The Liz Moore Market Watch

Liz Moore Hosts First Ever Cupcake Wars for CHKD!

The Cupcake Wars at Liz Moore & Associates this week were a HUGE hit!  Over 1300 cupcakes were baked and donated, by agents, staff, colleagues and clients.  Total donations were over $1800 in just over 4 hours!

Bonnie Atwell and Jennifer Stallings tied for People’s Choice in our Newport News office (Bonnie’s monsters are pictured here), and Holly Miller’s strawberry cheesecake cupcakes took first place in Williamsburg.  Winners received gift cards to local coffee houses.  The event was great fun, for a great cause (all proceeds will be donated to the Childrens Hospital of the Kings Daughters via the Lytle Law 5k, which is tomorrow!), and will most definitely become an annual event at Liz Moore & Associates.

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How’s the Market?

Live in the Greater Williamsburg market, and curious about the real estate market?  Join us for a free seminar on Tuesday, May 17th at 3 pm in the theatre at the Williamsburg Library.  I’ll review pricing and inventory trends, the impact of short sales and foreclosures, and tips on how to position your home for sale in a challenging market.  There is no charge to attend, but kindly rsvp to liz@lizmoore.com as seating is limited.  Light refreshments will be served.

Technorati Tags: Liz Moore,market watch,local market trends in Williamsburg,the Williamsburg real estate market,inventory trends,impact of short sales

To Build a Home

Don’t miss our first ever seminar on Building a Custom Home.  Taught by experts from Charles Ross Homes here in Williamsburg, as well as financing tips from Chesapeake Bank, this presentation will cover:

• How to determine a realistic budget for major categories – lot, design, construction, and landscaping
• How to choose a custom builder – what to look for, what to ask
• Options for choosing a design and designer/architect
• Permitting and construction process

There is no charge to attend, but kindly RSVP as seating is limited and we want to have enough materials on hand.  Liz@lizmoore.com or 757.645-4106.

Technorati Tags: charles ross homes,new construction financing,chesapeake bank,how to choose a custom builder,determining a budget for new construction,how to choose a lot

Time to Downsize? Hire a PRO!

I was recently invited by Gail Billups, Marketing Director at The Chesapeake, to a presentation on Downsizing that was given by Tara Smith of Design Alternatives. I’ve had the pleasure of working with Tara Smith frequently, as the Liz Moore Senior Team frequently enlists the help of local downsizers when we are assisting seniors with their relocation needs. It was a few hours well invested, and the room full of seniors and adult children took away many great tips on downsizing.

Tara stressed starting the process early, as doing a little bit at a time over a few years will make the transition far less stressful. Essentially, the process begins with deciding what you’re going to do with your “stuff,” as you won’t be able to take it all with you.  She recommends beginning with the end in mind, and having a floor plan created of your new space, ideally with dimensions.  If you’re moving to a local retirement community, floor plans are available for you, so just ask your marketing representative.

Once you’ve decided which furniture and knick knacks will move with you, begin the process of sorting out the remainder.  It can be helpful to divide the job into 4 different categories:

1. Things you will give to family and friends.  Have a “Get Mom and Dad Out the Door” party, and give your kids post its to mark the things that they would like to have – it can be a fun event, and help you tremendously since they’re choices might surprise you!
2. Things you will consign, or sell in an estate sale.
3. Things you will donate to charity.
4. Junk that needs to be disposed of.

Professional downsizers are experts at the process, and can turn what seems like an overwhelming task into a very manageable process.  They can recommend the best resources for each of the above steps, or they can even handle it for you if you prefer.  Need a referral?  Call me at 645-4106, I’m happy to help!

Technorati Tags: Gail Billups,The Chesapeake,downsizing,Tara Smith,Design Alternatives,downsizers,seniors,senior relocation,moving to retirement community in Newport News,Liz Moore senior team,Liz Moore and associates,www.thesavvysenioronline.com,adult children,tips on downsizing

Property Management. Reinvented

At Liz Moore & Associates, we pride ourselves on being the market leader, and that means being the first to deliver new services to the market place. We are very excited to launch the area’s first Tenant Representation Program.

Our Property Management Team has assembled a group of specially trained agents to assist prospective tenants in their search for rental property. Our tenant reps will begin by assessing the tenant’s needs and wants, and searching MLS databases and contacting local property managers to locate possible rentals. They will coordinate viewing appointments, and show the properties. Our Tenant Reps will also assist with completing applications to lease as well as offer support and guidance with lease negotiation.

Finally, tenants in Williamsburg and Hampton Roads have some professional assistance in finding a rental.  Interested?  Call one of our property managers today.  In Newport News, 873-2707.  In Williamsburg, 645-4106.

