Mr Williamsburg, Revolutionary ideas on real estate!Hampton Roads Virginia

The numbers are in for June 2015 in the Williamsburg Virginia real estate market. . Year to date for 2015 our office (Liz Moore and Associates) has a commanding lead in market share with over 16% of the market.

Not to brag but our company’s listings and sales were greater than  the combined listings and  sales of  six area real estate brokerages : KIngsmill Realty, Fords Colony Realty, REMAX Capital , Century 21 Nachman, Twiddy Realty & Coldwell Banker Traditions,  who were the 6th-10th place finishers in sales in the Williamsburg VA real estate market year to date in 2015

In second place is Long and Foster,  third place is William E Wood and Associates followed by Berkshire Hathaway Home Services ( previously Prudential)

Note sales number above are from the Williamsburg Area Association of Realtors (WAAR) MLS numbers,  It reflects sales for Residential real estate : (Single Family Detach, Attached/Condo/Townhome, Condo, Townhouse), Lots and Land: within the zip codes of 23188,23185 and 23168.

If you’re a Williamsburg or Hampton Roads VA Home seller who has been wondering if it might finally be time to sell, email me a tJohn@MrWilliamsburg.com or call 757 254 8136 , and I can prepare a complimentary analysis of market value for you – you just may be pleasantly surprised.

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December  2014-The numbers are in for November 2014 in the Williamsburg VA real estate market. While it was a close race way back in 2012 for market share in the month of November 2014 our office (Liz Moore and Associates) has a commanding lead in market share with over 18% of the market. Our listings and sales were almost equal to combined sales of Kingsmill Realty, Fords Colony Realty, Twiddy Realty, Coldwell Banker Traditions, Century 21 Nachman Realty, and ReMax Capital, who were the 6th-10th placed brokerages in town.

Note sales number above are from the Williamsburg Area Assoc of Realtors (WAAR) MLS numbers,  It reflects sales for Residential real estate : (Single Family Detach, Attached/Condo/Townhome, Condo, Townhouse), Lots and Land: within the zip codes of 23188,23185 and 23168.

An important trend to study is how market share is shifting in our market. From the chart below we can see that only three brokerages are increasing their Williamsburg VA market share. Liz Moore and Associates, Kingsmill Realty and Twiddy. The remaining seven of the top ten brokerages are experiencing a drop in market share that ranges from 4.86% to almost 15%.

If you’re a seller who has been wondering if it might finally be time to sell, email me at John@MrWilliamsburg.com  or click below, and we can prepare a complimentary analysis of market value for you – you just may be pleasantly surprised.

This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of the Williamsburg/ Hampton Roads area and his expertise in the local real estate market.

Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home.

I can help you access all the information you will need about choosing a neighborhood and buying a home in New Kent, Gloucester, Newport News, Hampton, York County, Smithfield, Williamsburg, Poquoson or the greater Hampton Roads area, including area information on schools, local government, shopping, activities for the children and more! Whether you have made a decision to relocate, retire or are just considering a move to Williamsburg or Hampton Roads VA, let me help make your transition or PCS to the area a smooth and enjoyable one!

Hampton Roads is a transient community due to the large population of military members in the area. I have a unique perspective on relocation and have helped many families move in and out of the area. I understand the kind of support team it takes to make a smooth transition.

You can reach text or call me at 757-254-8136 or email John@MrWilliamsburg.com

I look forward to serving your real estate needs!

Best,

John

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April 2013 Market Observations

The Williamsburg VA  real estate market continues to demonstrate it’s incredible strength in April  2013 with home sales up a whopping 44% over the previous April.

The closed median home price in April 2013 for the Williamsburg  VA market , which includes the City of Williamsburg, James City County and Upper York County’s housing data, was $285,000 an increase of 9.4  percent from April 2012

Williamsburg Home Contract Activity

Contract activity, which is a leading indicator of home sales, continues to point in an extremely positive direction. This April was 13% above last year

With available inventory levels being less than a year ago, and robust contracted activity, the month’s supply of inventory is currently 8 months compared to over 13 months in April 2012. The month’s supply is also referred to as the absorption rate which indicates that if the current market conditions were to continue; this is how many months it would take to deplete the available inventory.

