The Liz Moore Market Watch Blog

38% of recent homebuyers under age 30 used either a cash gift from family or an inheritance in order to afford their downpayment.  Ready to buy your first home?  Click here to get started!

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Source: Forbes

A homeowner’s net worth is more than 40X greater than a renter’s (the average homeowner is $255,000 compared to the average renter at $6,300).

It’s time to kiss your landlord goodbye and start your long-term wealth plan by buying a house!

Click here to get started!

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Source: Federal Reserve

Staged homes enjoy increased prices anywhere from 1 to 5% more than their unstaged counterparts! Other benefits include a 20 to 50% faster sale, increased competition, and a higher emotional appeal. 

We are experts at maximizing your bottom line - click here to get started.

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Source: Real Estate Staging Association (RESA)

Did you know that 68.7% of all American homeowners have either paid their mortgage off in full or are sitting on 50% equity?

That means that they are in a prime position to unlock their equity to downsize and prepare for retirement to pay off their debt (credit cards and student loan debt is at an all-time high), or to buy their dream home! 

Click here for a complimentary equity check-up!

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Source: Keeping Current Matters, Sept 2023

Welcome 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 of the end of the 3rd quarter.

This past year has been characterized by some very confusing signals: multiple offers remain strong in some segments of the market, while other pockets are experiencing a definite slow down.

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

Interest Rates 

Mortgage interest rates have remained stubbornly high, longer than we anticipated earlier in the year. Depending on the loan type and number of points, rates are hovering anywhere between 6.5 and low 7’s. That’s a big jump over the 3’s in early 2022, and has definitely caused many buyers to hit the pause button on their home search. 

Most industry experts predict that rates will fall over the next 12 months:

Inventory

One of the unexpected consequences of interest rates remaining high is the negative impact that’s having on an already low inventory of homes for sale.

Nearly 71% of homeowners have rates on their existing homes lower than 4%, and as a result are determined to “stay put” rather than face getting a new mortgage at a higher rate.

The Silver Lining - Equity!

Equity is definitely the silver lining in today’s real estate market. Because of extremely strong price appreciation during the pandemic, 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.

This actually poses a new opportunity for homeowners who are considering their moving options, but are struggling with the idea of giving up their all-time-low interest rates.

Although their mortgage rates are low, other debt is carrying very high interest rates – in some cases nearing 20% for certain credit cards. And, unfortunately, Americans are carrying a high amount of additional debt right now – credit card debt is at its highest level ever – nearing $1 trillion. Student loans that have been on pause since 2020 are getting ready to kick in next month, and many Americans relied on credit cards too much over the past few years.

Sadly, half of American homeowners have less than $10,000 in savings (unless, of course, you 
count their equity).

The Opportunity

This creates an opportunity for homeowners to sell their home and unlock all of that equity. In addition to having a downpayment and closing costs for a replacement home, they can pay off student loans and credit card debt and become debt free except for a mortgage. 

So, although their new mortgage payment may be at 7%, their overall monthly payments are actually lower because they are no longer carrying additional debt. That is made even sweeter when you consider that you can refinance the mortgage if interest rates do indeed drop, which they are projected to do once the Feds get inflation under control.

In other words, just because you currently have a low interest rate, you shouldn’t necessarily put your move on hold. Every situation is different, and we would be happy to help you assess what makes the most sense 
for you and your situation.

Mortgage Loan Officer Keith Freeland from Movement Mortgage joined Liz Moore and Andy Harris from Tide Radio in the studio to talk about problem solving. The trio explored why the real estate market has slowed this year. Keith also explained how homeowners can leverage their home equity to sell their current home and turn a profit, which allows them to pay off others forms of debit such as credit cards and student loans. 

Check it out:

By Lauren Cummings

Home décor has changed a lot since we opened our brokerage in the early 2000s!