Technorati Tags: tenant representations,rentals in Williamsburg,rentals in Newport News,rentals in Hampton,property management

Welcome Donae Hendricks, our new Marketing Guru!

We are pleased to introduce Donae Hendricks to our Marketing Team.  Donae brings a fresh perspective and creativity, along with over a decade of experience, to her new role as Marketing Coordinator.

Donae grew up and attended college in the Midwest, where she studied Graphic Communications.  She and her husband Ben fell in love with Williamsburg during a trip to the area.  They decided to escape the harsh winters and make it their home in 2006.  Since the move, Donae has worked as a Marketing Coordinator for local real estate brokerage MrcCardle Realty, and as a Graphic Designer at the Virginia Gazette.  In her free time, she enjoys cycling, traveling and spending time with her family.  You may also see her on walks in Colonial Williamsburg with her Papillion, Mason.

I am just thrilled to have someone with Donae’s talent and experience on board to help us continue to deliver innovative marketing to our Williamsburg clients!  “The freedom at Liz Moore to open your imagination to create new and exciting concepts is amazing,” says Donae.  “It’s the positive energy and spirit of cooperation that makes me know there is no better place to put my talents to the test to deliver marketing that really produces results!”

Technorati Tags: real estate marketing,donae hendricks

Would You Like to Lower Your Monthly Mortgage Payment?

Many people don’t realize that once certain conditions are met, mortgage insurance can be dropped, which can effectively lower a homeowner’s monthly costs by several hundred dollars.

First, you should understand what mortgage insurance is, and why you have it.  If you have a conventional mortgage on your home, and you borrowed more than 80% of the sales price when you initially purchased it, the investor (you may have heard of Fannie Mae or Freddie Mac) required your lender to insure the loan against default.  Lenders pass those premiums along to the borrower, via both up front and monthly payments.  The premiums vary depending on how much down payment you make.

Once your principal balance drops to 78% of the original value of the property, your conventional mortgage insurance will automatically cease. What most people don’t realize is that in certain circumstances, the lender will allow you to cancel the ongoing premiums early, which can save you a lot of money.  Here are the circumstances where that is possible, and the guidelines for dropping your MI:

1. Once your principal balance drops to 80% of the original value of the property, a borrower can request that mortgage insurance be dropped.  Your payments must be current, and it is up to the lender to assess the risk and make a decision.  There is no appraisal required in this scenario, and no cost to you to process the request.
2. If you believe that your home has appreciated in value to the point where your loan-to-value is 80% or less, you can call the lender (servicer of your loan) and request an appraisal.  If an independent appraisal substantiates your request, the lender may cancel your ongoing premiums.  There are “seasoning” periods that must also be met in this situation; if your new loan-to-value ratio is 75% or lower, you must have a track record of 2 years of on time mortgage payments.   If the new loan-to-value is 75.01%-80%, then you must have demonstrated on time payments for 5 years or more.
3. If you have made significant home improvements since your purchase that have increased the value to a point where your loan to value is less than 80%, you can call the lender (servicer of your loan) and request an appraisal.  If an independent appraisal substantiates your request, the lender may cancel your ongoing premiums.  In this case, there are no seasoning requirements.

Although the process can be a bit cumbersome, it’s likely financially worth your time and trouble.  Your REALTOR can help you determine your potential loan-to-value ratio before you go to the expense of investing in an appraisal.  Questions?  Give me a call at 757,645.4106 or email me at liz@lizmoore.com.

Technorati Tags: dropping mortgage insurance,lowering mortgage payment,80% loan-to-value

Military Mom Talk Radio

I had the opportunity this week to be the guest on an online talk radio show – a first for me!  Sandra Beck, an entrepreneur I have had the pleasure of meeting through my affiliation with FortEustis.GoArmyHomes.com, extended the invitation for me to talk about how military families can make their PCS moves to Fort Eustis and Langley AFB a little bit easier.  It was live radio, which made me a little bit nervous…although I am very comfortable discussing the ins and outs of real estate relocations, I’m by no means an expert in military speak. 

The experience of preparing for the show did, however, really drive home to me the importance of the role that our Military Team plays when military families are PCS’ing to Fort Eustis, Langley AFB, or other nearby military installations.  The Liz Moore Military Team consists of 11 agent members, all of whom are connected to the military – either retired, reservist, spouse, or military brat!  One way or another, these agents understand firsthand the stress and pressure that can be associated with a military move.

The podcast of the show should be posted in the next few weeks at www.militarymomtalkradio.com – check us out!

Technorati Tags: PCS to Fort Eustis,PCS to Langley AFB,Liz Moore Military Team,Military Mom Talk Radio

The Numbers Don’t Lie. Or, Do They?

