Liz Local Williamsburg - Spring 2022 Edition

WILLIAMSBURG SPRING 2022 Real Estate Market Predictions Help Your Kids Get on the Path to Building Wealth It’s a Great Time to Invest in Real Estate Food for Thought

Real Estate Market Predictions There May Never Be a Better Time to Sell. So, What Does This Mean for Buyers? The primary factors that are influencing both national Buyers have had a tough go of it for the past 2 years. and local real estate markets right now – low supply and When there are 5 offers on a new listing, only 1 buyer is high demand – have converged to create an incredibly successful in their bid, leaving 4 disappointed and still favorable market for sellers. This is particularly true looking. However, historically low interest rates are a in our local market, where additional demand has compelling reason to stay in the game, and also inspire a been fueled by the pandemic; buyers who now work buyer to pay over asking to win the bid on the property remotely and can accordingly choose where they live they really want. and no longer be restricted by a commute, are finding Closed sales in Williamsburg were up 17.5% in 2021 Williamsburg a highly desirable place to live. over the prior year (and 22.6% at Liz Moore & Sellers in 2021 enjoyed peak pricing, with the Associates), so that’s good news. We believe the key for median sold price up 7% over last year in Greater buyers to win in the current market climate is to hire a Williamsburg. That was enhanced by multiple offers great agent. And, while that may sound self-serving, it’s in many instances. At Liz Moore & Associates, we true. Experienced agents who understand the market, pride ourselves on being students of the market, and we have solid relationships with the other agents, and who monitor the trend of the number of properties that sell are savvy negotiators will make the difference for a over asking price. That was almost 60% of the market buyer to be successful. at its peak in June, and still 39% at the end of the year. I predict that sales will drop slightly in 2022. So says My crystal ball says that the favorable trend for sellers Lawrence Yun, the Chief Economist for the National will continue well into 2022. The only 2 things likely Association of REALTORS®, and I agree. Although to slow the train down are an increase in interest rates, there is plenty of demand out there, inventory is simply which will take some buyers out of the market, and an so low (hovering around a 1 month supply as of this influx of listing inventory, creating more competition. writing) that it will keep a lid on the number of sales. I do believe that both of those things will happen in 2022, but most likely not until the 2nd or 3rd quarter. Real Estate is a Great Hedge Against Inflation. Liz Moore, If you invest $30,000 in the stock market, and your President annual return is 7%, then you’ve earned $2,100 (which is a lot better than you’ll do in a regular savings account in the bank!). Invest that same $30,000 as a down payment on a $300,000 home, and if it appreciates 7% in a year, then you’ve earned $21,000 – 10 times more! That’s the benefit that the leverage of real estate affords. This is a great time to explore investing in real estate; your portfolio can guarantee your retirement, or it can get your kids started on building lifetime wealth. Don’t let the intense market intimidate you. If you want to take advantage of the sellers’ market and the low interest rates to move up to a dream house for instance, don’t let the challenge of buying stop you. Your Liz Moore agent can help you formulate a strategy, and combined with a little patience, we can make it happen. In 2008, we all wished we had sold our homes back in 2005. Where will you be in 2025? *All stats based on Broker Metrics for WMLS, 23188, 23185, and 23186 residential home sales in 2021.

Thank You! In March’s Sales Meeting, we presented Karen Gershman of the Children’s Hospital of the King’s Daughters with a check for over $9,000 raised during the 2022 Cupcake Wars fundraiser. The Annual Liz Moore & Associates Cupcake Wars Fundraiser took place on February 11th and raised more than $20,000 in three hours across four offices making this the most successful fundraiser yet. Money raised was donated to CHKD, Comfort Zone Camp, and Smith Point Sea Rescue. Check out one of our favorite spots! Contents 50% Real Estate Market OFF Predictions ONE Help Your Kids Get APPETIZER on the Path to Building Wealth OR DESSERT It’s a Great Time to Invest in 757-645-4665 Real Estate 1647 Richmond Road, Williamsburg, VA 23185 Food for Thought Check our website for current hours: foodforthoughtrestaurant.com SPRING 2022 / LIZ LOCAL 3

