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!