Then: Open Floor Plans
Now: Private Spaces
Open floor plans were all the rage in the early 2000s, and most floor plans today have this feature as a result of that demand. When the pandemic expanded the popularity of remote work to many Americans, we saw a significant shift in buyer preferences. Private spaces became important to accommodate multiple people on Zoom and working from home. This change in lifestyle inspired creative ways to divide space; we’ve seen an increase in barn doors, bookshelves, and good old fashioned room dividers to do the trick. Outdoor living spaces are also in high demand.

Then: Dark Brown Wood
Now: Lighter Woods
Red dining room walls were in style in the early 2000s, often paired with Tuscan kitchens and autumnal décor. Trends change, and now-a-days, light and airy is in! The Scandinavian blonde and rustic light oak wood is more sought after, and you will notice this style in newly renovated homes as opposed to homes that were 
designed in the early 2000s. White kitchens are back!

Then: Metal Finishes
Now: Natural Textures
Bronze finishes, limestone, and brown were the trifecta of the trendy 2000s home décor. Bronze faucets were 
very common, and they are starting to make a comeback today! However, the Queen Bee of texture in the 2020s has so far been the natural look. Light wood, wicker, and rattan is here to stay for at least a little while longer.

Then: Cozy, Dark Living Rooms
Now: Abundant Natural Light
Warm and cozy was a common theme within early 2000s homes, and that extended into the living area. 
It was common to see living rooms designed with dark wooded entertainment areas. The couches were 
shades of brown or black and included recliners, and sometimes included cupholders. We really knew how to 
live comfortably after a full day at work! 

Today, a common style is grey or light-colored couches in a bright, airy living area. Along with the lighter 
wood, the room will have access to abundant light. This could also be a trend influenced by the pandemic 
as people spent more time at home, it was necessary to keep the space as bright and happy as possible.

What are some trends that you wish to see make a come back in the next year? Let us know!

Whether you're looking to add some curb appeal to your home for your own enjoyment (or to keep up with the neighbors next door!), or you're getting your home ready to sell, here are 10 simple ways to give a great first impression from Virginia REALTORS...all under $100!

Freshen up the garage door.
Start with a fresh power wash or scrub. You can even pick up decorative accents for garage doors for under $30 at a hardware store. That and a new coat of paint = major impact!

Mulch your beds. 
When you smell the fresh mulch in the air, you KNOW the flower beds are looking extra sharp. Some stores even run sales on bagged mulch during this time of year, so keep an eye out.

Add window boxes.
What better way to add some life and color to an otherwise neutral space than a few flowers? Pick up the few supplies you need (window box kit, soil, and your favorite plants) at the local store and get planting!

Add an outdoor rug.
If there’s space and the porch is covered, add a decorative and durable rug for a touch of comfort. This can make the area cozy and colorful to visitors and potential buyers.

Plant a mailbox garden.
Pick up some mulch and your favorite flowers at your local store. Choose a small area around the base of your mailbox and plant away! Give your home an extra touch that will be seen as soon as buyers pull up.

Install some landscape lighting.
Do you have a pathway or landscaping leading up to your home? Place a couple small lights along the way to illuminate your lawn at any time of day.

Hang a wreath.
There are wreaths for every season, and they can give the front door an inviting feel. Whatever the time of year, find a wreath that fits your home’s style. Don’t forget the hanger!

Clean the gutters.
Take some time to clear away debris from the roof and gutters that may have piled up over the last few months. One afternoon and a few tools could make all the difference in how clients view the home.

Wash the windows.
Dust off the winter residue with a fresh cleaning of the windows. This quick task can make the home shine bright.

Add some porch plants. Whether you prefer potted flowers on the steps or hanging plants, this final (and simple) touch will provide the look you need for potential buyers.

(source: https://virginiarealtors.org/)

Thinking about selling?  Start by finding out how much your home is really worth!

By: Lauren Cummings

So much has changed within the real estate industry since we opened our brokerage, especially with the process buyers use to search for homes. Today, buyers  have far more control over the process!

