The Liz Moore Market Watch Blog

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.

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*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.

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

The Updated York County Homes Magazine is Here!

Posted by Lynnette Tully on Fri, Aug 19, 2016 @ 10:30 AM

We are excited to bring you the latest issue of the Liz Moore York County Homes MagazineClick the image below to flip through the magazine featuring our newest York County homes for sale.

yorktown homes for sale

Check out the rest of our digital magazines - Newport News HomesWilliamsburg HomesWaterfront Property, and more!  You can subscribe to one or more of our magazines, and they will be delivered FREE to your inbox once a month, dynamically uploading the latest issues.

Check Out Our Digital Magazines

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Tags: Buyers, York County

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.

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

The Liz Moore Summer Open House Extravaganza is Back!

Posted by Lynnette Tully on Thu, May 12, 2016 @ 12:28 PM

Calling all house hunters!  Visit a Liz Moore open house between May 14th and September 15th, 2016 and you'll be entered into a drawing to win some amazing prizes.  

LMA_open-web-banner.jpg

House hunters can register for the drawing at every Liz Moore open house.  The more you visit, the better your chances are of winning!
 
Click below for a list of open houses and to view complete contest rules.
 
Summer Open House Extravaganza Participating Properties
 
 

Tags: Buyers, Sellers, Hampton, New Kent, York County, Newport News, Poquoson, New Homes, Home Page, Williamsburg

Inventory Drops to a Five Month Supply on the Peninsula

Posted by Liz Moore on Fri, May 06, 2016 @ 03:09 PM

Pen.jpg

A steadily declining supply of inventory has led to a robust Spring market on the Virginia Peninsula (REIN MLS areas 101-112).

Click to Find Out How Much Your Home is Worth

The current market has a 5 month supply of inventory (down from 7.3 months in January), which has dropped below the balanced market of a 6 months supply, indicating a trend favoring sellers.  Pending sales are up 21% for the first quarter, as compared to the first quarter of 2015.  Liz Moore & Associates Williamsburg office celebrated a record March, and is pacing to set yet another record this month!  What does that mean for you?  It’s a great time to sell!

The first step in pricing your home right is finding a professional real estate agent who can help you do just that.  Email us at concierge@lizmoore.com or click below for a complementary market analysis on your home.

How Much is My Home Worth?

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

St. Patty's Open House Weekend on The Peninsula and in Williamsburg

Posted by Lynnette Tully on Mon, Mar 14, 2016 @ 10:07 AM

No matter the type of home or area you are looking for, we have something for everyone!!lma_stpats-logo-1.jpg

For those looking to get lucky with a brand new home in Williamsburg, visit our new homes parade Saturday and Sunday from 1-4pm.  Builders will be on hand at many of the homes on Sunday to answer your questions.  For a list of participating properties, download our brochure below.  

Download our New Homes Parade Brochure

Are you looking for a pot of gold on The Peninsula?  Check out our open houses in Newport News, Hampton, Yorktown and Poquoson at www.lizmoore.com/openhouses.  Register to win a $100 gift card to Park Lane Tavern at each resale open house you visit.  Click below for a list of participating properties and open house times.

View a List of Open Houses

 

Tags: Buyers, Hampton, York County, Newport News, Poquoson, New Homes, Williamsburg

The Latest York County Homes Magazine is Here!

Posted by Lynnette Tully on Tue, Jan 12, 2016 @ 03:57 PM

We are excited to bring you the latest issue of the Liz Moore York County Homes MagazineClick the image below to flip through the magazine featuring our newest York County homes for sale.

yorktown homes for sale

Check out the rest of our digital magazines - Newport News HomesWilliamsburg HomesWaterfront Property, and more!  You can subscribe to one or more of our magazines, and they will be delivered FREE to your inbox once a month, dynamically uploading the latest issues.

 Check Out Our Digital Magazines

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

Subscribe!

 

 

Tags: Buyers, York County

Closed Sales Up 9.5% in October on the Virginia Peninsula

Posted by Lynnette Tully on Fri, Nov 20, 2015 @ 02:33 PM

The number of closed sales continues to rise on the Peninsula forecasting a strong late Fall market.  What is currently going on in the real estate market?LMA_info-nn-10-15-1.jpg

  • Months Supply of Inventory - 6.9
    Six months of inventory is considered a balanced market.  
  • Current Median Sold Price - up slightly to $174,000
     
  • % of Sold Price to List Price - 97.66%
     
  • Average Days on Market - down to 90
     
  • Closed Sales - up 9.5%

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

Survey Finds York County, Virginia 5th Happiest in the U.S.

Posted by Lynnette Tully on Thu, Jun 25, 2015 @ 10:28 AM

A recent article in the Daily Press reports that SmartAsset, a financial technology company that tracks national real estate and financial trends, found York County to be the fifth-happiest county in the nation because of its marriage rate.Yorktown homes for sale

York County boast's a 62.3 percent marriage rate — the 11th highest in U.S. Other metrics used in the survey include physical health, personal finances and economic security, which also help the county's ranking.

The survey also highlighted the county's low poverty rate of 5.7 percent, which ranks as the 23rd lowest out of any U.S. county with a population over 50,000.

Overall, York County joins two other Virginia counties — Loudon, the happiest county in the country, and Fairfax, which ranked third — as among the happiest in the nation, according to the survey.

Are you thinking about moving to York County? Email us at concierge@lizmoore.com.  One of our York County experts would love to help you find a home!

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Tags: Locals - 101 Reasons, York County

Closing Sales Up on the Virginia Peninsula

Posted by Lynnette Tully on Wed, Jun 17, 2015 @ 02:39 PM

Increases in sold prices and closings on the Peninsula are pointing toward a strong Summer market.  What is currently going on in the real estate market?

  • Months Supply of Inventory - 6.9real estate market
    Six months of inventory is considered a balanced market.  
  • Current Median Sold Price - up slightly to $168,000
     
  • % of Sold Price to List Price - 97.15%
     
  • Average Days on Market - 96.3
     
  • Closed Sales - up 3.2%

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?

 



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

 

Subscribe!

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