The Liz Moore Market Watch

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.

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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

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.

Home Staging…Does it Really Make a Difference?

One of the hottest real estate trends today is home staging.  What exactly is “home staging,” what does staging cost, and will it help me sell my home?

Home staging is an interior decorating technique for making the most of a property's features, and making it more appealing for a potential buyer. According to local home stagers, sellers can count on higher sale prices and/or fewer months on market as a direct result.

I must admit that when the Home Staging craze first was conceptually introduced to me, I thought it was a racket.  It simply made no sense to me that someone could make a living re-arranging furniture, de-cluttering, and enhancing curb appeal.  But now, I have to admit that I was wrong.

It doesn’t make sense for every homeowner, and the key is to select an experienced professional stager with a track record.  Because there is no licensing or investment required to become a ‘stager,’ homeowners need to do their homework.  Your REALTOR can recommend several for you to interview, and a good stager will give you an estimate based on a complimentary consultation.

What Does Home Staging Cost?

Some home stagers charge by the hour, some will give you a fixed price for a project.  It also depends on whether or not your property is vacant, and they will be delivering rental furniture, art and plants, or if they are simply working with what you already have.  We have had clients who have invested three hundred dollars, and clients who have invested several thousand dollars (including furniture rental); in every case, however, our sellers and their agents insist it’s a small price to pay to generate an offer in this market.

If you invest $1,000, and it results in a better offer 3 months sooner than without staging, your investment paid serious dividends!

Can’t I Stage My Home Myself?

Maybe.  A REALTOR with an experienced eye can definitely lend some guidance for a “do it yourself” staging project.  Clearing countertops and removing photos and art from your refrigerator, removing large pieces of furniture and grouping sofas, tables, and chairs to enhance the “flow” of each room, and thinning out closets are definitely not projects that a professional stager is a must for.

In this market with such a sea of inventory, anything that you can do to differentiate your property as the best value in its category is worth considering.  Your REALTOR can help you decide if this makes sense, and if it does, how to choose and interview the right professionals.

Technorati Tags: home staging,downsizing,de-cluttering

Learn How to Invest in Real Estate!

We are going to start back with the Savvy Investor Meetups on the third Thursday of each month beginning February 24^th  at 6pm in our Newport News office.  Mark your calendars – you won’t want to miss this series!  Our first topic will be Exploring Financing Options and Building Your Personal Real Estate Portfolio.  Classes are free, and packed with tips and valuable information for wannabe and savvy investors alike.   Click here for more information: http://www.meetup.com/TheSavvyRealEstateInvestor/events/16517139/

You can RSVP through meetup.com, or call Lynnette Tully at 873-2707 for a reservation.

Click here to follow the Savvy Real Estate Investor on Facebook for event updates, tips on investing and more!

Technorati Tags: investing in real estate,savvy investor,investment finance,savvy investor meet up

How Should You Choose a REALTOR?

Buying and selling real estate are several of the largest, most important financial transactions most people will make in a lifetime. And yet, many times consumers choose the real estate agent who guides and advises them “by accident”…they hook up with an agent that answered an ad or sign call, or the first agent they meet at an open house. I’m not suggesting that is necessarily a problem, but I would offer some advice as you consider hiring a REALTOR:

Home Sellers:

Your agent should have a specific marketing plan for your property, tailored to reach a specific target profile buyer. In most cases, there will be several demographics involved, and your agent should be able to effectively outline a strategy to reach them all.

Marketing should include print media, online efforts, and a plan to reach out to other agents.

The ability to “tell your home’s story” is key, through expert photography and compelling copy. Details matter. You should ask to see samples, and the agent should be able to elaborate on a game plan that spans the length of the listing. Quite simply, your agent’s marketing plan should “wow” you!

Your agent should be excited about your property, and should be able to easily articulate its benefits and value to prospective buyers. Equally important is their ability to identify potential objections, and have a plan to overcome them.

Lastly, and perhaps most important of all, is your agent’s willingness to be both honest and direct with you. While that may sound obvious, what I mean is that must be able to deliver difficult messages, and tell you the truth and the bottom line (either about your home’s market value, or that outdated wallpaper even though it’s your favorite), even when it’s not what you want to hear. An agent who is afraid to tell you that the price you want is too much will allow you to make expensive mistakes when positioning your property, and those relationships often end with an expired or cancelled listing as well as a disappointed seller.

Home Buyers

Your agent should be familiar with the area and price range you are interested in. Understanding the trends and market dynamics are both essential to formulating a winning negotiating strategy. Your agent is your advocate, and their expertise to structure an offer that suits your situation is key. They should be an expert negotiator. You should ask about median price numbers and % of sold price to list price statistics, as well as inventory trends.

Buyer agents should be able to help you objectively evaluate your choices, look beyond cosmetics, and advise on the best value. They should be well connected, and refer you to the best local mortgage, title, insurance, and home inspection resources. They should be expert problem solvers.

How do you find a REALTOR with these traits? Ask your friends and family about their real estate experiences – personal referrals and recommendations are invaluable. Or, feel free to call or e-mail me and I will be more than happy to recommend an agent who fits your needs.