Help Your Kids Get on the Path to Building Wealth By Brandy Centolanza Having a family member who works in real estate can be beneficial for first-time home buyers. Several Liz Moore real estate agents helped their family through the process of purchasing a home over the past few years. Elizabeth Jones assisted her two daughters in buying a home in 2020 and in 2021. “From a parent’s view, you want the best of everything for your child,” Jones says. “As a REALTOR®, your goals are no different.” Age shouldn’t be a factor when considering buying a home. “The earlier you can start thinking of homeownership instead of renting is paramount,” Jones says. “Communicating to your children the importance of good credit, a good lender, and placing them with the right REALTOR® are the necessary steps for buying a home. Starting young instead of renting is so much more cost effective, plus you are building for your future.” For Meg Clark, there were both rewards and challenges in helping her daughter find her first home, both from the perspective of a parent and an agent. “I was really excited to assist my daughter in helping her to purchase a new home,” Clark says. “She and I are a lot alike and love older homes, the character and the quirks. However, as she was a first-time home buyer with no real-world experience in homeownership and maintenance, I had to curb her enthusiasm for early 20th century homes with all the repairs, updates, and upkeep they often require.” At times, it was stressful, but Clark’s daughter ended up finding the perfect fit. “When we did find a mid-century home that had had some updating, it was a lot of fun helping her see the potential in the home for less money and lots of sweat equity,” Clark says. “She has loved the little house that she eventually settled on and now understands better the responsibilities that come with homeownership.” Clark is grateful for the experience of helping her daughter out. “Homeownership is one of the best, if not the best, ways to build generational wealth,” she says. “Being able to assist our kids in their first home purchase gives us peace of mind that we have helped them to be more financially secure now.” 4 SPRING 2022 / LIZ LOCAL

John Womeldorf agrees. He helped his 22-year- old son buy his first home a few months ago. His son had been living in an apartment but wanted more space including a garage where he can tinker with cars. Womeldorf started by encouraging his son to establish his credit, which took about six months. “The first step is to build up your credit,” Womeldorf says. “He did it mostly on his own, and he’s extremely happy. A lot of people think it is a lot of money to buy a house, but it is not undoable. Parents can help out and encourage their kids to save money.” Cassandra Zimmerman feels the same way about being there for her daughter and son-in-law as they purchased their home. “The reward of working with my daughter was watching her turn the house into their home,” Zimmerman says. “Being able to be there from the tour to move in was very special to me. My favorite moment was when their offer was accepted and seeing the excitement and joy they had.” First-time home buyers should keep several things in mind when purchasing a home, including: how long they see themselves in the house; costs both during the process such as down payment, inspection costs, and closing costs and after the house is officially theirs, including utility installation, furnishings, and any repairs to the home. It is a good idea for potential homeowners to draw up a list of “must haves” and “would like to haves” in a home before they begin hunting, and also consider the area in which they want to live before they meet with a REALTOR®. While the process of buying a home can be daunting, it is worth it. “Homeownership is a lot of work,” Zimmerman says. “In preparing to become a homeowner, it’s good to do research, and the best place to start is consulting your local real estate agent. There is a pride that comes with homeownership, but more than that, interest rates on a rental are 100 percent. Homeownership, when done right, makes a great investment, and it is never too early to start.” SPRING 2022 / LIZ LOCAL 5

It’s a Great Time to Invest in Real Estate By Brandy Centolanza There are several reasons for individuals to consider Virginia Payne, Director of Property Management/ investing in real estate and becoming landlords. Managing Broker for Liz Moore & Associates, is seeing Investing in rental properties is a great way to make more people wanting to invest in real estate as landlords. money, and can be less of a hassle than owning your own business or investing in stocks for those looking for “Investment ownership is not only quite prevalent in a financial safety net. our area, but becoming even more popular as people have money to invest and expect to see fluctuations in “I like owning real estate because it is proven to go the stock market this year,” Payne says. “It’s all about up in value, there are tax advantages for depreciation, return on investment. If you can buy something and and it’s income-producing,” says long-time Liz Moore have someone else pay for it while you reap the rewards, & Associates property management client George why not? Additionally, if you find a really great deal, Fiscella, who started in the real estate business 30 years you may even be generating cash flow.” ago working in residential construction with Virginia Enterprises Inc., and now buys and rents properties Payne offers a few suggestions for those who are thinking about investing in rental properties. through Cavalier Homes LLC. 6 SPRING 2022 / LIZ LOCAL

“Check your finances and make a plan,” she says. “Know “Tenants want their homes to be as nice as if they owned what area and price range you are looking for, and don’t them,” Payne says. “Pride in a rental generally translates deviate from this in the excitement of buying. Make sure to tenants taking better care of the property, which in that you have reserves in place to cover both expected turn is best for the landlord.” and unexpected expenses. Watch out for monthly HOA fee increases as well as special assessments.” Fiscella suggests starting with a smaller home and hiring Routine maintenance of properties is also essential to a property management company to look after the attract potential tenants as well as location. Other factors property. Management companies will help vet potential that may be important to those looking to rent a space tenants, help landlords get the best market rent value for include whether the property allows pets, whether the their properties as well as collect rent, and coordinate community has any amenities, and, of course, the cost to maintenance. live in the home. Keeping the property in good condition is a landlord’s responsibility, and expenses for upkeep or “Utilizing a property management company is highly improvements can be written off as tax deductions for recommended,” he says. “If you utilize a property rental property owners. manager, there isn’t much you have to do at all.” SPRING 2022 / LIZ LOCAL 7

