Liz Local Richmond - Spring 2022 Edition

RICHMOND 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 The Grapevine

Real Estate Market Predictions There May Never Be a Better Time to Sell. looking. However, historically low interest rates are a compelling reason to stay in the game, and also The primary factors that are influencing both national inspire a buyer to pay over asking to win the bid on the and local real estate markets right now – low supply and property they really want. Closed sales in the Richmond high demand – have converged to create an incredibly area were up 7.3% in 2021 over the prior year (and favorable market for sellers. This is particularly true 23.6% at Liz Moore & Associates in Richmond), so in our local market, where additional demand has that’s good news. We believe the key for buyers to been fueled by the pandemic; buyers who now work win in the current market climate is to hire a great remotely and can accordingly choose where they live agent. And, while that may sound self-serving, it’s true. and no longer be restricted by a commute, are finding Experienced agents who understand the market, have Richmond a highly desirable place to live. solid relationships with the other agents, and who are Sellers in 2021 enjoyed peak pricing, with the median savvy negotiators will make the difference for a buyer to sold price up 12.3% over last year in the Greater be successful. Richmond region. That was enhanced by multiple I predict that sales will drop slightly in 2022. So says offers in many instances. My crystal ball says that the Lawrence Yun, the Chief Economist for the National favorable trend for sellers will continue well into 2022. Association of REALTORS, and I agree. Although The only 2 things likely to slow the train down are an there is plenty of demand out there, inventory is simply increase in interest rates, which will take some buyers so low (hovering around half a month’s supply as of this out of the market, and an influx of listing inventory, writing) that it will keep a lid on the number of sales. creating more competition. I do believe that both of those things will happen in 2022, but most likely not Real Estate is a Great Hedge Against Inflation. until the 2nd or 3rd quarter. If you invest $30,000 in the stock market, and your So, What Does This Mean for Buyers? annual return is 7%, then you’ve earned $2,100 (which is a lot better than you’ll do in a regular savings account Buyers have had a tough go of it for the past 2 years. in the bank!). Invest that same $30,000 as a down When there are 5 offers on a new listing, only 1 buyer is payment on a $300,000 home, and if it appreciates 7% successful in their bid, leaving 4 disappointed and still 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? Liz Moore, *All stats based on Broker Metrics for CVRMLS residential President home sales in 2021.

Thank You! In March’s Sales Meeting, we presented Comfort Zone Camp with a check for over $3,000 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 ONE Real Estate Market FREE Predictions SELECT Help Your Kids Get APPETIZER on the Path WITH THE to Building Wealth PURCHASE OF TWO DINNER It’s a Great Time ENTREES! to Invest in Real Estate (804) 440-9100 11055 Three Chopt Rd, Richmond, VA 23233 The Grapevine Check our website for current hours: SPRING 2022 / LIZ LOCAL 3 www.richmondgrapevine.com

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: The Grapevine By Leslie Pearce If you haven’t been to The Grapevine Greek and Italian Restaurant at 11055 Three Chopt Road in the Innsbrook and Short Pump area of Richmond, you have truly missed out! You will be treated like one of the Trak family and have an incredible meal. “Chef Mike” arrived in America in 1971 with very little money and a pocket full of family recipes. Michael and his wife Mary worked at local restaurants and hotels for many years until they were able to open their first restaurant in November 1994. Their incredible work ethic combined with their inspiration has made the restaurant what it is today. Michael cooks and trains the kitchen staff, while Mary creates incredible desserts from family recipes and keeps everyone on 8 SPRING 2022 / LIZ LOCAL

their toes. She is the heart and soul of the restaurant. “If she sees something not up to her standards…let’s just say it is best to run,” said son Mitchell Trak. “Chef Mike tries to keep her out of the kitchen as much as possible, mainly for his own safety and sanity!” A Few Special Dishes and More Spanakopita, dolmades, Mitchell’s Mushrooms, Seafood Santorini, “Big Fat” Greek Salad, Moussaka, Gyros, Souvlaki Mimi, Grapevine Scaloppini, and of course pizza, made from Chef Mike’s famous roll dough, are just a few of the special dishes the restaurant offers. Mother Mary’s Special Chicken and Chef Michaels’s Favorite Spaghetti are two of the most popular dishes. Family owned and operated restaurants are increasingly becoming a thing of the past. However, new generations of Traks have banded together to make it work with love and dedication to the family legacy of almost 30 years. Son Mitchell (Mitch), runs the “front of the house” as co-owner and General Manager. Daughter, Marianne Trak Mize (Mimi) is a co-owner and Concession Coordinator. Her husband is Virginia Wine Artist Christopher Mize. Marianne was the first server ever and works closely with the staff on personal service skills for the guests. She brings the bar to life in the evenings! Food for All In addition to regular restaurant seating, private party rooms are available including the “Veranda”, a beautiful outdoor area created during the pandemic that seats around 60 folks. “The Veranda, a 40 x 40 tent in the parking lot, in addition to online ordering, were game changers during the pandemic” said Mitchell Trak. In addition to the private rooms at the restaurant, they offer full-service catering for weddings, banquets, cookouts and company picnics. They offer delivery, a kid’s menu, take-out, gift cards and gluten free options as well. The Tipsy Grape made its debut in recent months, offering mobile bartending with full bar packages. Giving Back Want to go? The Trak family truly believes in their community and The Grapevine Greek & Italian Restaurant participates with fundraisers and non-profits. Over the 11055 Three Chopt Rd, Richmond, VA 23233 years, they have given over $500,000 to local charities and organizations. (804) 440-9100 | www.richmondgrapevine.com SPRING 2022 / LIZ LOCAL 9

Love Where You Live! 4032 Huntsteed Way | Henrico | $1,095,000 16012 Drumone Road | Chesterfield | $899,000 15525 Willowmore Drive | Chesterfield | $825,000 11617 Dogwood Grove | Chesterfield | $439,000 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