Williamsburg home sellers this month are experiencing an average 98.51 percent sales price to list price ratio. This average is a 2.36 percent increase over 2012.. The increase can be attributed to high demand and limited inventory.

Total inventory for sale is at 817 homes, a 23 percent decrease from the 1065 homes on the market in April of 2012 .The limited amount of inventory continues to inflate pricing and intensify demand for properties.

The pace of closed sales increased dramatically this month showing a 26 percent reduction of days on market down to 67 days.

See real time data here for Williamsburg VA home sales statistics

Click here for real time stats

Read a detailed summary report for home sales in Williamsburg -March 2013

What does this mean for you?  Well, we’ve had a strong market this year with steady home values and an increase in market activity.  If you’re thinking of selling anytime soon, consider going on the market to take advantage of the increased number of buyers, list prices, sales prices, and fewer days on the market before sale..

Psst.I’m a real estate agent.

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After an astounding sales increase in Feb 2013  (40% over 2011) the Williamsburg home market is settling back down . Closed sales in our Williamsburg market ( 23185,23188 & 23168 zip codes)  are up slightly over 18% for the first quarter.  Pending sales are up just under 12%.  Both of these metrics (in addition to lower inventory) are great news for what seems to be a continually strengthening local market.

What’s even more impressive is that our office is up almost 50% in closed sales (units) so far this year, and almost 60% in pending sales units.  To outperform the market at that margin is nothing short of PHENOMENAL!!

Home sales are off to a great start in 2013 here in the Williamsburg VA area. .We’ve seen an unseasonably high level of activity in the Williamsburg, VA area. ( James City County, City of Williamsburg and Upper York County) since the beginning of the year.

With home inventory shrinking Williamsburg home buyers are having a tough time finding good quality homes to purchase. This is causing prices to rise.  If you’ve been thinking of selling, now may be a great time!

I work both in Williamsburg VA and the greater Hampton Roads area. So the stats above are all reflective of the Williamsburg VA market . ( 23185,23188, 23168 zip codes) this incudes the City of Williamsburg, James City County and upper York County.

Click here for real time stats

What does this mean for you?  Well, we’ve had a strong market this year with steady home values and an increase in market activity.  If you’re thinking of selling anytime soon, consider going on the market to take advantage of the increased number of buyers, list prices, sales prices, and fewer days on the market before sale..

Psst.I’m a real estate agent.

This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of the Williamsburg/ Hampton Roads area and his expertise in the local real estate market.

Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home.

I can help you access all the information you will need about choosing a neighborhood and buying a home in New Kent, Gloucester, Newport News, Hampton, York County, Smithfield, Williamsburg, Poquoson or the greater Hampton Roads area, including area information on schools, local government, shopping, activities for the children and more! Whether you have made a decision to relocate, retire or are just considering a move to Williamsburg or Hampton Roads VA, let me help make your transition or PCS to the area a smooth and enjoyable one!

Hampton Roads is a transient community due to the large population of military members in the area. I have a unique perspective on relocation and have helped many families move in and out of the area. I understand the kind of support team it takes to make a smooth transition.

Area Orientations

Complete tours can be scheduled to help you familiarize yourself with Williamsburg and Hampton Roads neighborhoods, home prices, shopping centers, military bases, recreational facilities, public & private schools and transportation systems. My orientation will provide you with awareness of aircraft noise & accident potential zones, flood zones, major traffic patterns and commute times to your job.

You can search homes for sale , active adult communities, 55+ communities, condos and townhomes ,foreclosures/ REO, land, building lots, commercial property in Williamsburg , Yorktown, New Kent, Gloucester, Poquoson as well as the surrounding areas of Hampton Roads, Virginia

You can reach text or call me at 757-254-8136 or email John@MrWilliamsburg.com

I look forward to serving your real estate needs!