Liz Moore & Associates Military Team Selected to Service Go Army Homes locally at Fort Eustis

www.FortEustis.GoArmyHomes.com Website Launched February 1^st

First in the real estate industry fully dedicated to supporting Army personnel and their families during stressful long distance moves, GoArmyHomes has launched another website designed exclusively to assist service men and women undertaking a PCS relocation, this time for Fort Eustis. (www.forteustis.goarmyhomes.com). GoArmyHomes has selected the Military Team at Liz Moore & Associates to be their exclusive local real estate support group.

The newest addition to GoArmyHomes base specific sites, the PCS Relocation Site for Fort Eustis includes detailed information on homes available for sale or rent, neighborhood and area schools, and financing options. Featuring an outstanding relocation section, it also offers tools such as the Personal Property Organizer to save home searches, as well as the Home Readiness Program and the Relocation Coach Program, both of which were created to save critical time, money and effort.

For most Army families, no matter how experienced at moving, the thought of a PCS to a new post like Fort Eustis can be stressful, despite the many opportunities the Fort Eustis, VA area has to offer. Having the tools and resources gathered in a single location at FortEustis.GoArmyHomes.com makes the process far more efficient when finding a home or neighborhood that really fits the military family’s special requirements.

GoArmyHome’s mission is to provide assurance to every Army service member and their families that their particular needs as active military personnel are understood and will be fully addressed. These base specific sites are created under the guidance of men and women who have completed many military PCS moves, who have the knowledge and experience as to the support requires to make a relocation go smoothly.

Technorati Tags: go army homes,fort eustis,fort eustis pcs,Liz Moore Military team

Should We List High and Come Down Later?

 

One of the most interesting market trends/statistics to me is the % of sold price to original list price. As you can see from the chart below (this one depicts sales activity in the greater Williamsburg area in the past 12 months, but the data is almost identical in our Peninsula market), this number has held pretty steady around 96% for the past 12 months. However, if a listing has just one price reduction (suggesting that it was overpriced to begin with), that % drops significantly to around 88%.

This underscores something we have always known: it is a mistake to allow our clients to “test the market” with a higher than recommended price and the logic that they will simply drop the price after 60 or 90 days if they don’t have any luck. The best activity is always in the initial phase of marketing, and market worn properties draw low bids.

The bottom line? It’s important to fight the temptation to “start out high and plan to come down later.” The simple fact is that strategy just about guarantees that you’ll lose an additional 8% in your bottom line.

Hyper-Local Online Neighborhood Guides are Here!

At Liz Moore & Associates, we understand that people buy more than a house…they buy a neighborhood, a community, and a region first. Accordingly, it’s our job to market the Big Picture – and that’s what we love to do!

We’re sold on Williamsburg…and Hampton…and Yorktown…and Newport News…and Smithfield…and Poquoson…and Gloucester…well, you get the picture. We’ve invested in securing internet domains for each of our favorite cities (www.williamsburgneighborhoods.com, www.hamptonneighborhoods.com, etc.), and packed them with online resources for current neighbors as well as prospective buyers contemplating a move to Hampton Roads.

Here is what you’ll find:

• A little bit of history for each area
• A slideshow of each city’s highlighted attractions
• A link to the popular Liz Moore “51 Reasons to Love Living in” series…where we have compiled a list of all our favorite spots in each town. This is a terrific resource for locals to discover fun things to do as well as for new residents to get acquainted with the area
• Our latest and greatest marketing endeavor – Liz Moore Neighborhood Guides. Each City guide also lists every neighborhood in town, which then links to its own featured web page. There you will find photos of the neighborhood, information on amenities such as community pools and clubhouses, homeowners’ dues, which schools serve the neighborhood, and much more! You’ll also be able to see ALL of the active listings in each neighborhood, in one spot. Interested in getting a weekly list of new listings in your favorite neighborhood e-mailed to you for free? All you need to do is choose your neighborhood and click on the “Get the Scoop” button. Free, easy, and a GREAT way to keep your finger on the pulse of home values in your area.

We are advocates for our community, and we want to recruit you to be, too! Check out our neighborhood guides, and let us know what you think.

Looking for Land?

Liz Moore & Associates is thrilled to announce the launch of its sixth “virtual office,” www.Get-the-Dirt.com.

What is a “virtual office?” It’s an online real estate brokerage effort, dedicated solely to serving a specific niche in the market. Research and experience has taught us that consumers today want REALTORS who are specialists in their field of endeavor. And so, Liz Moore & Associates is giving consumers what they want…the best of the best!

Get-the-Dirt.com is a content rich website, offering resources galore to experienced and “wannabe” lot buyers alike, all the way from Williamsburg to Hampton and Newport News, VA. The website features lot and land listings in all shapes and sizes…search by golf course community or for waterfront, large parcels and small lots alike. You can also read tips on how to choose a builder, and learn the ins and outs of lot financing from a local pro.

Who are the Gurus at Get-the-Dirt.com? They are local agents who have proven track records in successfully helping our clients buy and sell land. These Gurus are savvy in lot finance, new construction, selecting contractors, and proposed construction strategies.

So, if you are in the market for a piece of land, then we have the perfect place for you to begin!

Technorati Tags: lots for sale,land for sale,lot financing,proposed construction