Home Search
When it comes to searching for a home, today’s buyers have advantages with technology that wasn’t always available to them. In 2003, homes were advertised in local newspapers and homes magazines, which meant that a new listing might take more than a month to be marketed to the public due to the publication dates of 
print materials. Of course that delay  a really big deal back then, because the MLS wasn’t computerized: new listings were published in thick blue books which were delivered to REALTORS every 2 weeks. Today, consumers can access new listings immediately as MLS entry is dynamically fed to broker websites, consumer 
portals such as REALTOR.com and Zillow, and search apps like Homesnap. Liz Moore & Associates 
also dynamically promotes listings 24/7 in a variety of digital magazines.

Showings
The internet has also impacted home showings dramatically. In 2003, you had to book an appointment 
with an agent to see the interior of a home or visit at an open house. Today, many agents utilize 3D home tours 
online, enabling prospective homebuyers the ability to virtually walk through the home from the comfort of 
their living rooms. This resulted in buyers being able to make an offer on a property from across the country, 
without physically seeing it.

Contracts
New technologies have replaced the old carbon-copy versions of sales contracts, as well as the disappearing 
purple ink of fax machines. Digital signatures are common, and most real estate contracts are executed via 
email. Another change? Our sales contracts have gone from 2 or 3 pages to over 15, with multiple addenda!

Age of First Time Buyers
The age of first-time home ownership has risen over the years. In the 1970’s and 80’s, it was typical for first 
time buyers to be in their mid to late twenties. Today, it is more common to see first time buyers entering 
the market in their early 30’s. This is undoubtedly due to a combination of factors including the rise in both 
the cost of living and home ownership, as well as an increase in student loan debt.

Average Sales Prices
The average sales price of a home 50 years ago was just $23,400, while in 2022 it has climbed to $389,500. 
While that may seem shocking, the upside is that there are millions of homeowners who have built generational wealth simply by purchasing homes that appreciated over the years.

With the advent of Artificial Intelligence and other emerging technologies, it will be fascinating to see what 
the real estate experience of the future looks like!

Liz Moore & Associates, a leading real estate agency renowned for delivering an extraordinary client experience, is delighted to announce the appointment of Savitri ”Vidi” Payne as the new Director of Property Management. Vidi's extensive experience and impressive track record make her a valuable addition to the Liz Moore & Associates team.

As Director of Property Management, Vidi will spearhead the firm's property management division, overseeing a diverse portfolio of nearly 600 residential properties, and a team of 9 property managers and support staff. Her role will encompass implementing innovative strategies to optimize return on investment for owners, enhancing client satisfaction, and strengthening the company's position as the premier property management service provider in the region.

With nearly 30 years of experience in the real estate industry, Vidi brings a wealth of knowledge and expertise to her new role. Her keen understanding of market trends, property regulations, and tenant relations has earned her a reputation for delivering exceptional results and fostering long-lasting partnerships with property owners and investors.

"We are thrilled to welcome Vidi Payne as the Director of Property Management at Liz Moore & Associates," said Liz Moore, President. "Her dedication to excellence and proven leadership in Tidewater property management make her the perfect fit for this role. We are confident that Vidi's expertise will further elevate our property management services, and we look forward to achieving new heights under her guidance."

Vidi shared her enthusiasm for joining Liz Moore & Associates, saying, "I am truly honored to be a part of such a reputable and forward-thinking company. Liz Moore & Associates' commitment to delivering an extraordinary client experience and its outstanding team of professionals align perfectly with my values and aspirations. I am excited to contribute to the company's growth and build upon the solid foundation it has established over the years."

By: Lauren Cummings

The days of light and airy décor may be a thing of the past as trendy wallpapers are resurfacing in the designer's eye in 2023.

