting the window treatments. Fold white towels neatly on the towel rack in the bathroom for a classic look.

5.  Add Flair
Don’t forget those little touches that make your house look clean and presentable. Throughout the home, create inviting sitting areas and intimate spaces. In the bedroom, make sure the bed is made evenly every day lumps and wrinkles in the comforter can make the whole room look messy. Put out a bottle of wine and a couple of wineglasses in the master bedroom or living room. And in the kitchen, add a bowl of fruit or a vase of flowers to the countertops to give a touch of color and freshness.

You don’t want to do too much or you’ll be heading back into clutter territory but a few little touches here and there can create a scene charming enough that no one will notice the spots you forgot to clean.

If you’re a seller who has been wondering if it might finally be time to sell this winter, 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: Sellers

Richmond Sees Dramatic Rise in Sold Price to List Price Ratio

Posted by Lynnette Tully on Mon, Jan 09, 2017 @ 12:58 PM

RVA.jpgIn the Central Virginia Region, sold price verses list price trends yielded a 96.7% ratio, up from last year's 79.7% (November 2015), a dramatic 21.27% upswing.

As we begin to move into the year's busiest selling season, this will certainly create pressure on decreasing Month's Supply of Inventory (MSI) in the months to come.

What does this mean to you?  Now is a great time to sell!

Statistics are from CVRMLS, and are based on data from Dec. 2015 - Dec. 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: Sellers, Home Sale Statistics & Trends, Richmond

10 Popular Home Decor Trends for 2017

Posted by Lynnette Tully on Tue, Dec 27, 2016 @ 01:49 PM

pattern-tile-bathroom-vintage.jpgIs a home remodel on your list of new year's goals for 2017?  Or, maybe your new year's plan is to update your home to get it ready to sell? Better Homes and Gardens has put out a list of what they predict to be the top ten trends in home design and decor in 2017.

1.  Matte Black
Matte black makes a sophisticated statement in the kitchen, and we expect to see a lot more of this bold look on cabinets and appliances everywhere.

2.  Intergalatic Spaces
This is a step up from those sticky glow-in-the-dark stars you had in your childhood bedroom. Galaxy-themed accessories are flooding the decor aisles, and we are definitely hyped about it. Let your imagination soar with this cool DIY faux geode that we think looks a bit like intergalactic stone.

3.  Copper Accents
tep aside, rose gold. The new metal trend is warm copper. Play it safe by putting your copper pots and pans on display in the kitchen, or go bold with a large copper light fixture in the living room. You'll love this look!

4.  Bohemian Style
We used to think kilim rugs and other fabrics were strictly for Bohemian spaces. But we are happy to find out these wild prints can be incorporated anywhere! If you really want to make a statement, hang a kilim rug on the wall that'll be a pop of color enough for the whole space.

5. Patterned Tile
The new wallpaper is... tile? Indeed, it is! You better get used to this look, because bold, beautiful patterned tiles will be everywhere the coming year. We are seriously crushing on this black and white accented wall made entirely of tiles.

6.  Velvet
If you're looking to add some warmth to your living room, consider a smooth, velvety couch. This statement piece will have you looking luxurious and cozy all at the same time. Fun pops of color are especially popular in this fabric.

7.  Jewel Tones
Instantly bring your walls to life with a fresh coat of deep, rich jewel tones. Dark blues, purples, greens, and gold make the rising pallet this year. If you're not looking to do a total paint job, scatter your home with a few jewel-toned accessories.

8.  Faux-Stone Surfaces
Stone walls, granite, and marble will all be making appearances in homes this coming year. We love the look but aren't enthused about the price, so we are determined to find the best faux-stone surface for your home.

9.  Nature-Inspired
Hold onto your succulents, because 2017 is going to see a lot more greenery indoors. Start with small desk plants and work your way up to large houseplants that command attention in a room. Just be sure to do your research on watering and sunlight before committing to a plant!

10.  Smart Homes
Get ready to live like it's the year 3000. Smart homes come decked out with all the coolest gadgets including voice-activated bots, hands-free faucets, and more. However, we are most excited about high-tech showers with programmed spray sequences for your relaxing pleasure.

If you’re a seller who has been wondering if it might finally be time to sell this winter, 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

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Tags: Buyers, Sellers

Happy 13th Anniversary, Liz Moore & Associates!

Posted by Lynnette Tully on Mon, Dec 19, 2016 @ 12:04 PM

In honor of our 13th anniversary as a company, here's a little "Monday Morning Mojo" from Liz!

Good morning, LMA!

It’s not every year that December 19th, our Company’s anniversary, falls on a Monday so that I can take advantage of the special occasion for a Monday Morning Mojo!  Hard to believe that we are celebrating our 13th year in business.LMA Logo HIGH RES.jpg

It seems like yesterday that we were opening our doors at 11801 Canon Boulevard in Newport News for the very first time!  With 32 agents and a handful of staff, all eager to begin reinventing real estate, we jumped into a fast paced market not really knowing what to expect.  We enjoyed the real estate glory days until late 2006, when the market began to shift.  We were fortunate to shift with it, and we actually grew our market share and our team by leaps and bounds, despite the economic downturn between late 2007 and 2012.  The last 3 years have been our best yet, as the market and economy have rebounded, and we have been blessed to outpace the market, and enjoy a remarkably high % of repeat and referral business.  Because you all are Rock Stars!!

I am so excited about 2017 and the years ahead.  Richmond is off to an incredible start – 18 amazing agents on board since September 1st, and a wonderful team spirit and momentum in the new office.  Property management added 109 new management agreements this year, which is truly incredible performance for only 4 property managers.  We’ve ramped up our support teams considerably in the past few years to ensure that we deliver the same level of service as we grow – and that new energy has opened many new doors.  Both Newport News and Williamsburg have enjoyed healthy sales years, and welcomed some fabulous new talent to our team, teeing us up for record levels of performance in 2017 and beyond.

From mannequin challenges to wine label design to angel trees, you all are living proof that real estate can be *FUN* as well as profitable, and that we can deliver an extraordinary experience to our community as well as to our clients.  For that, I am truly grateful.

You all inspire me to look forward to coming to work each and every day, even after 13 years.  That’s 676 Monday Morning Mojos – whew!  Ok, I may have missed a few :-)

A special 13th anniversary wish to Brian, Donna, Dewey, Ingrid, Debi, Teresa, Janet, Phyllis, Joanna, and Erik!

- Liz

Tags: Buyers, Sellers, Locals - 101 Reasons, Home Page