The Liz Moore Market Watch Blog

Introducing Elaine Roberto, a Liz Moore Rainmaker

Posted by Lynnette Tully on Tue, Mar 26, 2019 @ 09:58 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 Elaine Roberto, a Liz Moore Rainmaker!

 

Tags: Williamsburg, careers

Liz's Crystal Ball for 2019

Posted by Liz Moore on Wed, Feb 27, 2019 @ 04:01 PM

crystal ball-12018 was another solid year for local real estate. Here in Williamsburg, closed sales finished up 5% for the year, on top of a 2% increase in 2017. The final quarter slowed down slightly, with pending sales down almost 2%.

We are entering 2019 with less than 4 months of active inventory, and homes selling, on average, in only 30 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 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 $310,000. 

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 $500,000. 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. Appreciation was relatively flat in the Greater Williamsburg market last year (with the median sold price down just over 1%), 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 participate in 1 out of every 6 home sales in greater Williamsburg in 2018, 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 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, Williamsburg, lizlocal-Williamsburg, relo-williamsburg-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

Introducing Karen Wolons, a Liz Moore Rainmaker

Posted by Lynnette Tully on Thu, Jan 24, 2019 @ 11:10 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 Karen Wolons, a Liz Moore Rainmaker!

Tags: Williamsburg, careers

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 Rebekah Brewster, a Liz Moore Rainmaker

Posted by Lynnette Tully on Fri, Aug 24, 2018 @ 12:11 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 Rebekah Brewster, a Liz Moore Rainmaker!

 

Tags: Williamsburg, careers

Art Tour in Eaglescliffe, Ford's Colony

Posted by Lynnette Tully on Tue, Jun 19, 2018 @ 03:11 PM

art tour imageJoin us on Thursday, June 21st, from 4-6pm to tour Ford's Colony's best kept secret - luxurious, one floor, maintenance free living!

Enjoy complimentary wine & light hors d'oeuvres and view beautiful local art from Bob Oller, Gulay Berryman, Karen Williamson, Myra Polsky, and Bob Carlson.  Artists will be on hand to talk about their work.

Begin your tour at 1103, 1201, 1202, 1301, or 2303 Eaglescliffe.  See you there!

Ford's Colony, Williamsburg is the beacon of luxury, relaxed and gracious living. Three Dan Maples championship courses boast the most acclaimed golf in our area. Ford's Colony has fine dining in the Country Club and has continually received the AAA Five Diamond award for it's excellence in service and delectable food.

Want to Get the Scoop on Ford's Colony homes for sale?  Simply click below to fill out the form, designating Ford's Colony as your selected neighborhood, and you’ll receive automatic e-mail alerts when any new listings come on the market in Ford's Colony, or when any closings take place, so that you can monitor home values in Ford's Colony.

Sign Me Up for Get the Neighborhood Scoop 

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Tags: Fords Colony, Williamsburg

Introducing Julie Casey, a Liz Moore Rainmaker

Posted by Lynnette Tully on Fri, May 25, 2018 @ 11:59 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 Julie Casey, a Liz Moore Rainmaker!

 

Tags: Williamsburg, careers

Introducing Toby Jordan, a Liz Moore Rainmaker!

Posted by Lynnette Tully on Wed, May 16, 2018 @ 04:25 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 Toby Jordan, a Liz Moore Rainmaker!

Tags: Williamsburg, careers

Liz's Predictions for the 2018 Williamsburg Real Estate Market

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

benjamin-voros-310026.jpg

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