The Liz Moore Market Watch Blog

Is your lease up this Summer?  Timing the end of a rental lease and the purchase of your first home doesn't have to be stressful.  Here's what you need to know.

Start with a local real estate agent who can help you manage your timeline. 

Your agent will help you:

Step 1: Get pre-qualified so you know how much you can comfortably afford.  There is grant money available to help you with down payment and closing costs…ask us more!

Step 2: Start your home search.

Step 3: Find the ideal home for you, and negotiate a contract with terms to suit your budget and your timetable.

Step 4: Love your first home!

If your lease is ending, let one of our agents guide you through the next steps.  Click here to get started!

The creation of Liz Moore and Associates has been a journey. We began by surveying thousands of local families who had recently bought or sold real estate. We found too many had one unfortunate experience in common: frustrating and expensive last minute surprises. We heard story after story about unforeseen expenses, delays, and the stress of having to make major decisions under pressure.

After hearing stories like these, we took a step back and evaluated the real estate transaction from beginning to end. We discovered we can take many of the surprises, and much of the stress, out of the moving equation for sellers and for buyers. At Liz Moore & Associates, we’ve pioneered a solution that reorganizes the process, saving both money and time for our clients.

For Sellers

On our listings, we order for you, at our expense, an up-front market evaluation by an licensed appraiser and a home inspection by an independent home inspector...all before your home is officially placed on the market.

Our objective is to uncover any major repair issues before your home goes on the market, giving you an opportunity to either make repairs up front, or to disclose the conditions to prospective buyers.

By hiring a certified appraiser before the marketing period begins, we are aware of any potential valuation and condition issues prior to deciding on what other terms of the sale you will agree to.

All of this is done in advance, allowing everyone involved ample time to complete the real estate transaction without the pressure of last minute expenses and reactive decisions. Repairs can be completed properly, with sufficient time to select the best contractor for the job.

For Buyers

Our goal is to provide prospective home buyers with a higher level of comfort when purchasing a Liz Moore & Associates' listing, knowing an appraisal is in place and a preliminary home inspection has been completed.

We are by no means requiring, or even suggesting, the buyer use our appraisal or inspection in place of their own. Our objective is to identify any major issues that could delay closing or result in unforeseen expenses.

We anticipate in some cases, the buyer may opt to waive a home inspection and/or appraisal, rather than spend the $500-600 on their own reports. This may be to save time or money. If new financing is involved, it will be up to the buyer's lender to engage an appraiser to perform a new appraisal.

Find out how we can help you!

At Liz Moore & Associates, we understand how to leverage technology to deliver an extraordinary real estate experience to our clients. We've made a significant investment in groundbreaking Matterport technology, so that prospective homebuyers can have an immersive online experience, giving them a true sense of the feeling of our listings before they ever visit in person.

What are the benefits to buyers?

Navigate a property like a video game with Inside View and see how each room fits together using Dollhouse View. Understand layout in a glance with the top down Floorplan View.

What are the benefits to sellers?

Being able to offer a compelling online experience to buyers who are outside the market enables us to create immediate, lasting emotional connections to our listings because they can experience it as though they were really there. The 3D images are easy to share, so anyone with a computer or mobile device can have the open house experience from anywhere.

How does it work?

Each circle represents a different viewpoint, so simply navigate the circles to capture different views and angles. Use your finger or control shift with your mouse, depending on the device, and you can see every corner of every room. You can toggle between floors by using the controls in the lower right corner, and switch to see a dollhouse version of the floor plan by clicking on the icon in the lower left corner.

Click to view our virtual realty tours, or get more information on how VR can help sell your home.

Is a move on your mind for 2022? Get started by downloading our free home buying guide.

Our guide will prepare you for:

• choosing the right lender
• house hunting
• offers and negotiations
• inspections
• and more!

Our job at Liz Moore & Associates is to represent you well and educate you every step of the way.  Whether you're ready to jump in to the buying process today or you are just gathering information, we'd love to help!

Click to download our home buying guide, The Perfect Fit.

Ellen Knecht, a REALTOR® with the Williamsburg office of Liz Moore & Associates, to be featured along with her clients on HGTV’s House Hunters

Ellen introduced her clients to each other and later she helped them find a home for their blended family!

