Tag Archives: virginia real estate

2 Open Houses TOMORROW in beautiful Lake of the Woods, Virginia!!

Check out our 2 gorgeous open houses tomorrow, Saturday August 17th from 1PM – 3PM. (Click the address below for more information about the property)

119 Monticello Cir Priced at $329,900

812 Eastover PKWY Priced at $350,000

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

market stats 2018

July 2019 Monthly Statistics

In Lake of the Woods for July, 2019 the statistics are as follows: A total of 35 homes were sold, all of them were standard sales. 10 homes sold between $175-250K, 15 sold between $250-350K, and 10 sold for over $350,000.  Additionally, 5 lots were sold between $19,000 and $29,900.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

1472 Morris Pond Dr

Golf Course Home For Sale in Locust Grove’s Somerset Community Now Under Contract!!!

1472 MORRIS POND DR, LOCUST GROVE, VA 22508

Spectacular golf course home with views of the 11th hole yet still offering privacy, a well manicured lawn and 2 levels of finished living space PLUS an entire unfinished basement with bath rough-in. So many extra features make this home stand out such as the touch faucets, the tank-less hot water heater, and in line floor heaters. Wait until you see the spa-like master bath, the soaring ceilings in the main living area and so much more. This property has been well maintained with a new roof, all new floors, fresh paint, new appliances and more. It truly is like buying a brand new home! Don’t wait, this one won’t last long!

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

How To Save Money When Buying A Property in Virginia

Whether you’re buying residential or commercial real estate, it is in your best interest to score the best deal. After all, that’s what negotiation tactics and offers are for. These days, there’s an increase in second-home purchases throughout the whole nation, but especially in Virginia. This means that by buying a property in Virginia you are also making a great financial investment. With homes that can meet a wide range of budgets, you are diving into a pool of opportunities – but how to know which is the right one? Don’t worry, we’ve got you covered – use the tips below the maximize your investment and save money along the way.

Buying a property in Virginia starts online

Nowadays, searches of any kind begin on the internet. In the end, isn’t that how you ended up on this page? There’s no doubt that buying property is a financial reality check. From fees and interest rates to the mortgage process, you need to research each step before making the final decision. Gather any property information you can on the property market. Housing apps and property listing sites like Zillow and Tulia will get you an idea of the market so they are worth checking out.  Who knows, maybe you’ll find what you’re looking for sooner than you anticipated?

Found a potential buy but want to dig deeper? Then you’ll be glad to know that there are various research tools at your disposal. Before buying a property in Virginia, check the Multiple Listing Service database to find zoning, maps, and ownership. On Tulia, you have extra features where you can find out about school and crime statistics or median home values for a specific area. Google away!

google search on the topic of buying a property in Virginia

Hire a real estate agent

If you’re a first-time buyer, chances are you don’t know home buying terminology or the overall process. Unfortunately, the Internet can only do so much. In the end, it’s always best to place your trust in someone who has much more experience in the trade. A good real estate agent will save you not only money but time and nerves as well. In this way, you won’t have to be tangled up in the process as much, as your agent will ensure it goes smoothly.  

Realtors can also help you find other professionals who will assist you in the home buying process, like mortgage brokers and home inspectors. They can even refer you to good moving companies like Premium Q Moving and Storage Boston that will help you during the moving phase. The question is – how do you find a good realtor? It’s best to stay off the internet and ask for referrals from people you trust. If this is not an option, check customer reviews of real estate agents on property listing sites. Don’t forget to check if they are licensed at the Virginia Department of Professional and Occupational Regulation License Search.

