NORTHERN NECK 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 Crazy Crab
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 in looking. However, historically low interest rates are a our local market, where additional demand has been compelling reason to stay in the game, and also inspire a fueled by the pandemic; buyers who now work remotely buyer to pay over asking to win the bid on the property and can accordingly choose where they live and no they really want. longer be restricted by a commute, are finding the Closed sales in the Northern Neck were up 7.8% in Northern Neck a highly desirable place to live. 2021 over the prior year, so that’s good news. We believe the key for buyers to win in the current market Sellers in 2021 enjoyed peak pricing, with the median climate is to hire a great agent. And, while that may sold price up 7% over last year in the Northern sound self-serving, it’s true. Experienced agents who Neck. That was enhanced by multiple offers in many understand the market, have solid relationships with the instances. At Liz Moore & Associates, we pride other agents, and who are savvy negotiators will make ourselves on being students of the market, and we the difference for a buyer to be successful. monitor the trend of the number of properties that sell I predict that sales will drop slightly in 2022. So says over asking price. Lawrence Yun, the Chief Economist for the National Association of REALTORS, and I agree. Although My crystal ball says that the favorable trend for sellers there is plenty of demand out there, inventory is simply will continue well into 2022. The only 2 things likely so low (hovering around a 1-month supply as of this to slow the train down are an increase in interest rates, writing) that it will keep a lid on the number of sales. which will take some buyers out of the market, and an influx of listing inventory, creating more competition. Real Estate is a Great Hedge Against Inflation. I do believe that both of those things will happen in If you invest $30,000 in the stock market, and your 2022, but most likely not until the 2nd or 3rd quarter. 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. Liz Moore, In 2008, we all wished we had sold our homes back in President 2005. Where will you be in 2025? *All stats based on Broker Metrics for WNARMLS / Counties: Lancaster, Northumberland, Westmoreland, and Richmond residential home sales in 2021.
Thank You! In March’s Sales Meeting, we presented Dan Benjamin, president of Smith Point Sea Rescue, with a check for We Love Where We Live!over $6,700 raised during the 2022 Cupcake Wars fundraiser. The Annual Liz Moore & Associates Cupcake That’s why you and our Liz Moore TeamWars Fundraiser took place on February 11th and raised more than $20,000 in three hours across four offices, raised $6,735.75 for Smith Point Sea Rescue.making this the most successful fundraiser yet. Money raised was donated to CHKD, Comfort Zone Camp, THA NK YOU.and Smith Point Sea Rescue. Pictured from left are Sandra Hargett, Contents Susan McFadden, Kathy Rhule, Debbie Turpin, Sara Newsome and Joe Hunt. Real Estate Market Predictions Supporting local nonprofits such as Smith Point Help Your Kids Get Sea Rescue creates a stronger, safer community. The Liz Moore Difference. on the Path to Building Wealth It’s a Great Time to Invest in Real Estate The Crazy Crab SPRING 2022 / LIZ LOCAL 3 It’s what we do when we love where we live. Real Estate. Reinvented. PLEASE GIVE LIZ MOORE & ASSOCIATES A CALL
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 Crazy Crab By Leslie Pearce In the Northern Neck, Reedville, is the home of the Crazy Crab Restaurant, located on beautiful Cockrell’s Creek at the Reedville Marina. Charles Williams III and his wife, Olivia, have been serving up great seafood at this mainstay since 1999. They’re opening back up for business at the end of March. “We have a very nice, charming community, and we have enjoyed what we have done here, from our employees, our food, and our customers.” “The Crazy Crab has sold a lot of homes; we see those real estate books on every table.” “People are coming here from Northern 8 SPRING 2022 / LIZ LOCAL
VA, New York, Southern Maryland, to find somewhere to workers, please send them our way!” said Williams. “I retire without the hustle and bustle of the city.” have got a lot of good people at all levels of experience, A reviewer on Facebook commented, “It’s quality first but just don’t have enough of them. It is hard to get good at the Crazy Crab! They are dedicated to excellence and workers these days,” commented Charles. consistently provide it at a reasonable History price. It’s on the water with fine views, The Crazy Crab property was a and, if you come by boat, you can tie cannery back in the day. When up to the pier that’s practically their it closed, Charles stepped in and front porch. The food is consistently bought the property because he superb with good-sized portions.” figured it had good value. It was The Williams’s are known for taking good care of their customers, with years before he and Olivia opened the help of an outstanding staff. They serve fantastic sea food at a very good the restaurant and marina. The price in a family-friendly atmosphere inside or outside on the covered necessary permits were filed and, porch. They love to visit the tables and get to know their customers. believe it or not, they had every “Favorite top performers are anything that has a crab cake on it,” said Williams. entity from the Corp of Engineers, served over a bed of fried green tomatoes remoulade sauce is a hit. health department, DEQ, etc., in the jurisdiction challenging what Crazy Crab Owner, Charles Williams they wanted to put in there. They Lump crab cake had to go to court seven times before breaking ground. with homemade Fortunately, common sense prevailed, and they allowed them to go forward. “Some of the very ones who objected You have oysters, mussels, clams, snow crab legs, sea to the project are some of our customers,” said Williams. scallops, shrimp and grits, crab cakes, stuffed mushrooms with crab meat and monterey jack cheese, salmon, and After 4 years in the Navy, Charles was chosen for the Crazy Crab bisque. Honor Guard at the Pentagon in Washington and buried a lot of Vietnam soldiers. He worked for Zapata Corporation, founded by George Bush Sr. in 1953 as a Of course, there are non-seafood choices as well, such as pilot for 18 years, then he worked for Ampro Fisheries. steak and bar-b-que, as well as a kid’s menu. After 25 years of Corporate America, it was time to do Prior to covid, the Crazy Crab was open every day but something different! Monday. Unfortunately, during Covid they couldn’t Five generations of watermen are in both Charles and keep enough staff to run the Olivia’s family legacy. Both sons restaurant at full capacity and were only open Friday, Want to go? are in the fishing businesses, and Charles is a cousin of Mike Saturday, and Sunday. “If you know any strong restaurant The Crazy Crab Rowe of “Dirty Jobs.” 902 Main Street Reedville, VA 22539 (804) 453-6789 facebook.com/crazycrabreedville SPRING 2022 / LIZ LOCAL 9
Love Where You Live! 49 Clifton Avenue | Kilmarnock | $1,525,000 29481 Goose Point Court | Port Royal | $1,795,000 National Register of Historic Places Incredible Home and Location! 261 Holly Haven Road | Weems | $425,000 826 Main Street | Miller Estate | Reedville | $1,299,000 Close to Irvington and Kilmarnock Buyer’s Decorating Allowance Being Offered 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! 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
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