Best,

John

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t’s a fact: The housing sector continues to gain momentum. The National Association of Realtors reported in February that the national median existing single-family home price was $178,900 in the fourth quarter of 2012, up 10 percent from $162,600 in the fourth quarter of 2011.
Trending Into 2013
In December home prices rose again by 8.3 percent compared to a year earlier–the largest increase in more than six years, according to a CoreLogic report released early last month. It was also the tenth straight month of year-over-year increases. States seeing the biggest price increases were Arizona (up 20.2 percent), Nevada (up 15.3 percent) and Idaho at 14.6 percent. Only four states saw declines in home prices from last year: Pennsylvania, New Jersey, Illinois and Delaware.
While the U.S. housing market has certainly headed into 2013 with home prices on the rebound, many wonder how long this upward trend will last. A surge in home prices generally forecasts an increase in home buying. Home buying revives the housing industry, which is a key indicator for measuring the U.S. economy’s progress and health.
Buyers Remain Selective to Price and Property
Home prices not only surged due to tightening supply but also as a result of a decline in available foreclosures and distressed properties. This means more home buyers are choosing relatively more expensive and non-distressed properties. As a result existing home prices have increased, and in some areas substantially, during this time. The decline in distressed property sales should also have resulted in newly constructed homes being more competitively priced.
Yet in many instances new home prices have increased in tandem with existing home prices. In some areas, this has caused buyers to experience low inventory and bidding wars for homes.
Interest Rates Still at Record-Lows
For 2013, the Federal Reserve has vowed to keep interest rates and home loan rates "exceptionally low" in an effort to spur economic growth and to shore up the housing markets. The Federal Reserve, or the Fed, is the central bank of the United States and regulates the U.S. monetary and financial system. It oversees four general areas: 1) Conducts monetary policy 2) Regulates banks and protects the credit rights of consumers 3) Maintains the stability of the financial system and 4) Provides financial services to the U.S. government.
The Bottom Line
As the economy strengthens from the housing comeback and other major reviving indicators such as manufacturing and trade, interest rates could rise. Great opportunities to purchase or refinance a home still exist, but fence-sitters should be advised as the path of least resistance for interest rates is higher, since they are currently at record lows.

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Most of the home buyers I work with in the Williamsburg Area will typically use the James City County, Williamsburg or York County Va assessed value as a basis when determining what price to offer on a home they are purchasing. While you would think its an accurate indicator the recent sales numbers will disagree. ( SEE THE CHART BELOW FOR PROOF)

Many consumers confuse assessments and appraisals. An assessment is the value placed on a property by the county or city’s assessor’s office for the purpose of determining the property taxes due. The city or county determines your assessed value and an appraiser determines your appraised value. In James City County property is assessed biannually by the Real Estate Assessments Division . Virginia State law requires that assessments be at 100 percent of fair market value. With reassessments only occurring every tow years it takes a while for them to catch up to market pricing.

An appraisal is a report done by an appraiser to determine value.  The appraiser will use recently sold prices ( going back 90 days or  a maximum of six months in some cases) of similar properties making adjustments for differences between the subject property and the comparable.

Assessed value and appraised value will usually not be exactly the same on a property as the appraised value takes a snapshot in time and will be impacted by market activity.

Below is a  report for home sales in Governors Land, Williamsburg VA. It shows both the sold price and the James City County Assessed Value. You can see that sale prices ranged from 34% below assessed value to 34% above assessed value. With no rhyme, reason or formula between them.

One thing to consider, the James City County assessor has most likely NEVER been inside the home. A home in the upper price range could have drastic differences in trim, finish levels and upgrades. In many instances homes were sold with unfinished bonus rooms or basements. If homeowners finished then off later without permits the county will not factor that in to assessed value. Its common to see square footage errors in county records as well.

Before buying (or selling) it is wise to do some homework and look at what similar homes in the neighborhood sold for . A real estate agent ( ME) can supply you with detailed information on comparable sales and can give you a pretty good idea what homes are worth in your area.

