The Liz Moore Market Watch Blog

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!

At Liz Moore & Associates, we truly love where we live!  So much so, in fact, that we commissioned local artist Bob Oller of Oller Creative Studios, to create original vector paintings of some of our favorite places!

Oller introduced his LizLocal collection a few months ago in the Newport News Liz Moore office in City Center – introducing the collection at a reception for VIP clients and Liz Moore agents.

5 paintings were unveiled to an eager audience:

Poquoson Flats
Yorktown Skies
Playing Time Lions Bridge, Newport News
Clear Skies, Air & Space Hampton
City Center Newport News

You can enjoy these works in the lobby at 11801 Canon Boulevard in Newport News, or view them online at lizmoore.com/art.  Various size glycee prints are also available via the website.

What’s next?  Stay tuned for the Williamsburg and Richmond office debuts!

For more information, visit lizmoore.com/art!

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!

Virginia.org recently published a list of the 13 best brunch spots in Virginia.  The list contains spots known for quality food, service, atmosphere...and maybe most importantly, quality cocktails!  Restaurants from Northern Virginia down to Virginia Beach are known to be crowd pleasers, and a few are even located in our backyard!

Venture Kitchen & Bar—Hampton

Sunday 10am-2pm

At Venture Kitchen & Bar, brunch is serious business. Not only does the restaurant have a regular brunch menu that is reliably tasty, but they also have a rotating menu that changes every week so that you can try something new. When it comes to Sunday brunch cocktails, you’ll find some “old faithfuls” like mimosas, but there are many intriguing options as well, like the French 75 and the Queen’s Cousin.

Local Favorites: Fried Eggs Benedict, Orange Blossom Cocktail, Corned Beef Hash

Millie’s Diner—Richmond

Saturday 10am-3pm, Sunday 9am-3pm

This popular Richmond spot has been around for over 25 years, but their tasty brunch menu never gets old. On Saturday and Sunday mornings, Richmond residents flock to Millie’s Diner for one of the best brunches in the city. Although the wait can sometimes be over an hour to get in, the food is more than worth it. Plus, the bartender will fix you up with mimosas or Bloody Marys that will make the time seem to fly by.

Local Favorites: Devil’s Mess, Huevos Rancheros

The Jefferson Hotel—Richmond

Sunday 10:30am-1:30pm

If you’re planning on eating brunch at The Jefferson Hotel, make sure you are ready to “tuck in”, as they say. Sunday Champagne Brunch at this historic Richmond location has seemingly endless tables of some of the finest food imaginable, including a platter of smoked salmon and a full seafood raw bar, an impressive ham carved to order, an omelet station manned by several chefs, a lavish dessert display, and so much more (Including bottomless mimosas and coffee!). We could go on and on about this brunch, but you need to experience it yourself to understand why every Richmonder will recommend The Jefferson as a must-visit brunch destination.

 Local Favorites: Raw Seafood Bar, Omelet Station

Next time you find yourself asking, "where should we eat brunch", consider one of these local favorites!

Great restaurants...just another reason why we Love Where We Live!!!

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Various organizations, including Habitat for Humanity, Hampton Redevelopment and Housing Authority, and the City of Hampton, came together on Saturday, May 6, 2017 to complete the Hampton Home Repair Blitz. Six homeowners in the North Phoebus area had homes that received exterior repairs including painting, fascia/wooden trim replacement, railing additions, storm doors, gutter work, power washing, light landscaping and more. Interior painting, minor repairs and landscaping were also done to beautify Bryan and Moton Elementary Schools. 

Our very own Patrick Pauls masterfully built an impressive wooden platform with railing to aid a homeowner who was unable to go out the back door due to a disability and deteriorating steps.  Kaera Mims was the team lead and Nadia Anac was not only a great help with her painting skills, but she brought some friends who were so helpful! 

Hampton Home Repair Blitz...just another reason why we love where we live!

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

2016 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.

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 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.

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

Subscribe!

Liz Moore & Associates is helping to give back to the parents and children of the community this year by sponsoring the The Hampton Christmas Store. Hampton Pastor, "Santa" Steve Edwards, started the store a few years ago to help families in need each Christmas.

Parents can pay $3 per child and pick out $80-$100 worth of gifts from the Hampton Christmas Store. While the parents shop for their children, the children get to shop for their parents, for free.

We’re accepting new, unwrapped toys and new unwrapped adult goods (cosmetics, toiletries, picture frames, scarves, hats, gloves, candles, etc.) from now until Friday, December 15th in our Newport News Office (11801 Canon Blvd.).  

Email Peggy Todd at peggytodd@lizmoore.com if you have any questions.

Just another reason why we love where we live! 

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The 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.

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

Subscribe!

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.

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