Our Favorite Places: Food for Thought By Leslie Pearce Celebrating 16 years in April! Williamsburg’s famous restaurant, “Food for Thought” is known for its “eat, drink, think” vibe. Opened by Howard Hopkins in April 2006, this restaurant is a tribute to the great thinkers of the world – great leaders, innovators, scientists and social leaders. Hopkins came to Williamsburg in 2001 from Great Falls, VA. He has been in the restaurant business most of his life working for Chili’s, Outback & others. He loves serving, living, and raising his kids in this great community! 8 SPRING 2022 / LIZ LOCAL

What Is In A Name? “I was a server for most of my life, since you don’t usually work more than 30 hours a week, you have a lot of time to read,” said Hopkins. “I read business books, psychology books, self-help books - the power of words is amazing to me. I wanted to create an atmosphere to put people in a positive mood and impact them! We created the discussion cards you find at the tables. The background goes back to helping a buddy in Ocean City, MD open a restaurant. Sometimes the food would take an hour to arrive, and the guests would become very cranky. At that time, the book Chicken Soup for the Soul had just come out, so we gave them something nice to read which made them much more forgiving! Today, getting people away from texting and seeing families interacting makes me so happy!” Driving by you will sometimes see a long line of folks coming back to this tried-and-true gem. Such a unique place, they celebrate the people who have made great achievements that have helped mankind. The Menu The menu is as diverse as the great thinkers themselves. It includes classic American dishes such as Shrimp and Grits, Grandma’s Meatloaf, “fall off the bone” ribs, and a different twist to grilled cheese sandwiches! They also have the best kids menu with a world map, “name the states and capitals”, coloring projects and a pop quiz. It’s truly engaging! When Hopkins opened 16 years ago, he brought someone from Outback Steakhouse who suggested gluten-free dishes before anyone even knew what that was. Options for diners with other food allergies, rare peanut allergies, and vegan options are available as well. Someone is in the kitchen every shift to cater to dietary restrictions. Elements Of Success Want to go? “In the restaurant business there are three elements that determine Food for Thought success: the food, service and atmosphere,” said Hopkins. “You 1647 Richmond Road need a little bit of all of those. If you can get one of those three Williamsburg, VA 23185 elements right, you might be able to break even as a business. If you get two right, you can probably make a living, if you get all three (757) 645-4665 you can make a fortune!” foodforthoughtrestaurant.com Food For Thought does not take reservations, but offers ‘Priority Waitlist Seating’, and while it does not guarantee you a table right when you arrive, it should lessen your wait time. Priority Waitlist Seating gives you an advantage over guests who walked in around the same time but did not call ahead. Call 757-645-4665 to add your name. SPRING 2022 / LIZ LOCAL 9

Love Where You Live! 3017 Kitchums Close | Governor’s Land | $1,275,000 2104 Harpers Mill | Governor’s Land | $719,900 4096 Powhatan Secondary | $679,000 4724 Captain John Smith | Page Landing | $500,000 Update Now. Pay Later. Sell for More! We all know that making the right enhancements to your home before listing will result in a quicker sale, as well as keep more money in your pocket. Not sure where to start? It’s as simple as setting an appointment for us to do a market-ready assessment for you - no cost or obligation. We will recommend improvements to get your home looking great, and provide a full estimate of costs and timeline. The best part? List with us, and you don’t pay until closing.* lizmoore.com/sellformore * SOME RESTRICTIONS APPLY. 10 SPRING 2022 / LIZ LOCAL

Check Out Our Guide to Real Estate Investing Liz Moore & Associates can help investors build wealth through their real estate portfolios. In response to client demand, Liz has authored ‘The Field Guide to Real Estate Investing’, a 16 page e-book created to give first time investors an idea of where to begin. The e-book is free and can be downloaded at lizmoore. com/ebooks. If you are wondering how to begin building your financial portfolio through savvy real estate investments, this introduction to the fundamental principles of real estate investing is the PERFECT place to begin! ADVERTISEMENT SPRING 2022 / LIZ LOCAL 11

lizmoore.com Oyster Point Newport News | 11801 Canon Boulevard, Suite 100, Newport News, VA 23606 New Town Williamsburg | 5350 Discovery Park Boulevard, Williamsburg, VA 23188 Richmond | 14061 Midlothian Turnpike, Richmond, VA 23113 Northern Neck | 276 N Main Street, PO Box 548, Kilmarnock, VA 22482 Kingsmill Williamsburg | 350 McLaws Circle, Suite 2, Williamsburg, VA 23185 © COPYRIGHT LIZ MOORE AND ASSOCIATES. IF YOUR HOME IS CURRENTLY LISTED WITH ANOTHER REALTOR® PLEASE DISREGARD THIS POSTAL, AS IT IS NOT INTENDED TO SOLICIT ANOTHER AGENT’S LISTING. REASONS TO INVEST Diversify Your in Rental Property Portfolio Investment properties come with many benefits. Increased Wealth Eligible Tax Professional Management Deductions Earn Services Rental Rental Income Income Pays The Mortgage Contact our property management division for professional management services for your investment rental. Virginia Payne, Director of Property Management 757-707-5388