Of course, the ultimate solution is to have an appraisal done by a professional appraiser. If you purchase a home  the lender will require one. Our company orders them for all of our listings to insure we don’t have appraisal issues at closing. ( a common occurrence these days)

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First things first , these stats will improve as brokers update closing info from the end of Jan 2013.

Home sales are off to a great start in 2013 here in the Williamsburg VA area. .We’ve seen an unseasonably high level of activity in the Williamsburg, VA area. ( James City County, City of Williamsburg and Upper York County) since the beginning of the year.

But buyers are having a tough time finding good quality homes to purchase. This is causing prices to rise.  Median home prices were up 18.79% compared to a year ago, which is a continuation of a trend we have seen for several months now.  If you’ve been thinking of selling, now may be a great time!

Here are some of the highlights of the Jan 2013 real estate market statistics for Williamsburg

* Closed sales are up almost 26.92%.  We’ve sold 66 homes through the end of January 2013 as compared to 52 in January 2012.

* Pending sales are up almost 22% !.

* The median list price is up 4% from $287,000 to $299,000

* The median sales price is up 18.79% from $243,000 to $289,250.

* Homeowners are getting an average of 96.75% of  list price when they sell. ( so a home listed at $100k is selling for $96,750)

* The number of days a home spends on the market is down from 81 to 78.

* Number of homes for sale: We only have 728 homes for sale ( a 20% reduction from last year)  giving us 7.62 months of inventory on the market (down from 11.69 months of supply in Jan 2012).

Click here for real time stats

What does this mean for you?  Well, we’ve had a strong market this year with steady home values and an increase in market activity.  If you’re thinking of selling anytime soon, consider going on the market to take advantage of the increased number of buyers, list prices, sales prices, and fewer days on the market before sale..

Psst.I’m a real estate agent.

This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of the Williamsburg/ Hampton Roads area and his expertise in the local real estate market.

Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home.

I can help you access all the information you will need about choosing a neighborhood and buying a home in New Kent, Gloucester, Newport News, Hampton, York County, Smithfield, Williamsburg, Poquoson or the greater Hampton Roads area, including area information on schools, local government, shopping, activities for the children and more! Whether you have made a decision to relocate, retire or are just considering a move to Williamsburg or Hampton Roads VA, let me help make your transition or PCS to the area a smooth and enjoyable one!

Hampton Roads is a transient community due to the large population of military members in the area. I have a unique perspective on relocation and have helped many families move in and out of the area. I understand the kind of support team it takes to make a smooth transition.

Area Orientations

Complete tours can be scheduled to help you familiarize yourself with Williamsburg and Hampton Roads neighborhoods, home prices, shopping centers, military bases, recreational facilities, public & private schools and transportation systems. My orientation will provide you with awareness of aircraft noise & accident potential zones, flood zones, major traffic patterns and commute times to your job.

You can search homes for sale , active adult communities, 55+ communities, condos and townhomes ,foreclosures/ REO, land, building lots, commercial property in Williamsburg , Yorktown, New Kent, Gloucester, Poquoson as well as the surrounding areas of Hampton Roads, Virginia

You can reach text or call me at 757-254-8136 or email John@MrWilliamsburg.com

I look forward to serving your real estate needs!

Best,

John

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November 2012-As a real estate agent in Williamsburg, the most often asked question of me is “How is the market ?

Can you say fantastic ? that would be the word I use to describe the real estate market in Williamsburg VA. Can you believe we had an 80% increase in sales from November 2011 as compared to November 2012 ?

December started off with a bang, offers flying left and right. Wow, who would have expected it. December is usually pretty tame especially the last 2 weeks. This year we got slammed early, although we still expect the rest of December to be flat with the holidays happening. In the first 10 days of December our office has done has much business as it did in all of December 2011 !

We were seeing some hesitation among buyers with regard to the situation in Washington and the pending "Fiscal Cliff". Now that the elections are over buyers are flocking back to the market.

The statistics below are from the Williamsburg Multiple Listing Service (MLS) They cover all detached and attached homes in the zip codes 23168, 23185 and 23188 in the James City County, City of Williamsburg and upper York County Virginia areas.