Ellen’s clients, Laura Mullin and Michael Gasser, were excited to combine their families into a single household. Originally introduced to each other by Ellen Knecht, a REALTOR® with Liz Moore & Associates, Ellen was their first call when they decided to look for a house big enough for their blended family that includes four children.

According to Ellen, HGTV’s House Hunters gets about 200 applications per week, so Laura and Michael were excited when they learned that they were selected. HGTV filmed the couple for a total of 7 days in the Williamsburg area as they searched for their new home.

The crew also filmed at The Sipping Flea, a hometown coffee shop in Toano.

Air date: November 23^rd – 10:00PM

If you are hoping to be home by the holidays you'll need to start your search now!  At www.lizmoore.com/search you can search for homes by monthly payment, your favorite schools, desired area, home features, and more.  

We have agents on the Peninsula, in Williamsburg, Richmond, and the Northern Neck ready to help you find that perfect home.

Start your home search with us today and be home by the holidays.  Are you unsure of the home buying process?  Download our free Home Buying Guide or contact us today to get your questions answered.

Did you know that the week of Sept. 22 is the best time to buy a home in the U.S., according to data released by realtor.com? Forty-one out of 53 markets in the U.S. reported that buyers see significantly less competition and greater inventory during this time.

"As summer winds down and kids return to school, many families hit pause on their home search and wait until the next season to start again. With dramatically less competition, persistent buyers will feel the scales tip in their favor as eager sellers begin to cut their prices in an effort to entice a sale," said George Ratiu, senior economist of realtor.com. "As seasonal inventory builds up and restores itself to more buyer-friendly levels, fall buyers will be in a better position to take advantage of today's low mortgage rates and increased purchasing power."

In general, buyers face 26% less competition across all markets while inventory increases by 6.1% during the first week of September, compared to the average week of the year. For us here in the South, buyers see 26.2% less competition.

As a result, during this “Black Friday” week, 5.8% of listings nationwide see price cuts, making them, on average, 2.4% less expensive than during their peak. This effect is the most noticeable in the West, where homes on the market see an 8.6% reduction—to 4.6% lower than their peak—followed by the Midwest, the South and the Northeast.

If you've been thinking about buying, now could be the perfect time!!  Click here to search available homes for sale.And if you're brand new to the home buying process, or just want to be better educated, download our free Home Buyer's Guide.

Join us for the Grand Opening of the newest model in Madison Estates on Wednesday, September 11^th from 12-2pm at 7515 Madison Estates Dr., Hanover, VA 23111.  Enjoy lunch and meet the builder.

If you miss us, you can stop by on Saturday, September 14^th from 12-2pm.

Come experience the newly debuted, never-before-built Chapel Hill by NK Homes of Virginia! This beautiful 3,351 sq. foot craftsman boasts bright open spaces, beautiful trim work and built-in cabinetry as sits on a large, lush green yard. With 4 bedrooms and 3.5 baths, there is no shortage of space! The first floor master is full of character with stained tongue and groove ceilings and the master bath is full of natural light. Enjoy evenings by the fire with your own private fire pit, situated on the patio, located off of the back deck.

The Chapel Hill is nestled in the community of Madison Estates, a quaint, private area near old Civil War trails and battle grounds in the Cold Harbor area of Hanover. Developed by Godsey Property, Inc, the land was once private property of the Godsey family, and in fact, they still reside in the neighborhood. A large private barn is a center focus of the community and one can stop at any point and see horses leisurely grazing in the fields.

People come to Madison Estates seeking privacy. Not only do residents find that, but they also find an amazing sense of community; creating the perfect balance for a blissful life. Only 9 homesites remain, if you’re interested in learning more or taking a tour, please contact Jana Mills JanaMills@lizmoore.com.

By: Donna Moyer, Managing Broker in Newport News

2018 was another solid year for local real estate. Here on the Peninsula, closed sales finished up 1% for the year, on top of a small increase in 2017. The final quarter was strong, with pending sales up a little over 7%.

