There’s goods news on the horizon in 2023 for home buyers and sellers
Look for shifts when it comes to home prices, inventory, and interest rates
Make a smart move by contacting us today to plan and strategize!
The COVID-19 pandemic ushered in an era of unprecedented milestones in the housing market. From the lowest interest rates in history to record amounts of equity, the last few years in the real estate market were anything but ordinary. However, as economies work on finding a middle ground, homebuyers and sellers can look forward to a much more familiar market in 2023. Let’s take a look at what we expect to see this year, so you can start thinking ahead to make your move.
Expect a bright spring for the national real estate market
The current inflationary pressures are expected to ease, especially by the spring of 2023. Millennials are continuing to enter the housing market—many for the first time. According to Bankrate, interest rates are forecast to come down nearly two percentage points from the recent high of 7.12% to a more standard 5.25% by the end of this year. This will help fuel movement among homebuyers. And, the recent string of the housing market favoring sellers will start to wane, as slight price adjustments and an increase in inventory bring balance.
What homebuyers can expect from this year’s market
Inflationary pressures are expected to ease, especially by the spring of 2023. Millennials are continuing to enter the housing market—many for the first time. Interest rates are expected to come down nearly two percentage points from the recent high of 7.12% to a more standard 5.25% by the end of this year, according to Bankrate. This will help fuel movement among homebuyers, who are also enjoying a strong job market. Despite high-profile layoffs (primarily in the technology sector) making the news, the overall unemployment rate is expected to stay at a low 3.6%.
What homesellers can expect from this year’s market
While the Fannie Mae Home Price Index (FNM-HPI) expects home prices to decline this year—it’s only by a modest 1.5%. While a “decline” can sound disappointing, since the COVID-19 pandemic in 2020, the median home listing price is up 27%, adding more than $9 trillion to the total value of the US housing market. And, despite the recent dip in home values, homeowners that purchased before February 2020 are still up an average of $92,000 in equity, according to real estate experts Black Knight. This provides homesellers with some flexibility in the listing price, allowing for a faster sale if you’re willing to price your home competitively. It’s important to keep the last several years in perspective in order to maximize those returns and put your investment to work for you.
Talk With Us About Your Real Estate Goals
While the real estate market is always in shift, ultimately, buying or selling a home is more about what’s right for your lifestyle each year. And with a more egalitarian market expected in 2023, both homebuyers and sellers can expect to make beneficial deals. The best way to get started is to contact us. Our team has experienced countless shifts in the market, and we’re backed by the latest data in your local area to help you find your dream 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 homeowners. 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 contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Learn more about 208 Fairfax including price, here. Learn more about 507 Cornwallis including price, here. Learn more about 218 Creekside including price, here. Learn more about 1011 Eastover including the price, here. Learn more about 300 Battlefield including price, here. Learn more about 631 Harrison including price, here. Learn more about the Lake of the Woods Community, here!
Outside of the Lake Open Houses:
Learn more about 13205 Fox Gate, Spotsylvania VA 22553 including price, here. Learn more about 5416 Silver Maple, Fredericksburg VA 22407 including price, here.
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, or Northern Virginia we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available properties, please visit our website licatagroup.com
Amazing location in the Falls at Lees Parke community, and absolutely priced to sell! Perfect, well kept home will not stay on the market long! Owners have replaced & upgraded everything! All door hardware, all flooring except hardwood in family room, new patio and steps, fenced yard, basement has full egress windows and rough in for full bathroom. Roof, HVAC, water heater, kitchen appliances are all less than 18 months old. Unfinished basement the size of the house with tons of potential! This is one not to miss!! Amenities include a community center, swimming pool, athletic courts, and 5 miles of walking trails. Community schools, Patriot Park and the Ron Rosner Spotsylvania Y. M. C. A. aquatics and fitness center are minutes away from Lee’s Parke. The Spotsylvania Virginia Railway Express commuter train station, Medical Campus are all near Lee’s Parke.
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Norther Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors 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 properties, please visit our website licatagroup.com
Welcome to 1230 Thomas Jefferson Place! A wonderfully maintained corner townhouse is full of bright windows for amazing natural lighting. The very bright kitchen features a bay window and spacious counter space. The living room has access to the quaint, private back deck to enjoy all the birds and wildlife. The upper level homes all three bedrooms and a full bath. Very roomy and quiet retreat spaces. Close to everything in south Stafford or near by little town of Fredericksburg, this well kept home is one not to miss!
