Join me at my annual State of the Market seminar

Please come join me at my annual Ford’s Colony Market Watch presentation on Thursday, Feb. 19 from 4 to 6 p.m. at the Ford’s Colony Country Club.

Are you curious about Ford’s Colony property values? If you are considering selling, looking to buy, or simply want to stay informed about the investment in your backyard, I invite you to join me for an exclusive look into current market factors in Ford’s Colony.

Whether selling or buying, understanding the market is key to making smart decisions. The Williamsburg market has seen significant shifts, but Ford’s Colony remains one of the most sought-after neighborhoods in the region.

I will break down the current market data, discuss inventory levels and share projections for the spring season at this seminar, which is always one of my highlights of the year.

  • The Deetails
  • When: Thursday, February 19
  • Time: 4 PM – 6 PM
  • Where: Ford’s Colony Country Club
  • Cost: Complimentary admission and refreshments

What I Will Cover 

Market trends: a deep dive into recent sales data in Ford’s Colony and the Williamsburg area

Inventory insights: What “days on market” and “price per square foot” mean to you

Home prep tips: Home-staging suggestions and the upgrades that yield the highest ROI

Q&A Session: Get your specific questions answered by myself and Liz Moore

To reserve your seat, please RSVP to deelyn@lizmoore.com or debrapodish@lizmoore.com by Tuesday, Feb. 17        

I hope to see you there!

Planned retirement community Ford’s Village loses developer

The development of Ford’s Village, a long-discussed 55-plus community and continuing care facility project near Ford’s Colony, has hit a snag.

A primary developer of the 470-unit proposal off News Road, Retirement Unlimited Inc., has pulled out of the project. Its partner, Norfolk-based Frye Properties Inc., has said that it is looking to team with another company to help complete the planned homes and continuing care facility.

Site work such as tree removal began for Ford’s Village last summer before it recently ground to a halt. The project has been in various stages of discussion and planning since 2007.

Annual HOA survey reveals record 95% resident satisfaction

The Ford’s Colony HOA has shared the overwhelmingly positive results from its survey taken late last year. More than 1,700 residents, lot owners and renters responded, and 95 percent greed with the statement, “Overall, I am satisfied with living in Ford’s Colony.” That percentage has risen from 88.6% since 2020.

Year  Total  Agree  Neither  Disagree  Mean
2023  1700  95.0%  3.6%  1.4%   4.6
2022  1709  94.3%  4.2%  1.2%   4.5
2021  1651  92.1%  5.8%  2.2%   4.5
2020  1970  88.6%  5.7%  5.7%   4.3
2019  1404  88.8%  7.2%    4.1%   4.4

  • Top Drivers of Satisfaction are similar to past years:
    ➢ Appropriateness of fees and assessments
    ➢ Board of Directors serves the best interest of Ford’s Colony
    ➢ My home value is sustained by FC’s governance
    ➢ HOA serves the needs of the different generations living in Ford’s Colony well
  • Life Stage groups and their impact
    ➢ Younger Retirees account for 43.4% of respondents versus 45.6% in 2022; Older Retirees represent 29.9% versus 27.1% in 2022 and Family / Workers are 26.8% of respondents versus 27.3% in 2022.
    ➢ 2023 Life Stage group agreement ratings that they are satisfied living in FC varies versus past years:
    o 95.6% for Younger Retirees ages 61-75 agree (+1.8 versus 2022; +2.3 versus 2021)
    o 96.8% for Older Retirees over 75 years of age agree (+0.9 versus 2022; +2.8 versus 2021)
    o 92.5% for Families / Worker agree (-1.0 versus 2022; +4.2 versus 2021)

A deeper dive into responses to questions dealing with such topics as fees/assessments, activities, Board of Director responsiveness, volunteering and willingness to promote the community’s assets to others considering a move can be had from the following results:

2023-Topline-Survey-Report-Final-PDF-December-

Resident survey shows huge approval rating

The recent Ford’s Colony resident survey returned an impressive 95-percent satisfaction rating among those who submitted responses to the survey.

Homeowners Association president Roy C. Madsen in a letter to residents wrote that “satisfaction at such a high level while continuing to have the lowest assessments of the large HOAs in Williamsburg defines (Ford’s Colony) as a premier community.”