We are entering 2019 with less than 4.5 months of active inventory, and homes selling, on average, in only 41 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 upper end market, where sellers need to be significantly more patient – there is currently 10 months of inventory priced at $500,000 and up on the Peninsula.

Prices remained remarkably steady during the past 12 months, with the median sales price on the Peninsula at $192,00 for most of the year.

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 $400,000.

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. We saw a slight rise in appreciation on the Peninsula last year (with the median sold price up 5%), and I expect we will continue to stay on this more normal appreciation rate 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 on the Peninsula in 2018, insuring a position as an 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 (REIN MLS areas 101-113) 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!

2018 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!

Real Estate Assessments are up in the majority of counties across the Richmond area and the news has homeowners buzzing.  

Hanover County will see its largest year-over-year increase in the past decade by 6.1%.  According to the assessor’s office, the reassessment of 37,000 properties and new construction will increase the value of the county’s total taxable property by $856.6 million.  

Want to try some bold, trendy colors in your home but don’t know where to start? We’ve got you covered.

A cayenne red can make bold, spicy statement. A deep purple or blue can add depth and richness. A sunny yellow or warm orange can brighten any space. A soft green or light blue can bring the peace of nature inside. Color showcases our emotions and our creativity, and always makes a statement.

These bold, trendy colors are fun, popular and can update any home, but trends can also be passing. A great way to stay current and protect your investment from becoming outdated is to incorporate these colors in
your home in small bursts, also known as pops of color.

Pops of color can highlight architectural details and add personality to any space. The best part is you don't have to commit an entire room or wall to that trendy color to achieve the effect, a pop is just that, a small
area or item in that special shade providing a flash of color.

Try an accent wall, half wall above or below your chair rail, or a piece of furniture. Even painting a frame, chandelier, lamp, or pair of candle sticks in a bold shade can add a pop of color and lend visual interest to a room or area in your home.

Great areas to play with color are laundry rooms, bathrooms and entry ways. You don’t spend hours in these places, rather you pass through and fun colors here can leave a lasting impression.

You’re not a painter? No problem. You can always hire a professional for a big job, but this is a fun way to put those hours you’ve logged watching HGTV to good use.

What you’ll need for your DIY makeover paintover: an old rag, painter’s tape, primer or white paint if you're covering a dark color, your paint color of choice, and an appropriate size paint brush for the project. For added appeal, find updated or funky accessories for your piece like a new lamp shade or drawer pulls.

It’s really quite simple once you have all of your supplies. First, wipe away any dust so you have a smooth, clean surface. Next, remove drawer knobs or tape over any hardware or areas you don't want painted. Apply a primer coat if needed to cover particularly dark colors and stains. Next, apply one to two coats of your chosen paint color and let dry.

Remove any tape and reaffix the necessary items like lamp shades, light bulbs, or drawer knobs, and wait for the compliments to start rolling in.

The possibilities don’t end with paint when it comes to playing with color.

Throw pillows, blankets, vases, and framed prints are just a few easy, low commitment ways to play with color
in your home.

So, go ahead and make a splash with bold, trendy colors in your home! We want to see your projects and how you incorporate pops of color in your home.

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

It’s said that the kitchen is the heart of the home. It’s where we prepare our meals every day, often where we eat, and where we gather and socialize.  The countertops are the largest surface in the kitchen, and they need to be both durable and beautiful.  So, what’s trending in kitchen countertops in 2018? 

For years granite was the preferred countertop material.  It’s strong, durable and attractive.  Granite is a natural rock and is porous.  That means liquids like water, wine, and oils can seep through the surface and cause staining and even encourage the breeding of dangerous bacteria.  Granite can be sealed to solve the porous issue, but sealant wears off over time and must be redone again and again.  Once sealed, granite is easy to clean and maintain and is unaffected by harsh chemicals making this an attractive choice. 

Granite is still very popular, but with its noted downside, alternatives have been on the rise in popularity.

Quartz is by far the most popular trend right now.  Quartz is generally harder and denser than granite and the pattern is more like marble which is appealing to many homeowners. Quartz is strong, durable, non-porous, and low maintenance.  It is highly resistant to stains and is the most hygienic countertop option for homeowners.  Quartz comes in many colors, patterns, and finishing techniques that mimic the look of natural stone.  All of this does come at a price though, with Quartz being one of the more expensive countertop materials. 

