The Liz Moore Market Watch Blog

Median Days on Market in Richmond Housing Market

Posted by Lynnette Tully on Wed, Feb 21, 2024 @ 02:47 PM

shutterstock_206266147Did you know that the Median Days on Market in Richmond is currently at 16?

What does this mean for you?   Click here for a free analysis of value on your home and find out if now is a good time for you to sell.

Tags: lizlocal-richmond-realestate

First Time Homebuyer Savings Plan

Posted by Lynnette Tully on Wed, Feb 21, 2024 @ 02:41 PM

shutterstock_666028663Did you know that you can put up to $50,000 into a First Time Homebuyer Savings Plan in Virginia for some tax saving benefits?

A FHSP account can be used to pay for just about anything related to closing on a home — anything included on the settlement statement: closing costs, inspections, lender fees, etc. These are all considered “eligible costs.”

Want to know more?  Contact us at info@lizmoore.com to get started!

Tags: lizlocal-NorthernNeck-realestate, lizlocal-richmond-realestate, lizlocal-williamsburg-realestate, lizlocal-peninsula-realestate

Average List to Sale Price Ratio in the Richmond Market

Posted by Lynnette Tully on Wed, Feb 21, 2024 @ 07:09 AM

shutterstock_1091209523The average list to sale price ratio in the RVA Market in Jan 2024 was 101.5%, down from 103.6% in Jan 2023.

Source: CVRMLS Stats

What does this mean for you?   Click here for a free analysis of value on your home.

 

Tags: lizlocal-richmond-realestate

Homebuyers Staying in Richmond

Posted by Lynnette Tully on Fri, Feb 16, 2024 @ 03:03 PM

shutterstock_1579415914According to a recent report from Redfin, 64% of Richmond homebuyers searched to stay within the Richmond metropolitan area.  Are you looking to buy in the Richmond area?  We'd love to help!  Get started by downloading our free Home Buying Guide here.

 

 

Winter 2024 Market Talk Report

Posted by Lynnette Tully on Thu, Feb 15, 2024 @ 06:31 AM

winter MTWelcome to Market Talk! I’m Liz Moore, President of Liz Moore & Associates, and today we’re going to talk about what’s happening in our local real estate markets as we move into the new year in 2024.
I’ve heard some reports that the U.S. will record the lowest number of sales in 2023 since 2008. The real estate market was definitely off last year, but it did NOT feel like 2008. There are a number of reasons for that: first of all, the pace of the market remained steady, because unlike 2008 there was plenty of buyer demand. 
Back then, we had over 2 years of inventory available – last year the needle moved from less than 1 month to approaching 2 months. The result of that was that nearly one third of the market experienced multiple offers – good for sellers, not so much for buyers.

existing home sales

My prediction for 2024 is that it’s going to be a solid real estate year. I believe that for lots of reasons, but 
here are the main 3:

1. Buyer Demand continues to remain strong. One reason for this is the huge number of people in the prime household formation phase of life – 72 million millennials, more than any other time in history. Household formation begins at 26, and the prime buying years for first timers is now 33 to 35.

2. There is also a great deal of pent-up Seller Desire to Move. People love their low interest rates, but not necessarily their current houses. Many Americans put their moves on hold during the pandemic years, but life has moved on. During the past 2 years there have been almost 3 million marriages and 1.5 million divorces, 7 million babies born, and 7 million boomers turned 75, which translates to time to downsize. There were also 50 million job changes, and lots of flexibility as a result of new remote working opportunities. A lot of those sellers have put moves on hold because they don’t want to give up their 3% interest rates for rates that were hovering around 8%, but as we see those rates inch down, 6% seems like a bargain.

We’re already beginning to see new listings stabilize.

new listings

3. Interest Rates are finally headed down! And, all predictions are that they will continue to drop, very slowly, but consistently over the next 12 months. The combination of those 3 things mean better days are ahead; I 
think it’s safe to say that we are at the bottom of the trough.

Let’s dig in and examine some of the underlying benchmarks and clarify exactly what is happening!