Get Loan Quotes from Multiple Lenders

A word of advice: Do not accept the first offer that your mortgage lender makes! Interest rates will vary, as different lenders may quote you different prices. For example, the average 30-year mortgage rate in Virginia is currently 4.14%. However, it can vary more than half a percent, which translates to around 60$ a month – you do the math. That’s why it’s recommended you get loan quotes from at least 3-4 different mortgage companies when buying a property in Virginia. Be aware that lenders charge various other fees for processing a mortgage, loan origination fee, loan application fees, etc. You will be able to see exactly what you’re paying for in the loan estimate, so use it to help you negotiate lower fees and rates. If you’re buying a house, choose one of Virginia first-time homebuyers program. These programs are designed to help you and lighten your financial burden.

wooden house toy and coins

Pick timing and location wisely

Let’s say you want to buy a vacation home in Virginia. Now, predicting the market isn’t easy. But what if you could save thousands of dollars if you knew when exactly to buy it? If you don’t rush and are flexible enough, the best way to save money on a good deal is to buy property around the holidays or in January. Most people selling their homes at that time are doing so only because it’s urgent. With the right negotiation tactic, you can use this to your advantage and lower the price.

Another one of great strategies for house hunting is picking the location. If you’re planning to purchase property in the northern part of Virginia, you need to act quickly. Since this is the most populated region of the state, you’ll have more competition which means the prices will increase. On the other hand, you can pick more affordable places. Houses in Richmond or Portsmouth tend to be below the median value for properties in the state – check them out!

a house in Virginia

Negotiate for the Best Possible Price

All the advice in the world will be for nothing if this part of the process isn’t done correctly. When it comes to negotiations, you either make it or break it, so it’s best to let your real estate agent do the talking. Since he has an understanding of the property market, he’ll be able to point out all the shortcomings that you might not have noticed.   Also, have him help you write your offer letter. It’s important that you personalize your interest in the house so that you stand out among other potential buyers. Don’t mention any of the shortcomings, as it can only be a deal-breaker. Instead, try to appeal to the seller by mentioning the particulars that you know about him. For example, is that his childhood home? Then make a connection and comment on how great your kids would have it growing up there too.

In conclusion, buying a property in Virginia is a great financial investment if you buy it for the right price. Getting that price, however, depends on many factors. Trust in the expertise of your real estate agent to get you through the process and you’ll soon be enjoying in your new Virginia home!

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

Mortgage 101: What To Know Before You Apply

Everybody loves talking about mortgages. They’re fun, easy to understand, and a great icebreaker, right?….Wrong. Thanks to their lengthy process, technical jargon, and confusing options, mortgages have a bit of an intimidating reputation—but it doesn’t have to be that way!

If you’re in the process of buying a new home and dreading the mortgage application process, here’s what you need to know to keep things running smoothly. 

Know How Much You Can Spend

A person holding up money.

If you’re feeling antsy about getting started and want a general idea of how much loan you might qualify for, consider the 28/36 rule, or the Debt-to-Income ratio—AKA what most lenders use to help calculate your mortgage. 

Essentially, the 28/36 rule means that your monthly mortgage payment shouldn’t be more than 28% of your gross income. Additionally, your outstanding debts—like mortgage, car loans, student loans—shouldn’t account for more than 36% of your gross income.

Get Your Finances in Order

Statistics on a laptop.

Not seeing the numbers you were hoping for after calculating your Debt-to-Income ratio? Then, hopefully, you’ve given yourself a little time to shift things in your favor. Paying off loans, improving your credit score, avoiding big purchases—these will all help you change those numbers. 

Of course, completing those tasks is a little harder to do in practice than in theory, so you may have to take a look at your budget and see where you can cut out some extras—at least temporarily!

What You’ll Need to Apply

 

Paperwork.

In the weeks before you plan on applying for a mortgage, you should start collecting all of the documents you need. Since a lender will be telling you exactly how much money they’re willing to loan, they’ll need a comprehensive understanding of your finances beforehand. Start gathering things like:

  • W2s/tax returns
  • Photo ID
  • Your two most recent pay stubs
  • Current and prior addresses
  • Asset information (retirement funds, 401(k), stocks and bonds, other investments) 
  • Gift letters

Depending on the lender you choose, you may need additional documents, so consider calling in to double-check beforehand. 