Do you remember the wallpaper from your mother’s kitchen or dining room? Floral and patterned walls gave a space a personality of its own. The minimalist style has been reigning over home décor for quite some time now, but maximalism is finally making a grand comeback.

Maximalism is all about details! The idea is that the layers, colorful variety, and eclectic flavor truly maximize a space - establishing an identity within a room. That’s why wallpaper is an aspect of a room that should be focused on when getting into décor mode. As the largest surface area in your home, giving it extra attention to detail can completely transform the aesthetic and energy of a room.

We have the industry’s predictions for the fate of wallpapers in 2023 – and believe us, they are not your mama's wallpaper!

Be Bold!

Did you know colors have a direct impact on your mood? A term called “dopamine dressing” refers to mood-enhancing wallpapers that offer aesthetically pleasing comforts. Optimism, motivation, and happiness are the main ideas – picking out wallpaper with colors and patterns that remind you of these keywords is a great way to add your own touch to create a fun and comfortable space.

The Garden of Immortality, Mustard Yellow - Roll

Stripes and Wavy Stripes

Softness and fluidity are what we are striving for with stripe-patterned wallpaper. Wavy stripes resemble the ocean, which evokes feelings of calmness and relaxation. We’ve seen stripes that are subtle and stripes that are bold – and we love them all! To really make a space relaxing, try blue and green hues with your striped wallpaper to create a space that is dedicated to mindfulness.

Double Inky Stripe Wallpaper

70s Revival

Retro designs are making a comeback! Rattan furniture and shaggy rugs aren’t the only 70s styles that are reviving. Wallpapers with repeating geometric patterns, rich and vibrant colors, and curved edges pair perfectly with your 70s-inspired groovy décor.

Keep on Rollin' Wallpaper in Duck Egg Blue, Burnt Orange and Sand

Make a Statement

Large-scale prints and murals are flooding Pinterest boards and making statements! These stunning walls tell stories – and you get to choose which story you want to tell. Moody florals, abstract paint strokes, botanical scenes – the potential for creativity in your space expands when you go this route for choosing your wallpaper.

The Tree Brunch Wall Mural, Vintage Tree Wallpaper, Hand-painted Wallpaper, Art Wall décor, Nursery and room décor, Wall art

Let us know!

What wallpaper trend are you happy to see make a comeback? What would you like to see left in the past? Let us know your thoughts!

From the Virginia Peninsula to Williamsburg to Richmond to the Northern Neck, we are celebrating making real estate dreams come true for 20 years.  Check out our special edition 20th Anniversary issue of Liz Local Magazine by clicking on the cover.

By: Liz Moore

I have an elderly aunt in the Bay Area of San Francisco who is thinking about moving into a senior community.  Before I reached out to find a great REALTOR in her market to begin exploring selling her home, I googled “average prices in Walnut Creek California” and here was what I got:

Wow.  If I were simply a consumer trying to pinpoint market value, I would see answers ranging from $777,000 to $1.1M.  That’s over a $300,000 swing!  True, there is a difference between median and average, and also a difference between pending and sold…but, still – that’s a LOT of potential cash left on the table if an unwitting homeowner were to go it alone.

There is a HUGE difference between artificial intelligence and “live” intelligence.  Pricing a property is tricky business, and even more so in our current volatile market.  Relying on an algorithm like Zillow or Redfin misses all the nuances of the local market that only an experienced agent can bring to the table.  Even then, it takes hours of study and thoughtful comparison and adjustment to do a thorough job, because every sold property is unique.  Even for me with almost 40 years of experience in real estate, I wouldn’t begin to be able to accurately determine fair market value in a different state (and if I pretended that I could, it would be irresponsible).

Want to hear something really interesting?  I logged into ChatGPT (an artificial intelligence source) and asked for the average sales price in Walnut Creek, California.  Guess what it returned?  “to obtain accurate and reliable information on the average sales price in Walnut Creek, California, I would recommend that you contact a local real estate professional.”