Marble has also been a popular choice recently.  This countertop material is beautiful and highly heat resistant.  Marble can be scratched and can be affected by harsh chemicals though, making it a little more difficult to clean.  Marble is one of the more expensive choices on the market as well. 

Butcher block countertops have been trending recently.  These countertops are solid wood laminated together with adhesive, giving a warm, natural look.  Butcher block is heat resistant but can burn and can also scratch easily.  But as it’s natural wood, this surface can be more easily repaired than other options. 

Aside from material, there are other trends in countertops such as color, pattern, finish, and integrations. 

Preference for soft neutral tones is a common theme running throughout the home in current décor trends, and kitchen countertops are no exception. Bold countertop colors are fading from popularity as neutrals become the norm.  Instead of a bright blue or jet-black countertop, you are more likely to find soft grey, white and beige tones in kitchens in 2018.  Homeowners are still incorporating colors in wall color or backsplash tile or even in their seating choices, but countertops are trending towards neutral colors. 

Speaking of backsplash tile, we’re seeing trends move away from the previously popular 4-inch-high slab of countertop material going up the wall.  Now, in its place decorative tiles are starting at the countertop surface.  As the countertop goes low-profile with neutral tones and thin slabs, the backsplash has become a canvas to try out bold styles. With the tendency for homeowners to extend the backsplash to the ceiling (instead of just below the wall cabinetry), the backsplash has become something of an accent wall, forming the visual focal point for the kitchen. 

The busy pattern of round particulates is becoming less popular as realistic veining is gaining in popularity.  Technology is offering creative solutions to make material like quartz resemble slabs of natural stone like granite and marble.  Manufacturers are creating veins and interesting swirled patterns into their countertop slabs now. 

For even more of a natural look, some homeowners are opting for a matte finish on their countertops rather than a high-gloss polished slab.  Textured finishes like honed and leather surfaces are on the rise as home design as a whole is incorporating more textured and tactile surfaces.  Honed finish is a matte finish with little to no shine.  Depending on material, the look will vary, but it should have a low sheen and smooth surface.  Honed finishes work well with marble as its lack of shine more easily conceals any flaws or scratch marks.  Leathered finish has become popular in recent years, it has a soft sheen that is less glossy than a polished slab and has a different tactile feel.  The leather finish retains the stone’s natural color giving it a more natural and sophisticated look than honed.  The finish also hides fingerprints and water spots well, which is very appealing.

With countertops trending toward more modern and functional materials and finishes, the kitchen sinks aren’t being left behind.  The favorite look for homeowners has been a sleek, continuous style from the countertop to the sink, a look that is still trending in 2018.  Integrated sinks are made from the same material as the countertop so the two blend seamlessly together, resulting in a sleek, modern style.  This trend also makes maintenance a breeze with the lack of a break between countertop and sink.  Also, an adaptation to this is different material sinks–like stainless steel, vitreous china, and quartz that have a flange made of the same countertop material giving it that seamless integration from sink to surface.  The possibilities are endless.

With so many options, homeowners can really change the look and feel of their kitchen by simply updating the countertops.

Are you thinking about selling your home and are wondering if you should update the countertops?  Email us at info@lizmoore.com and we'd be happy to give you some advice!

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

Hard flooring has been gaining in popularity for years, especially in the main living areas of homes. Hard floors are easy to clean, hypoallergenic, and lend a sleek beauty to your home. Changing your floor covering is
an update that will instantly modernize your home’s appearance while adding value and appeal.

There are many options when it comes to hard flooring: wood, laminate, vinyl, or tile. Thanks to technological improvements, faux finishes are more convincing than ever, and wood-look products are gaining in popularity. With so many choices, where do you start?

New flooring is a big purchase, so budget is clearly a factor. But you should also consider how much traffic
and what kind of traffic your floors will endure- do you have animals with sharp or thick nails, do you have children that ride vehicles or roll trucks across your floors? You should also consider how much sunlight
and moisture your floors will weather.