Find the Right Mortgage

Three women pointing at a laptop.

Once it’s time to start thinking more concretely about applying for a mortgage, you have several options to consider. While all the mortgage options out there could easily fill a whole blog post on their own, here’s a quick rundown to give you a general idea:

  • Conventional/Fixed-rate:  The interest rate of a fixed-rate loan won’t change over time, making it a popular choice for its predictability. Conventional loans typically require a 20% down payment or mortgage insurance for smaller down payments.
  • Adjustable-rate: The interest rate of adjustable-rate mortgage will fluctuate over time, sometimes lower than fixed-rate, sometimes higher. There is a cap in place so the rate doesn’t get too out of control, but ARMs are typically more popular with those who plan to refinance.
  • FHA: If you are struggling to come up with a down payment, you may have options with an FHA mortgage. Provided by the Federal Housing Administration, these loans come with a low down payment requirement and built-in mortgage insurance.
  • USDA: Live in a rural area? Then check out your USDA eligibility! A surprising amount of areas qualify for USDA loans, even if you aren’t living in the countryside. Plus, USDA loans don’t require a down payment and offer lower insurance premiums.

These aren’t the only options you’ll have, just the most common. If none of these sound right or you aren’t sure which to choose, just ask your lender!

Choose the Right Lender

When it comes time to decide who to work with, you’ll have to do your research. Each lender is different, meaning they’ll likely offer you different rates, charges, and loan options. 

Luckily, we’ve been working in real estate around the area for years, so we know exactly which lenders are right for which buyers. If you need a few suggestions before you kick off your search, just let us know! 

Still Have Questions?

That’s okay—we get it. Applying for mortgage is confusing and challenging, especially if it’s your first time. If you have any questions about the process, we’re here to help. 

Ready to start looking at a few homes in your price range? We can help with that, too! Check out our specialized search tool to narrow down your options, and give us a call to start seeing a few in person!

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

market stats 2018

June 2019 Lake of the Woods Market Statistics

63 Active Homes for Sale 
56 Homes Under Contract 
163 Homes Sold since January 1, 2019.

(Data as of July 29, 2019)

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

open house general

Open House Waterfront Extravaganza in Amenity-Rich, Lake of the Woods, Virginia!!

Check out our 3 featured waterfront open houses this weekend – Saturday, August 3rd from 12PM – 2PM. (Click the address below for more information about the property)

111 Boxwood Trail priced at $699,000

128 Harrison Cir offered at $534,900

and 542 Harrison Cir that was recently reduced to $625,000!

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

a woman with question marks around her head because she is asking herself if buying real estate in Virginia is a good investment

Is Buying Real Estate A Good Investment?

Money investment is always a serious endeavor. It takes doing some serious calculations, thinking and analysis to be able to make the right and final decision. Bringing the whole process to the end successfully is highly rewarding. A smart investment, by all means, is the one that brings a return on the investment – be it a genuine joy or certain financial gain. Bearing in mind all these facts, is buying real estate in Virginia a good investment? We can provide you with vital facts on the subject. Then, take your time to deal with the dilemma and finally decide.

Things to know before considering buying real estate in Virginia as an investment

It is a well-known fact that Virginia is the promised land for nature and history lovers. Living among those mostly highly-educated and friendly people is a real pleasure. Should you want to rest and relax, the opportunities are ample to have a day trip or an excursion with your family. You will not miss job opportunities either. If you already live in this state, you might want to consider your options in other counties or cities as well.

Virginia is the promised land for nature and history lovers. Alt.tag: a part of the West Virginia scenery

So, before you start seeking professional assistance for your local relocation in Virginia or even organizing a long-distance move after purchasing real estate there, here are the facts of key importance to pay attention to. 

High standard and the matching cost of living

Whether we like or not, finances are among the most important factors when choosing where to live. If you are considering purchasing real estate in Virginia, it is essential to know that the cost of living is relatively high. Understandably, the costs vary depending on the area, but it is impossible not to admit that cities in some counties are very expensive to live in. On the other hand, considering the number of perks Virginia offers to its residents, one would say that moving there is worth considering nevertheless.