Interest Rates

Mortgage interest rates have been the story for the past 2 years. With a 5% swing upward since the end of 2021, causing many buyers to hit the pause button on their home search, we finally can see some relief in sight. Compared to rates approaching 8% in the Fall of 2023, we are now enjoying mid 6’s, which relative to the 2 year climb, feels relatively doable. Most industry experts predict that rates will continue to 
fall over the next 12 months: 

rates-1

As interest rates become palatable again for buyers, we will see them return to the market. At the same time, those sellers who have been holding tight on the sidelines will begin dipping their toes in the market. Sellers are recognizing that their homes may never be worth more than they are right now, and that 2024 may be the ideal time to tap into their equity. Because of extremely strong price appreciation during the pandemic years, most homeowners have record high market values, and accordingly significantly more equity than they did pre-pandemic. Nearly 70% of homes are completely paid for, with the owners having no mortgage at all, or have at least 50% equity.

equity_

This record high equity creates an opportunity for sellers to trade up, and use their additional cash to either put down a larger down payment to offset interest rates, or to pay off other consumer debt that is carrying a 
higher interest rate. Either way, overall monthly expenses can actually drop, despite the fact that mortgage rates will be higher on the new house.

That additional inventory will make ALL the difference, and should create a robust Spring market. My advice to sellers is to beat the market – I would recommend listing in February or March, to get ahead of the Spring rush which will undoubtedly bring lots of additional competition. By capitalizing on continuing low inventory, you’ll be able to maximize your home price and have a favorable negotiating position.

For buyers, the same is true. Get pre-approved early, and begin shopping before the traditional Spring rush begins, where there will be less competition for the property you want. Now is the time to shop for a lender carefully. Many local lenders are offering incentives to borrowers where they will offer a “free” refinance 
when the inevitable rate drop begins. This creates a win-win situation.

We would love to meet with you to discuss what’s happening in the local market, and how it may affect your real estate plans for 2024. If you’re just curious about what your home may be worth in the current market, we would be happy to share our insights.  Click here to get started!

Tags: MarketTalk, WYD1

NAR Projects Increase in Existing-Home Sales in 2024

Posted by Lynnette Tully on Mon, Feb 12, 2024 @ 06:30 AM

shutterstock_2181307567The National Association of Realtors released its Economic Outlook as of January 2024, projecting a 13% increase in existing-home sales in 2024 (from 2023) to 4.62 million and a 15.8% increase in 2025 (from 2024) to 5.35 million. The annual median home price is expected to rise 1.4% to $395,100 in 2024, and then increase 2.6% to $405,200 in 2025.

Is now the right time for you to sell?  Click here for a free analysis of value on your home.

Tags: WYD4

American Homeowners Living In Their Homes Longer

Posted by Lynnette Tully on Fri, Feb 09, 2024 @ 07:09 AM

shutterstock_1470578702 (1)According to a Redfin analysis, the average American homeowner has lived in their home for 13.2 years. This is an increase from 2012's average of 10.1 years. Is it time to move?  We'd love to help!

Click here for a free copy of our Home Selling Guide and let's get started.

Tags: WYD3

February Market Talk with Liz Moore - Live on 92.9 The Tide

Posted by Lynnette Tully on Thu, Feb 08, 2024 @ 07:04 AM

CupcakeWars2022_Logo-3Liz Moore & Associates' annual Cupcake Wars fundraiser is back and Liz sat down with Andy at 92.3 The Tide to talk about this amazing event.

Click here to listen.

Cupcake Wars is happening on Friday, February 9th from 11am – 2pm in ALL FOUR 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, Habitat for Humanity, and Smith Point Sea Rescue.

If you can't make it but would like to contribute, donate online at https://bit.ly/LMAcupcakes.

 

Tags: MarketTalk, WYD1

Liz Moore & Associates Cupcake Wars is Back for Another Year

Posted by Lynnette Tully on Thu, Feb 01, 2024 @ 07:10 AM

Contact Information:
Liz Moore
President, Liz Moore & Associates
757-645-4106
liz@lizmoore.com

Release Date:
February 1, 2024

Liz Moore & Associates Cupcake Wars is Back for Another Year

Liz Moore & Associates is back again this year with their annual Cupcake Wars! This philanthropic event benefits several favorite local charities.

Liz Moore & Associates broke a record last year, raising a grand total of over $21,000 in just 3 hours across all offices located in Richmond, Newport News, Williamsburg, and Kilmarnock. This year, they expect to have another great turnout.