Hmmmm.  Pretty intelligent 😊.

Are you looking for the fair market value of your home?  Email me your address!

In our first ever issue of the Liz Moore & Associates Marketing Insider, we highlight all the great work our team has done in the first half of 2023 in the realms of marketing and charity in our communities.  Check it out!

Welcome to the 2nd quarter 2023 edition of Market Talk! 

My goal is to walk through what’s happening in the market, and bring some clarity to those of you who are making real estate decisions this Spring and Summer.

The 4th quarter of 2022 saw a sharp rise in interest rates which cooled the frenzied housing market considerably. This was the result of the Fed’s rapid hikes to the federal funds rate in the final months of last year in an effort to halt inflation.

Rates doubled, which translated to a 38% increase in a typical monthly payment for a home buyer, which in turn caused a large number of buyers to put the brakes on their home searches.

As a result, we began 2023 with a much different temperature in the market than most of last year. The buyers who remained in the market in January were skittish, and frustrated by the rapid rate acceleration.

For the first time since before the pandemic, we began to see buyers offering less than asking price, and in some cases even getting seller concessions. Home inspections and appraisals became the 
norm again, and buyers found themselves in a better bargaining position to ask sellers to make repairs than they had been in a long time.

Richmond:

In February in our Richmond office, offers accepted for less than asking or at asking price were 62% of the market, while bidding wars were only happening on approximately 38% of the listings.

Just as buyers were beginning to feel that the market pendulum was swinging back to their favor, things heated up again in March. We saw a sharp rise in multiple offers as it became clear that the number of buyers was still outpacing the inventory.

By the time our March report was published, offers over the asking price had increased to 50% of all sales!

Peninsula:

In February in our Peninsula office, for example, offers accepted for less than asking or at asking price were 59% of the market, while bidding wars were only happening on approximately 39% of the listings.

Just as buyers were beginning to feel that the market pendulum was swinging back to their favor, things heated up again in March. We saw a sharp rise in multiple offers as it became clear that the number of buyers was still outpacing the inventory.

By the time our March report was published, offers over the asking price dipped just a bit to 36%.

Williamsburg

In February in our Williamsburg office, for example, offers accepted less than asking price climbed to over 50% of the market, while bidding wars were only happening on approximately 25% of the listings.

Just as buyers were beginning to feel that the market pendulum was swinging back to their favor, things heated up again in March. We saw a sharp rise in multiple offers as it became clear that the number of buyers was still outpacing the inventory.

By the time our March report was published, offers over the asking price doubled in 30 days, representing 50% of all sales.

Northern Neck

By the time our March report was published, offers over the asking price dipped just a bit to 36%.

It seems that the market is delivering mixed signals right now, but I believe what is really happening is that there are several different markets colliding at the same time:

• For listings that are well priced and in good condition, there are still fewer homes available than there are buyers who need or want to move, and so that segment of the market is still pretty “hot,” with multiple offers and sellers enjoying the upper hand.

• For those sellers who have jumped into the market at the last minute (fearing that they’ve missed the gravy train of 2021 and early 2022, and accordingly pushing the envelope with unrealistic prices), they are experiencing a longer time on the market, and weary buyers pushing back with lower offers containing normal contingencies.

Markets are also experiencing different activity levels based on price point and location, which can seem confusing. Now, more than ever, it’s important to have a seasoned agent advising you on negotiating strategies whether you’re a buyer or a seller (or both).

Thinking about making a move?  Let us guide you through these market conditions!

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!

By: Liz Moore

Welcome to Market Talk!

I’m Liz Moore, President of Liz Moore & Associates, and today  we’re going to talk about what’s happening in the local real  estate market. This past year was a roller coaster ride, and  it has left many people questioning whether now is a good  time to move. The market is actually pretty complicated  these days, and it’s important to have a solid understanding  of what’s happening and how it will affect YOUR move.