To rent or to buy?

To buy we say. The prices of rent are considerably high. Regardless of the type of residence and the area, rent in Virginia is well above the national average. Thus, we would agree that buying real estate in Virginia is an intelligent choice. Depending on the city you choose, you can expect to pay anything between $220,000 and $850,000 for a decent home. This wide range proves that you can find a favorable option for any budget. Even if you have to downsize a bit in the beginning, this is not a reason to worry since you can find affordable storage units easily.

Figure 3 We say buying real estate in Virginia is a good investment. Alt.tag: a person showing a thumb up for buying real estate in Virginia

The population is on the increase

Yes, and it is getting very diverse. Multiculturalism in the state makes people tolerant of differences and a nice place to live. You will get used to your new home location in no time, and maybe consider buying a vacation home in Virginia as well.

Traffic may spoil the fun

We have to admit that traffic in Virginia can be really heavy. Hence, considerably lower gas prices when compared to the national average do not matter much. Commute time is 28.2 minutes on the average, which is slightly longer. If you opt for using public transportation, you can get a pass for the unlimited number of rides in 30 days. It costs around $60. However, minors, seniors and the disabled pay only $35.

A word or two on taxes

Income tax in Virginia is within the range of 2% to 5.75%, unlike the property taxes which are below the average national value. They range between 0.42% and 1.37%. If you are preparing for retirement, you will like to hear that Virginia is a retirement tax-friendly country. Finally, the sales tax is between 5.3% and 7%, depending on the county.

Healthcare

As is the case with the above-mentioned parameters, the median healthcare price also varies greatly throughout Virginia. It can be up to 2% lower than the national average, or be as much as 14% higher. Generally, the bigger the city the higher the prices.

Timing matters

When considering buying real estate in Virginia as an investment, timing is an important factor. It affects both the price and the number of properties on the market. So, if you want to make a good investment, remember this. If you want to have an immense number of options, spring is the best time. This period is characterized by increased supply and a lot of choices. On the other hand, if you have a limited budget, consider conducting the purchase in summer. The prices tend to be lower and more affordable due to summer holidays and less serious demand. Anything later than this goes with certain hazard. You risk not finding the real estate of the quality you need and want.

Where to buy real estate in Virginia?

Once you decide purchasing real estate in Virginia is what you really want, choosing where to invest is the next dilemma. Most often, buyers choose Arlington, Richmond, Virginia Beach, Falls Church, Norfolk, Williamsburg, and Chantilly. Make a list of your needs, wants, and priorities and choose accordingly. In case you realize you have made a mistake, study the tips for marketing your home to millennials or target any other group, and sell the property. Hence, you will have a chance to find something more appropriate and invest again. We must admit the whole process is challenging indeed, but it is not unachievable.

Figure 4 Arlington is a city worth considering when buying real estate in Virginia. Alt.tag: a view of Arlington

Buying real estate in Virginia – how to do it right?

Buying real estate in Virginia requires professional assistance. Having a real estate agent by your side in the process will save you a lot of trouble. Moreover, it will significantly reduce the risk of making a costly mistake of buying a property of low quality or even dealing with fraudulent sellers. An experienced and knowledgeable agent can help you with getting a mortgage, obtaining the necessary insurance and going through the settlement process smoothly. Then, after signing the contract of sale, you can get down the most important things to do after buying a home. At the end of the day, it turns out that buying real estate in Virginia is a good investment indeed.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

Houses in line on a shore

Why buying a Vacation home in Virginia is a Great Investment

Thinking about investing in property, or how nice it would be to vacation at your own beach house instead of renting one? Recently, the economy has led to an increase in second-home purchases, nationwide. Especially in the state of Virginia. When buying a vacation home in Virginia, you’re making one of the few investments that offer both financial and personal rewards. The best thing when purchasing a vacation home is that you don’t have to be rich to pull it off. This investment allows you to diversify your income, plan for retirement, take a vacation without extra costs, and maybe even build wealth. You need to set your goals before buying a second home. Weigh out the pros and cons, and once you’re clear on why you want to buy it, you can focus your search and match it with your priorities.