There are six main types of hard flooring options: solid wood, engineered wood, laminate, vinyl, linoleum, and ceramic tile.

Solid wood – This timeless, classic material has a natural warmth and impressive wear resistance that can be sanded and refinished several times. Solid wood may expand and contract with varying humidity levels and can dent and show wear easily, and fade from sunlight.
Installed cost: $5-$10 per square foot.

Engineered wood – This flooring uses a thin veneer of real wood or bamboo over structural plywood, giving
 he appearance of solid wood at a more affordable price. It doesn't wear as well as solid wood and some
may be too thin to even refinish once.
Installed cost: $4-$9 per square foot.

Laminate – Constructed of dense fiberboard with a photo beneath a clear-plastic protective layer, laminate can mimic nearly any flooring. The best laminates resist scratching and discoloration from sunlight better than most wood. The perfection and repetition of pattern can compromise the realistic appearance of what you’re trying to mimic. Floors can’t really be repaired and must be replaced once the outer layer has worn through. Installed cost: $3 to $7 per square foot.

Vinyl – Easy installation and a vast selection of colors and designs make this a popular choice. Vinyl is also good at fending off dents scratches, discoloration, and stains. However, even the best products still look like vinyl close up, and the top-of-line product can cost as much or more than solid-wood and laminate.
Installed cost: $2 to $6 per square foot.

Linoleum – Made of linseed oil and wood products, linoleum is a natural, resilient material offered in lots of styles and colors. However, resistance to wear, scratches, and dents varies widely and it can also be relatively expensive.
Installed cost: $4 to $8 per square foot.

Ceramic Tile – This classic material resists moisture, wear, scratches, dents, and stains. Tiles can crack and grout can stain, and the hard surface often causes dropped cups and dishes to break more easily. Tile can be floated without the use of cement and grout, but that makes replacing cracked tiles even more difficult. Installed cost: $8 to $15 per square foot.

With so many types of hard flooring to choose from, you’re sure to find a material to fit your lifestyle and your budget. Once you’ve selected your material, it’s important to choose a style that’s fashionable yet has
classic staying power.

Wood-look flooring – Wood-look tile, vinyl and laminate will continue to trend as products improve in performance and appearance while offering more durability and a more affordable price tag than hardwood.

Wide plank flooring – Floor boards five inches or more in width are considered “wide plank.” These wide planks are a throwback to rustic cottages and colonial-era farmhouses, the wide planks also make rooms
look bigger. Longer and wider planks are rising in popularity as modern technology, and a variety of material choices, makes them more readily available and affordable.

Blonde flooring – Bright blonde wood and wood-looks are a new trend that is making spaces seem larger and lighter. Much like wall color, floor color can alter the perceived size of a space.

Gray flooring – Gray is a neutral staple in realty, on both walls and floors. Gray floorcoverings are still new enough to be trendy but will soon become a classic.

There are plenty of different, unique options trending that will likely stick around for years to come, which means your possibilities are endless. If you want something trendy that will last for the long haul, try going for large plank, blonde or gray wood/wood-look flooring.

Are you thinking about selling and you're wondering if new floors are a must before your home goes on the market?  Email us at info@lizmoore.com and we can help!

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!

Donna Moyer, Managing Broker of our Newport News office, shares what she sees happening in the Peninsula real estate market in 2018.

2017 was a solid year for local real estate. Here on The Peninsula, closed sales finished up 3% for the year, with pending sales up over 5%, 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 4 months of active inventory, and homes selling, on average, in only 50 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 upper-end market, where sellers need to be significantly more patient – there is currently 12 months of inventory priced at $500,000 and up on The Peninsula.

Prices remained remarkably steady during the past 12 months, with the median sales price on The Peninsula slightly above $180,000 for most of the year, and finishing up at $185,000.

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 Real Estate is Local. So are We. 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 $400,000.

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 Peninsula 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 7 home sales on The Peninsula in 2017, insuring our position as a leader 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!

If you are looking to buy or sell a home this year, email us at info@lizmoore.com.  We'd love to help!

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!