Below are just a few highlights for the month of November 2012:

November 2012 | Williamsburg Real Estate Market Update Statistics

• 108 – Single-family homes sold, a whopping 80 percent more than November 2011.
• $272,750 – Median price for single-family homes, down 6.35% from $291,250 in November 2011.
• 94 – Average number of days single-family homes spent on the market, 12 days fewer than November 2011.
• 9.16 – Months of inventory* of single-family homes, 3.49 months less than November 2011.
• 22.43%- Year to date sales are up 22.43% with 1037 home sales through the end of November 2012 as compared to 847  through the end of September 2011.
• 97.37 %-Homeowners are getting an average of 97.37 of their list price when they sell.

• Download the November 2012 Williamsburg VA Sales Report here

What does this mean for you?  Well, we’ve had a strong market this year with steady home values and an increase in market activity.  If you’re thinking of selling anytime soon, consider going on the market soon to take advantage of the increased number of buyers, low interest rates, and fewer days on the market before sale. Interest rates are AMAZINGLY LOW. Bankrate.com national average for a 30 yr fixed mortgage is only 3.38%. These low interest rates and low housing costs continue make Housing Affordability at historic lows

The low inventory level is definitely our biggest challenge for Buyers. Supply is dropping and demand is still high. Buyers, when looking for homes be “ready to buy” with a preapproval letter from your lender in hand. If you find the home that meets your needs, “act quickly” as there are others buyers that probably like the same home you do. You can’t think too long, or that house will be gone.

If you are thinking of selling, please give me a call so we can determine the best strategy for putting your home on the market.

Click here to contact John by email, or call him at 757-254-8136.

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CoreLogic released its September 2012 Home Price Index  report which showed home prices nationwide, including distressed sales, increased on a year-over-year basis by 5 percent in September 2012 compared to September 2011. This change represents the biggest increase since July 2006 and the seventh consecutive increase in home prices nationally on a year-over-year basis.  .

“Home price improvement nationally continues to outpace our expectations, growing 5 percent year-over-year in September, the best showing since July 2006,” said Mark Fleming, chief economist for CoreLogic. “While prices on a month-over-month basis are declining, as expected in the housing off-season, most states are exhibiting price increases.  Gains are particularly large in former housing bubble states and energy-industry concentrated states."

“Home prices are responding to better market fundamentals, such as reduced inventories and improved buyer demand,” said Anand Nallathambi, president and CEO of CoreLogic. “So far this year, we’re seeing clear signs of stabilization and improvement that show promise for a gradual recovery in the residential housing market.”

Highlights as of September 2012:

• Including distressed sales, the five states with the highest home price appreciation were:  Arizona (+18.7 percent), Idaho (+13.1 percent), Nevada (+11.0 percent), Hawaii (+8.9 percent) and Utah (+8.7 percent).
• Including distressed sales, the five states with the greatest home price depreciation were: Rhode Island (-3.5 percent), Illinois (-2.3 percent), New Jersey (-1.8 percent), Alabama (-1.3 percent) and Delaware (-0.5 percent).
• Excluding distressed sales, the five states with the highest home price appreciation were: Arizona (+14.0 percent), Idaho (+10.5 percent), Nevada (+9.5 percent), Montana (+8.5 percent) and California (+8.4 percent).
• Excluding distressed sales, this month only four states posted home price depreciation: Alabama (-3.1 percent), New Jersey (-1.6 percent), Delaware (-1.4 percent) and Rhode Island (-1.3 percent).
• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to September 2012) was -27.0 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -20.4 percent. 
• The five states with the largest peak-to-current declines, including distressed transactions, are Nevada (-53.9 percent), Florida (-44.7 percent), Arizona (-41.7 percent), California (-37.2 percent) and Michigan (-35.0 percent).
• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 18 are showing year-over-year declines in September, nine fewer than in August.

Full-month September 2012 national data can be found at http://www.corelogic.com/HPISeptember2012.

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