The Liz Moore Market Watch Blog

The Liz Moore & Associates Update Now Pay Later Program helps sellers get their homes market ready with minimal investment, knowing the right enhancements that will result in more money in their pocket.

As part of the program, Liz Moore & Associates will advance the homeowner the money and arrange contractors to maximize the bottom line. If the home is then listed with Liz Moore & Associates, the seller doesn't pay until closing!  Getting started is easy.  Simply set an appointment for a free, no-obligation, market-ready assessment of your home.

Hear from a client who put this program to work for them:

At Liz Moore & Associates, we understand that getting you top dollar for your home means creating maximum exposure with an aggressive digital marketing strategy.

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.

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.

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.

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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?  
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