"Working with Wayne Harbin and his company was a wonderful experience!! We couldn't imagine our home in a more perfect way! They helped us pick everything out and answered any and every question we could think of. Shirley Hammond with Liz Moore was beyond amazing. She and the Harbins made this process of building a new home so easy and fun. We never had any problems throughout this whole process and they all made sure everything was taken care of before we moved into our dream home. Thank you all again!!"

- Jordan and Chris McDougal

Village Park of Poquoson, a community of 26 town home units, is masterfully crafted by Wayne Harbin Builders and located in the heart of Poquoson. Offering a small town atmosphere with friendly neighbors who have a common interest in the well-being of the city and their families, Poquoson is near major employment sites including Langley Air Force Base, NASA, Fort Monroe, and The Newport News Shipyard.

Interested in Village Park of Poquoson?  Click below to download the price list.

Every year around the end of the year, paint manufactures, designers, fashion editors, and printers all announce what they believe will be the color or colors of the upcoming year. These selections are derived from many sources including art, architecture, museums, gardens, travel, fashion, food, and cocktails; even pop culture, politics, technology, and social issues can influence these color selections.

In 2016, simple, understated white hues like Benjamin Moore’s Simply White and Sherwin Williams’ Alabaster White that went with everything were trending, and are still great choices for a bright neutral paint.

In 2017, we saw a shift to darker neutral shades. Deep greyish blues and purples, along with some warm neutrals and even a bold yellow made the list.

The forecast for 2018 is even deeper and bolder colors. The Pantone Color Institute predicts intense colors over pastels for the coming year. “Intense colors seem to be a natural application of our intense lifestyles and thought processes these days,” says Leatrice Eiseman, Pantone Color Institute executive director.

One of the first companies to release their prediction was PPG Paints, who for the first time in history picked a black paint as their color of the year. PPG named Black Flame as their Color of 2018 and they describe it as an “unprecedented, statement-making black with deep tones of indigo.” This dark shade evokes feelings
of privacy and classic modernism.

You can expect to see more announcements in the twilight color palette like dark blues, greens, and charcoal tones paired with the ever-popular warm neutrals like golden yellows and muted pinks.

But you won’t only see dark hues in 2018. In Sherwin Williams’ Colormix® Forecast 2018, they predict next year will be about three bright color palettes which they've dubbed Unity, Connectivity, and Sincerity. All of these combinations are surprising and guaranteed to pack serious happiness into a room.

Behr announced “In the Moment” as their 2018 Color of the Year. Behr says, “This cool, tranquil spruce blue is inspired by nature and is a soothing, restorative coalescence of blue, gray and green.”

Buyers can think about using these bold saturated colors in smaller doses, such as for an accent wall, in a niche or on the ceiling only, rather than on all four walls in a room. Paint manufacturers also release of palette of several trending, complimentary colors every year, many of which include more neutral shades of white, grey, and tan.

Homeowners are in no way expected to change the color scheme of their home with each passing color trend. Where these selections can be useful, however, is when there's a particular color being touted that you really like. It becomes much easier to find furnishings and decorative accessories that coordinate with the favorite hue because it's trending.

Another interesting aspect of the Color of the Year announcements are the names of the hues themselves.

The process of naming these colors in rigorous and well thought out, often involving color specialists, marketing professionals, and lawyers to name a few contributors. Where you once saw a shade named Bright Red, today you'll see a similar red named Heartthrob or Spirit Warrior. In today’s competitive paint market, manufacturers want consumers to connect with their colors. Color names can typically be divided into four categories: visual, geographical, emotional, and experiential. Studies have shown that paint names are often the ultimate tie breakers with so many similar color choices on the market.

So, next time you’re shopping for paint colors, consider what’s trending and how those colors and names make you feel. Want to learn more? Visit:
www.ppgvoiceofcolor.com
www.sherwin-williams.com
www.behr.com 

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

We are seeing a lot of encouraging statistics coming out of our three markets!

An increase in homes sold on the Peninsula:

An increase in median sales price in Williamsburg:

And a drop in days on market in Richmond:

It's a great time to buy and sell!  If you are thinking about making a move, email us at info@lizmoore.com and we'll be happy to put you in touch with an agent who specializes in your area.