It turns out that cupcake rivalry fueled by compassion can be truly inspiring. Attend this year’s Cupcake Wars to get a look (and a taste) of all the unique, creative, and delicious cupcakes! With various themes and ideas, these cupcakes are as much of an art form as they are a tasty treat. Raising donations for charity has never been so sweet!

Stop by on Friday, February 9th from 11:00 am – 2:00 pm at any of the Liz Moore & Associates locations. You can also donate online at https://bit.ly/LMAcupcakes.

2024 Charities

  • Williamsburg and Newport News proceeds will go to the Children’s Hospital of the King’s Daughters.
  • Richmond proceeds will go to Habitat for Humanity
  • Kilmarnock proceeds will go to Smith Point Sea Rescue

 

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Tags: About

January Market Talk with Liz Moore - Live on 92.3 The Tide

Posted by Lynnette Tully on Wed, Jan 24, 2024 @ 07:25 AM

liz-moore-january-2024It’s a new year and Liz sat down with Andy at 92.3 The Tide to talk about why she believes the local real estate market will rebound in 2024. 2023 saw the lowest number of home sales for any year since 2008. However, Liz predicts that the market will receive a shot in the arm over the next 12 months. Why? Home inventory is on the way up, there is a large and growing buyer demand, and interest rates are decreasing from a peak of almost 8 percent.

Click here to listen.

Tags: lizlocal-NorthernNeck-realestate, lizlocal-richmond-realestate, lizlocal-williamsburg-realestate, lizlocal-peninsula-realestate, MarketTalk, WYD1

Liz Moore & Associates Cupcake Wars: Sweet, Sugary Rivalry for a Cause

Posted by Lynnette Tully on Fri, Jan 19, 2024 @ 06:26 AM

DSC03747 copy (1)Liz Moore & Associates is back again this year with their annual Cupcake Wars event! This philanthropic event benefits several favorite local charities.

Stop by the Richmond office at 14061 Midlothian Turnpike between 11am & 2pm on February 9th, make a donation, and take home some cupcakes.

It turns out that cupcake rivalry fueled by compassion can be truly inspiring. Attend this year’s Cupcake Wars to get a look (and a taste) of all the unique, creative, and delicious cupcakes! With various themes and ideas, these cupcakes are as much of an art form as they are a tasty treat. Raising donations for charity has never been so sweet!

This event is held at all Liz Moore offices and the office that raises the most money gets bragging rights for the year.  Can't make it by?  You can donate to the Richmond office's efforts at https://bit.ly/LMAcupcakes and be sure to select Richmond from the dropdown box!

Richmond will be supporting Habitat for Humanity at this year's Cupcake Wars.  Habitat for Humanity is a nonprofit organization that helps families build and improve places to call home. They believe affordable housing plays a critical role in strong and stable communities.

We hope to see you there!

 

Tags: lizlocal-richmond-community

Showings in the Richmond Area Housing Market

Posted by Lynnette Tully on Tue, Jan 16, 2024 @ 06:41 AM

shutterstock_1698701356Did you know there were 1,255,000 showings in the Richmond area market in November 2023?!?

Source: CVRMLS Showingtime Showing Report November 2023

If you're searching for a home in Richmond, we can help!  Click here to get started.

Tags: lizlocal-richmond-realestate

From Pre-Listing Activities to Closing a Successful Transaction

Posted by Lynnette Tully on Fri, Jan 12, 2024 @ 03:32 PM

shutterstock_1541223224 (1)Did you know the number of tasks a REALTOR takes from pre-listing activities to closing on a successful transaction is more than 208?!?

Source: https://wearether.com/TheTransactionChecklist 

That's a lot!  And that's why it's important to have an educated agent in your corner when buying and selling a home.  Click here to get connected with one of our agents who will put that 208 to work for you!

 

Tags: lizlocal-NorthernNeck-realestate, lizlocal-richmond-realestate, lizlocal-williamsburg-realestate, lizlocal-peninsula-realestate, WYD5

Saving for a Down Payment When You're a First Time Home Buyer

Posted by Lynnette Tully on Tue, Jan 09, 2024 @ 02:59 PM

shutterstock_1463201192Did you know that 38% of first time home buyers say that saving for a down payment is the most challenging step of the home buying process?

Source: Keeping Current Matters

Great news!  There are many grant and home buyer programs available to help get you over this hurdle!  Don't let the down payment stop you.  Let one of our agents help find the right program for you and get you on the path to home ownership.  Click to get started!