At Liz Moore & Associates, we consider ourselves students of the local real estate market. We carefully watch market trends, such as inventory fluctuations and pricing, week to week and month over month. We measure the number of sales this month against the number of sales during the same month last year, to try to identify shifts before they happen, and to gauge market fluctuations. Knowledge is power for our clients, and accordingly, we work hard to stay abreast of changing market conditions.

One of the challenges we face is how to correctly interpret what the data is telling us. Statistics can be complex. Formulas differ when you gather data from multiple sources, which can be very confusing.

Are Prices Increasing or Decreasing?

Great question! Based on WMLS data via Broker Metrics, median prices of sold properties in the Greater Williamsburg area (residential homes only, in zip codes 23185, 23188 and 23168), actually rose just over 10% over the course of 2010. However, that doesn’t necessarily mean that values are going up. What is more likely is that there was more activity in the upper price ranges than in the prior year. My educated guess is that is a direct result of the expiration of the tax credits, which incented activity in the first time homebuyer category. I also believe that activity in the market is precisely because prices in many areas have fallen to around pre-boom levels, which has enticed both investors and value conscious consumers back into the local market.

According to REIN data via Broker Metrics, median prices of sold properties on the Peninsula have dropped about 8% over the course of 2010. Converse to the situation in Williamsburg, the majority of Peninsula activity is in the lower price ranges, due largely to the significant number of short sales and foreclosures in this market.

How Many Months of Inventory Are Currently On the Market?

On the Peninsula, according to Broker Metrics, there are currently 13 months of available inventory. This can be another tricky statistic, because different data providers calculate the formula differently. For my purposes in this article, months’ supply of inventory is calculated by dividing the # of properties that went under contract in February (322) into the # of properties available for sale on the last day of the month in February (4278). Accordingly, the number can take a huge swing from month to month as sales spike in the Spring and Summer months. This particular statistic is more useful when measured against the same month last year. Right now, it is running relatively stable.

How Long Will It Take to Sell My Home?

So, does that mean I should plan on it taking over a year to sell my home? Thankfully, no! Average “days on market” in February on the Peninsula was 122, which means that of the homes that sold (and that’s an important point – this calculation does not take into account properties that are still on the market, or that expired unsold), they averaged about 4 months on the market. Over the past 12 months, that number has risen approximately 14%. Another factor to consider is that MLS only uses the last listing period to calculate this statistic, so that if a listing was on the market with another brokerage prior to the current listing, that additional time will not be included in the average.

The bottom line is that statistics can be both complex and deceiving. Ideally, your agent should drill down to the neighborhood level to give you the best picture of what’s happening with the most comparable properties possible.

Curious about a particular trend or statistic in your area? Drop me a note at liz@lizmoore.com, and I would be happy to send you a specific report at no charge or obligation.

Is It a Good Time to Buy?

That’s the million dollar question! And, quite simply, the answer is…it depends.

The local real estate market on the Virginia Peninsula and Greater Williamsburg has been a roller coaster for the past 10 years, along with (although admittedly not quite as crazy as) the rest of the nation. We have moved from the strongest Sellers’ Market we had seen in decades in the early 2000’s, to a rapidly declining market correction that begun in late 2006. The mortgage liquidity crisis accelerated the correction, and flipped the local market switch to Buyers’ Market in what seemed like record time. That was followed by several attempts to “stimulate” the real estate market and corresponding economy with tax credit incentives, and then a burgeoning inventory as a result of increasing numbers of short sales and foreclosures hitting the market.

Of course, the conundrum is that you don’t know when a cycle has peaked or bottomed out until after it has happened! And, many would-be real estate investors have made expensive mistakes by waiting too long. Real estate insiders understand that equally important to location, location, location is timing, timing, timing.

So, has the market hit the proverbial bottom? I wish I had a crystal ball to predict that one! Many industry gurus believe that we are now, in fact, bumping along the bottom, and that realignment toward a more balanced market is in its initial stages. Early activity in both of our Newport News and Williamsburg offices suggests to me that consumer confidence is returning, and we are seeing heightened property showings across all of the price spectrums.

Interest rates are still historically low, and that won’t last forever. Inventory levels are still high, affording buyers many choices and a negotiating-friendly market environment. If you have the stomach for short sales, foreclosures, and pre-foreclosures, there are definitely some deals to be had.

What’s the bottom line?

It’s a great time to be a buyer, it’s a great time to invest, and it’s a great time to move “up.” It’s a good time to be a seller, as long as you bought your home more than 5 years ago. It can be a challenging time to be a seller if you bought during the market boom, and those facing that situation should carefully evaluate all of their options.

Regardless of your circumstances, you need a good REALTOR now more than ever! If you’re not sure whether or not a move makes sense right now, but would just like a real estate “check up,” please give me a call or send me an e-mail.