The Liz Moore Market Watch Blog

Why Tabb?

The much sought-after area of Tabb is known for its fantastic schools, sports teams and charming community, but very few know the story behind the land that is loved so much. One tract of land in particular, home of the new community Smith Farm Estates, tells a story rich in history of a pioneer before her time.

Mary Octavia Smith was born in 1845 and was married to Alexander Tabb in 1871. She bore 3 children and became a widow at a young age, leaving her to raise the children on her own. Looking for an opportunity to provide for her family, she applied to the Federal Government requesting for a post office to be placed in the community she lived in, Smithville. Tabb’s request was granted, and history was forever changed.

She became the first female Post Master for the state in 1893 and remained in office until 1910.  27 years before the women’s suffrage movement, this was no small feat. As a Post Master, one of the most coveted and respected positions in the Government, Tabb was a woman ahead of her time. Dedicated to taking care of her family, she converted her house into the post office and served people out of window on the front porch. The area once known as “Smithville” was later named “Tabb” as a nod to Ms. Tabb’s post office.

Located on the heart of what was once Tabb’s property, Smith Farm Estates is nestled in history.  Not only are these ½ acre+ lots highly desired due to location, but the deep historical roots of the land make it even more desirable.

Liz Moore and Associates is honored to represent Edgerton Contracting in this groundbreaking community! For more information on available lots, or for a tour, please contact Jenny Edgerton at (757) 592-3378.

Stop by Gallina Grasso Italian Kitchen on May 22nd between 5:30-7:30 to meet Ricky Edgerton of Edgerton Contracting Inc., now building Smith Farm Estates, one of Tabb's newest communities.

Edgerton Contracting was founded in Yorktown, Virginia in 1994. Before getting his contractor’s license, Ricky designed submarines and aircraft carriers, but seldom got to see his designs once they were built. After building his own house, Ricky discovered his passion for home construction and the fulfillment he received from seeing his design come to life in a practical, meaningful way. It’s fitting that the inspiration to start the business was constructing his own family’s home, as family is the cornerstone of Edgerton Contracting.

For more information on Smith Farm Estates, or to find out how you can reserve your lot today, email jennyedgerton@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!

Win two FREE tickets to Blues, Brews, & BBQ (a $60 value)!

Liz Moore and Associates will be sponsoring the Wine Garden at this year's event at Riverwalk Landing in Yorktown and we'd love to see you there, too! Click the link below to enter and tell us why you love where you live. The winner will be drawn on May 3rd.

Sample more than 25 different craft beers, dig into some amazing BBQ, and listen as some of the best Blues musicians in Hampton Roads take the stage at Riverwalk Landing. This year’s Blues, Brews & BBQ on May 5th, 2018 promises to be the best yet! At 12:30, The Jukes will deliver an entertaining performance steeped in swing, boogie, and down-home blues. Then, at 3:30, the Michael Clark Band will take the mic to blend the Blues with a little soul, rock, jazz and fun. NEW this year – a wine garden included in admission. Tickets are $30 in advance and $35 at the door. 

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!

Kiln Creek is a marvelous cluster of thirty-one complementary neighborhoods stretching from Jefferson Avenue in Newport News into York County along Victory Boulevard. Homes range from one-bedroom condominiums to single family homes in excess of 3,000 square feet.

All are situated in the context of natural beauty and ample amenities: four miles of walking trail, an 18-hole golf course with pro shop, restaurant/grill, conference rooms, a hotel, saltwater swimming pool, tennis courts, a clubhouse, recreation center, and fitness center. On the York County side of the neighborhood, there are more tennis courts, a community pool, and an adjacent public park. The neighborhood is meticulously maintained.

Living in Kiln Creek, you’ll be within minutes of three major shopping centers, the Newport News- Williamsburg airport, historic Yorktown, Fort Eustis, Langley AFB, Cheatham Annex, USCG Training Center, Williamsburg and most other points on the Peninsula.

For more information, click here to download our Kiln Creek neighborhood guide.

Nestled on 320 acres in a curve of the Big Bethel Reservoir in Yorktown, Virginia, Coventry is composed of nine distinct neighborhoods. Homes range from 1,200 sq.-ft. townhomes to 3,100 sq.-ft. single family homes. All are situated in the context of natural beauty and ample amenities: six lakes, running and biking
trails, two large recreational facilities, sports fields, playgrounds, an Olympic-size swimming pool, tennis courts and clubhouse.

Coventry is part of the excellent York County school district. Coventry Elementary and Grafton Middle School both earned a nine out of ten from greatschools.org, and Grafton High School earned an eight. There are also fantastic private schools in the area, including Hampton Roads Academy.

Living in Coventry, you’ll be within minutes of historic Yorktown, Newport News, Fort Eustis, Langley AFB, Cheatham Annex, USCG Training Center, Williamsburg and most other points on the Peninsula.  

For more information, click here to download our Coventry neighborhood guide.

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!

We are excited to bring you the latest issue of the Liz Moore York County Homes Magazine! Click the image below to flip through the magazine featuring our newest York County homes for sale.

Check out the rest of our digital magazines - Newport News Homes, Williamsburg Homes, Waterfront Property, and more!  You can subscribe to one or more of our magazines, and they will be delivered FREE to your inbox once a month, dynamically uploading the latest issues.

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

Subscribe!

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!

No matter the type of home or area you are looking for, we have something for everyone!!

For those looking to get lucky with a brand new home in Williamsburg, visit our new homes parade Saturday and Sunday from 1-4pm.  Builders will be on hand at many of the homes on Sunday to answer your questions.  For a list of participating properties, download our brochure below.  

Are you looking for a pot of gold on The Peninsula?  Check out our open houses in Newport News, Hampton, Yorktown and Poquoson at www.lizmoore.com/openhouses.  Register to win a $100 gift card to Park Lane Tavern at each resale open house you visit.  Click below for a list of participating properties and open house times.

The number of closed sales continues to rise on the Peninsula forecasting a strong late Fall market.  What is currently going on in the real estate market?

• Months Supply of Inventory - 6.9
  Six months of inventory is considered a balanced market.  

• Current Median Sold Price - up slightly to $174,000
   
• % of Sold Price to List Price - 97.66%
   
• Average Days on Market - down to 90
   
• Closed Sales - up 9.5%

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!