Advantages of buying a vacation home in Virginia

No matter which part of society you belong to, whether you are a retiree who is seeking to escape city life or a beach lover who wants to live in a sunny state like California or Florida, you have the option of buying a home. Whether you’re looking to buy a property as a vacation home for summers or winters or just looking for an investment property to rent out, there are homes that can meet a wide range of budgets.

Long-term profits

Today, people are starting to value short term over long term profit, because earnings are more significant when repeated many times over a short period. Luckily for you, vacation properties have retained their value because they are located in areas which are still popular. Because the mountains and shorelines are limited, there is a finite number of houses which can be built. That holds the price when it comes to vacation properties.  

Real estate has always had its ups and downs, and will likely continue to have them in the future. Therefore, keep in mind that there is no guarantee that your second home will sell for a higher price in the future.

Pile of fifty euro Banknotes

Vacation properties have retained their value, so renting it is a good choice

Taxes

When buying a vacation home in Virginia, think about tax deductions and how you want to use your property. Will that be a home for rent, or will it only be for personal enjoyment? Many people prefer not to rent their second home because if they did, the interest on the mortgage and the property taxes would be fully deductible from the gross income. This mortgage can be treated the same way you are treating the mortgage on your primary residence.

Income

A great thing about buying a vacation home in Virginia is that you can decide to rent it out. You can always use it yourself. Whether you are renting it or just personally using the property, you are going to have to invest in it. Furnishing a house requests a certain amount of money, but renting afterward can help you return at least a part of it. You have the option to move things from your family home to a vacation home, this way you can redesign your home. Moving your household with professional help is your best option for a stress-free move. Once you have furnished your vacation home, you can start renting it out.

Rental fees differ from season to season. Another important factor is the popularity of the resort location. For most resorts, weekly rental fees are equal to or greater than the monthly mortgage payment.

Convenience

Buying a vacation home in Virginia can be really convenient. You have the option to keep the items that you exclusively use there in your vacation home, which simplifies travel and packing. If you and your family like to ski, you can store some of your winter clothes and ski equipment in your vacation home. This allows you to easily make spontaneous trips for a weekend of skiing without having to worry about packing.

Retirement

The goal most retirees strive for is to have a place of retreat for the times of the year they dislike spending in the primary residence. Buying a vacation home in Virginia is a great investment for those people. You would be one of the lucky ones if you buy a second home before retirement. You then have the time to experience the benefits of a refuge. If it turns out that wasn’t your dream, you also have time to correct the mistake and maybe sell it.

Gathering location

Memories are the one thing no one can take away from us, and places stir memories in people. Both big and small families enjoy annual gatherings. Building a tradition keeps families strong and in some way obligates them to see each other, even for one day. Buying a vacation home in Virginia will not only be an investment for your future, but also an investment for the beautiful memories you’ve created in the past. The annual gatherings keep families close, especially if people are all over the country.

People stand under an awning

You can’t put a price on the memories – especially a home that has been a site of many happy gatherings.

Some people struggle whether to buy a vacation home or not, even when the finances are acceptable. Some of the questions they encounter are:

·      Do I want to vacation in the same place every year?

·      Will this make me happy?

·      Can I handle renting the property to a stranger?

·      Will I come as often as I hope?

·      Will my kids and grandkids use this property once I am gone?

Question mark illustration

Some people struggle to decide whether to buy a vacation home or not

Buying a vacation home in Virginia is a long-term commitment. You need to be prepared if your dreams don’t come true because you could be stuck with high costs and responsibilities for years. For many buyers, dreams do come true, and the payoff is well worth it. Sometimes, you have to risk money to make money.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.