My goal is to bring some clarity about what’s really happening in the market, and how you can leverage that to accomplish your personal real estate goals.

So, let’s get to it!

By: Lauren Cummings

Some homeowners may argue that selling your home in the winter season is the best time of the year to be on the market. Here are a few reasons why:

• Prospective home buyers are serious, motivated, and ready to buy.

• Fewer choices on the market lead to less competition and receiving closer to your asking price.

• Some houses show even better over the holidays.

If you adjust your marketing approach to align with the advantages of the winter  season, the process will be exciting and inspiring for you and potential buyers. 

First Impressions Matter

• Buyers aren’t expecting to see lush green lawns in the wintertime, but lawn upkeep is a noticeable 
first impression. Trimming, edging, and discarding  leftover fall leaves and debris will go a long way 
toward impressing potential buyers.

• Outdoor lighting is especially important in the  dark winter months. Illuminate the pathway to 
your porch as a courtesy and the exterior of your  home to showcase it.

• Holiday lights are a decorative advantage of the season. Don’t hesitate to put up exterior lights;  however, leave room for potential buyers to use  their imagination – refrain from making it too 
visually cluttered.

Placing Interior Décor

• The same advice for interior holiday décor applies;  holiday décor adds to the beauty of the home, but 
keep in mind not to cover any marketable aspects that buyers will want to see, such as the stair railing. 

Creating a Warm Ambiance

• Lighting the fireplace, playing calming music, and  using subtle scents are great ways to make your home 
warm and inviting for showings.

• Adding throw pillows and throw blankets is a nice  touch and adds to the cozy ambiance. 

• Always leave the heat on for showings. Keeping  a warm temperature in the home offers a welcoming 
atmosphere and prevents chilly distractions. 

Applying this marketing strategy will compel the buyer to visualize their own space, creating excitement for the wintertime in their cozy new home.

Ready to get started?  We can help!  Click to find an agent in your area who can help you get your home sold this winter.

By Leslie Pearce

Spending quality time indoors with your pet is one of life’s great enjoyments. With that in mind here are some helpful tips to make sure both you and your pet are as happy inside as outside.

A big question to think about, where are your pets going to sleep? Under the kitchen table? In a dog bed, kennel, sofa or with you? Your pet will appreciate a quiet place and their own bed where they can catch a quick nap before looking for their next adventure.

Animals need plenty of toys to chew on, otherwise the remote and your glasses can be mighty tempting! If you like open windows, make sure your screens are secure. Give your cat an alternative to the couch such as a scratching post.

Waterproof luxury vinyl and tile are the best options for flooring. Buy furniture with pet hair and claws in mind.
Silk, velvet, denim, and woolen fabrics are magnets for animal hair. Leather and its alternatives are good choices. Rugs with non-skid pads are a must for safety. Cats love rubbing against something scratchy or lumpy so AVOID textured walls or embossed wallpaper.

Cats and dogs play and drink in toilets, close lids. Chocolate, avocado, tomatoes, and other tasty snacks can be
harmful to your dog or cat. Keep cords from blinds secure, a dangerous enticement for animals.

Having a well thought out indoor environment for your pet is always a great idea!

Brandon Wilson, Director of Media at Liz Moore & Associates, took home a silver award at the 2021 Telly Awards in The Best of Branded Content category for a video he produced highlighting the company’s culture and values.

“We are beyond thrilled to receive this award. The marketing team at Liz Moore & Associates does such a great job of supporting our Realtors®. Brandon consistently creates impactful videos and we are so happy to earn our first Telly,” said Bob Halloran, Director of Marketing at Liz Moore & Associates.

The Telly Awards annually showcases the best work created within television and across video, for all screens. Receiving over 12,000 entries from all 50 states and 5 continents, Telly Award winners represent work from some of the most respected advertising agencies, television stations, production companies and publishers from around the world.

To see Wilson’s work, visit lizmoore.com/TV.