Tags: lizlocal-NorthernNeck-realestate, lizlocal-richmond-realestate, lizlocal-williamsburg-realestate, lizlocal-peninsula-realestate

Sellers Moving to be Closer to Family

Posted by Lynnette Tully on Fri, Jan 05, 2024 @ 02:39 PM

shutterstock_1810835005Did you know that 74% of recent home sellers who moved more than 100 miles moved to be closer to family?

Source: NAR Profile of Buyers and Sellers : Seller's Reasons for Moving 

If you're considering a move, we'd love to help!  Click here for a free market analysis of value on your home.  You might be surprised!

 

 

Tags: lizlocal-NorthernNeck-realestate, lizlocal-richmond-realestate, lizlocal-williamsburg-realestate, lizlocal-peninsula-realestate, WYD4

December Market Talk with Liz Moore - Live on 92.3 The Tide

Posted by Lynnette Tully on Fri, Dec 29, 2023 @ 06:10 AM

WYDaily_20YearAnniversary_GraphicFor the final Market Talk of 2023, Liz talked with Andy at 92.3 The Tide looking back at 20 years in business. She shared what’s changed in the world of real estate during those two decades, what it’s been like to witness historic swings in the real estate market, and how she and her team are celebrating the 20th anniversary. 

Click here to listen.

Tags: lizlocal-NorthernNeck-realestate, lizlocal-richmond-realestate, lizlocal-williamsburg-realestate, lizlocal-peninsula-realestate, MarketTalk, WYD1

2023 Fundraising Recap at Liz Moore & Associates

Posted by Lynnette Tully on Thu, Dec 28, 2023 @ 02:39 PM

echoOne thing we greatly value at Liz Moore & Associates is giving back to the communities in which we live and helping to raise money for local organizations throughout the year.  Whether it's a huge event like our annual Cupcake Wars or Charity Golf Tournament, or smaller events such a monthly office potlucks, we're proud to have been able to support many great causes in 2023.

Some of our largest contributions went to:

Children's Hospital of the Kings Daughters (fun fact, we've supported them for 20 years now!)

Beacon Tree Foundation

RAL Art Center’s smART Program for Young Artists

JDRF Mid-Atlantic Chapter                            

Virginia Supportive Housing                        

Semper K9                                                          

Hospice House of Williamsburg                  

Williamsburg House of Mercy                     

Alzheimer Society                                            

Peninsula SPCA and other local animal shelters                                                

Turquoise Table                                               

Local Foodbanks as part of our PB&J Challenge                                                 

Dominion Village

We Are the Echo

Juvenile Diabetes Research Foundation

Toys for Tots

Thank you to everyone who helped us help these amazing causes this year!  We've already got some big plans in the works for 2024! #moorethanrealestate 

Tags: Community, lizlocal-NorthernNeck-community, lizlocal-Peninsula-community, lizlocal-richmond-community, lizlocal-williamsburg-community, WYD3

Liz Moore & Associates Selected for Membership in Leading Real Estate Companies of the World®

Posted by Lynnette Tully on Fri, Dec 15, 2023 @ 07:55 AM

DSC08492Liz Moore & Associates, serving the Virginia Peninsula, Williamsburg, Richmond, Kilmarnock, and the Southside has been selected for membership in Chicago-based Leading Real Estate Companies of the World®, Liz Moore, President, announced recently.

Leading Real Estate Companies of the World® (LeadingRE) is a global real estate community comprised of 550 real estate companies awarded membership based on rigorous standards for service and performance. With 4,900 offices and 138,000 sales associates in over 70 countries, these firms represent quality-focused market leaders from around the world.

This distinction ensures that Liz Moore & Associates’ clients are working with exceptional local professionals who also deliver connections to buyers and quality real estate companies across the country and around the world. The company also benefits from LeadingRE’s industry-leading international referral network, award-winning learning programs and events, professional marketing resources and more.

Liz Moore notes that selection as a member of LeadingRE represents another step in the firm’s growth and its strength in the market.

We are thrilled to be invited to join this world-class global network of like-minded brokerages, so that we have the opportunity to refer our clients to agents around the world that deliver the same level of extraordinary service,” said Moore.