The letter also noted the advancing progress with the Architectural Review Committee of three developments with impact on Ford’s Colony — possibly the last as the community is nearly built out:

  • Country Club Villas (37 condominiums)
  • Marsh Hawk Villas (22 townhomes next to the first hole of Marsh Hawk golf course)
  • the Parke at Westport (14 lots being developed by Eagle Construction)

As fall arrives, it’s still a seller’s market

Even though activity in the housing market has slowed from the frenzy of the so-called “unicorn years,” it’s still a seller’s market because the supply of homes for sale is so low. But what does that really mean for you — and why are conditions so good if you want to sell your house?

The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Housing inventory is measured by the number of available homes on the market. It’s also measured by months’ supply, meaning the number of months it would take to sell all those available homes based on current demand. In a balanced market, there’s usually about a six-month supply. Today, we have only about 3 months’ supply of homes at the current sales pace (see graph below).

In Ford’s Colony, that number was 1.4 months supply at the end of the second quarter in June.

As the visual shows, given the current inventory of homes, it’s still a seller’s market.

Today, we’re nowhere near what’s considered a balanced market. In fact, the current months’ supply is half of what’s typical of a normal market. That means there just aren’t enough homes to go around based on today’s buyer demand.

As Lawrence Yun, Chief Economist for NAR, says:

“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”

How Does Being in a Seller’s Market Benefit You?

These conditions give sellers a real edge. Right now, there are buyers who are ready, willing, and able to purchase a home. And, because there’s a shortage of homes up for sale, the ones that do hit the market are like magnets for those buyers.

If you work with me to list your home right now — in good condition and properly priced — it could get a lot of attention, particularly if listed at or below $750,000.

Bottom Line

Today’s seller’s market sets you up with a big advantage when you sell your house. Because supply is so low, your house will be in the spotlight for motivated buyers who are craving more options. Please call or text me so we can discuss current conditions in Ford’s Colony as you get ready to enter the market.

Price drop on this fantastic Westport home

4700 Locklomond

5 bedrooms 3.1 baths, 5,987 square feet

Offered at $1,199,000

Wow! A $200,000 price reduction makes 4700 Locklomond one of the most attractive available properties in Ford’s Colony.

Located in the sought-after WESTPORT section of the community, 4700 Locklomond is a custom-built, all-brick home that has been gently lived in for less than a year.

It is set on a 3.46-acre wooded lot, features an open floor plan and includes an elevator, a FOUR-CAR garage, a whole-house generator, a tankless water heater and amazing natural light throughout.

Please click here for more information on this amazing home, and click here to take the 3D Matterport tour, complete with floor plan rendering. Call or text me at 757-503-1999 to schedule your personal tour of 4700 Locklomond.

Market Watch ’23 draws record crowd

I want to say a heartfelt “thank you!” to everyone who turned out for my annual “State of the Ford’s Colony real estate market” event on Thursday at the country club.

We FILLED the room with approximately 70 people who showed up for a lively discussion about sales numbers from 2022, trends in the Ford’s Colony market, the outlook for ’23 and beyond, and other topics. It’s the best attendance we’ve had at one our seminars.

I especially appreciated the thoughtful question-and-answer session that truly demonstrated how engaged Ford’s Colony residents are in their community. It made for a very successful afternoon that I think was made better by our new 4 p.m. start time; we’ve held it earlier in the afternoon in the past, but I think folks appreciated the little later kickoff. If you couldn’t make it this year, I hope to see you next year!

As always, please contact me with any questions and comments about the Ford’s Colony market, and do let me know how I can help if you are considering a move.

Market Watch ’23

Refreshments on me!

I would love to have you join me for my annual Ford’s Colony “State of the Market” presentation, Thursday, Feb. 16, 4-6 p.m., in The Banquet Room at Ford’s Colony Country Club.

We will be discussing how the market has affected home sales and values in Ford’s Colony, the immediate market outlook and other topics related to Ford’s Colony real estate. Bring your questions!

Please RSVP at either of the following numbers/addresses by Feb. 13.

757-503-1999 | Deelyn@LizMoore.com

or 757-532-1661 | Christie@LizMoore.com

Hope to see you there, friends.

Invitation to State of the Market ’23

Please make plans to join me for my annual State of the Ford’s Colony Market real estate presentation, Thursday, Feb. 16, from 4-6 p.m. at the Ford’s Colony Country Club.

We will discuss trends in the market, the outlook and how current conditions have affected home values and sales. It is always an interesting and informative session!

I hope you can come with your questions and comments for me. Refreshments are complimentary. I ask that you please RSVP to either deelyn@lizmoore.com or christie@lizmoore.com by Monday, Feb. 13 to let us know you are coming.

Thank you!