“We are delighted to have Liz Moore & Associates as part of our distinguished network of premier brokerages. The company has an impeccable reputation in eastern Virginia, and we are committed to helping the firm achieve even greater success,” said Paul Boomsma, president and CEO of LeadingRE. “As a member of LeadingRE, Liz Moore & Associates combines authentic, local expertise with unparalleled resources and global connections to the highest quality real estate firms worldwide.

Liz Moore & Associates ranked in the RealTrends 500 Among Nation’s Best Brokerages and is known for their community involvement and philanthropic work with various local charities, including their corporate charity, The Children’s Hospital of the Kings Daughters.

Liz Moore & Associates was founded in 2003 and celebrate their 20th anniversary this year.

To learn more about LeadingRE, visit www.LeadingRE.com.

For more information on Liz Moore & Associates, visit lizmoore.com, or call (757) 645-4106.

Tags: lizlocal-NorthernNeck-realestate, lizlocal-richmond-realestate, lizlocal-williamsburg-realestate, lizlocal-peninsula-realestate, WYD5

Liz Moore & Associates Selected for Membership in Leading Real Estate Companies of the World®

Posted by Lynnette Tully on Fri, Dec 15, 2023 @ 07:33 AM

Contact Information:

Liz Moore
President, Liz Moore & Associates
757-645-4106
liz@lizmoore.com

Release Date:
December 15, 2023

Liz Moore & Associates Selected for Membership in Leading Real Estate Companies of the World®
- Affiliation expands Liz Moore & Associates’ global reach. -

Liz Moore & Associates, a prominent real estate company serving the Virginia Peninsula, Williamsburg, Richmond, Kilmarnock, and the Southside has been selected for membership in Chicago-based Leading Real Estate Companies of the World®, Liz Moore, President, announced recently.

Leading Real Estate Companies of the World® (LeadingRE) is a global real estate community comprised of 550 real estate companies awarded membership based on rigorous standards for service and performance. With 4,900 offices and 138,000 sales associates in over 70 countries, these firms represent quality-focused market leaders from around the world.

This distinction ensures that Liz Moore & Associates’ clients are working with exceptional local professionals who also deliver connections to buyers and quality real estate companies across the country and around the world. The company also benefits from LeadingRE’s industry-leading international referral network, award-winning learning programs and events, professional marketing resources and more.

Liz Moore notes that selection as a member of LeadingRE represents another step in the firm’s growth and its strength in the market.

We are thrilled to be invited to join this world-class global network of like-minded brokerages, so that we have the opportunity to refer our clients to agents around the world that deliver the same level of extraordinary service,” said Moore.

“We are delighted to have Liz Moore & Associates as part of our distinguished network of premier brokerages. The company has an impeccable reputation in eastern Virginia, and we are committed to helping the firm achieve even greater success,” said Paul Boomsma, president and CEO of LeadingRE. “As a member of LeadingRE, Liz Moore & Associates combines authentic, local expertise with unparalleled resources and global connections to the highest quality real estate firms worldwide.”

Liz Moore & Associates ranked in the RealTrends 500 Among Nation’s Best Brokerages and is known for their community involvement and philanthropic work with various local charities, including their corporate charity, The Children’s Hospital of the Kings Daughters.

Liz Moore & Associates was founded in 2003 and celebrate their 20th anniversary this year.

To learn more about LeadingRE, visit www.LeadingRE.com.

For more information on Liz Moore & Associates, visit lizmoore.com, or call (757) 645-4106.

 

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About Liz Moore & Associates

Liz Moore & Associates is a boutique property management & real estate agency renowned for having the region’s top agents, with extensive market knowledge and local expertise that is only achieved through relentless training coupled with Liz’s extremely high standards for professionalism.

Tags: About

Liz Local Magazine: Luxury Edition

Posted by Lynnette Tully on Thu, Dec 14, 2023 @ 07:17 AM

We are delighted to announce that we have been selected for membership in Leading Real Estate Companies of the World and Luxury Portfolio International. This invitation is a crowning achievement as we celebrate our 20th anniversary this year.  Check out our Luxury Edition of Liz Local Magazine by clicking on the cover below.

LizLocal_Luxury_Cover

 

Tags: lizlocal-NorthernNeck-realestate, lizlocal-richmond-realestate, lizlocal-williamsburg-realestate, lizlocal-peninsula-realestate, WYD2