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 homeowners. 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.
Welcome to 11 Basalt Drive! If you are looking for a home with private access to Lake Moony, this is the one! Gorgeous hardwood floors throughout this 5 bedroom home. Full of natural light, you will breeze through each room with ease. This home has room to spare, from the large bedrooms, to the basement rec room, to the backyard where you can take in all the wonder nature provides. Comfortable and sizeable, your family & friends will love making memories with you. The full basement with a kitchenette has a walk-out to the expansive backyard on the beautiful stone pathway as you make your way to the lake. Lake life here couldn’t be better! This one is sure to go FAST!
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 homeowners. 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.
Perfect downtown location across from Old Mill Park. Just over a mile down the road to the commuter rail, across the street from the Fredericksburg Foot Trail. This charming home is looking for new owners, fenced in rear yard, driveway and street side parking are available.
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 homeowners. 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.
Even in a seller’s market, you may still need to reduce your price
Consider if you’ve tried everything else before a price reduction
Make sure to seek the advice of your trusted realtor–we’ve seen it all before!
Even in a competitive seller’s market like the one we’re in right now, listing your home for the right price is key. Don’t count on a bidding war happening to get the price you want! Let’s take a look at what you should do before listing your home, indicators that your home is priced too high, and the strategies you can use to make the price right.
How Do I Figure Out the Right Price?
When home prices are rising quickly, low appraisals can affect your listing price. With year-over-year home prices up 17% on average nationwide in 2021—with some markets seeing as much as 35% increases—the appraisal you receive may not reflect other recent asking prices in your area.
Your experienced real estate agent will use data from the local MLS and consider other homes in your neighborhood and what they sold for recently. They’ll also consider tax data, your property’s previous sale price, and even micro market trends. Working with an agent in such a fluid, dynamic market is essential to getting the price right.
Since your largest pool of buyers often finds your home within the first 21 days of listing, try to list your home at the right price from the start. If you’re not seeing the offers you thought you would, make an adjustment quickly before the initial interest fades away.
If the first week of listing your home isn’t resulting in offers, especially in a market this hot, that’s a red flag your home is overpriced. However, if you’re getting offers, and they just aren’t meeting your listing price, it’s a good sign you’re in line with the market and may need a small decrease.
How Do I Know When to Lower the Price?
It’s exciting to list your home in such a historic market, but moving too fast and forgetting the basics can hurt your chances of success. Work with your real estate agent to market your home. This includes cleaning and decluttering your home, staging rooms, taking attractive photos, and communicating the value of the property in the listing.
Rely on the most recent data to find the sweet spot for price. You’ll want to consider homes recently sold within a mile or two of your home, especially ones with the same number of bedrooms and bathrooms and square footage within 20% of your home that closed within the last 90 days.
If all of that is said and done and you’re not receiving any offers, you may need to lower the price. Even in a seller’s market, selling over asking or enjoying a bidding war for a higher price is not guaranteed. Make sure you know the lowest price you’re willing to accept before you list your home, so making a change won’t feel like taking a loss.
When it comes to finding the new price, there are a few things to consider. While the general advice is to lower anywhere from 0.5% to upwards of 3%, you also want to pay attention to your price bracket and what buyers are searching for. If lowering your price brings you down from $410,000 to $398,000, that will open up your home to a new pool of buyers searching for homes under $400,000.
Price Your Home Right from the Start
Real estate is a continual learning process, and it takes effort to figure out the right price. That’s why you should work with our experienced, trusted team to get started out right! Contact us today to find the true value of your home based on the most recent, up-to-date, micro-economic data available. Our team is here to help you sell your home for top dollar.
We all hope for a career that will take us places. Sometimes that could be Orange County, Virginia. Exciting as that is, packing up your life and moving your family can also be stressful — after all, there are a lot of things you’ll need to organize and plan for.
A relocation package from your employers can help, but the rest is up to you. A checklist can be an invaluable tool to keep you on top of things. The Licata Group presents some key tasks you’ll need to remember to make your career relocation easy, beginning up to two months before your moving date.
Visit Your New Hometown
While it’s good to know what to expect, a visit to your new location and office can also offer insight on what to prepare for. It also offers a great opportunity to connect with your new colleagues, who can probably offer invaluable advice for your move. If you have children, you may also be looking to scout out new schools before your move. A visit beforehand can give you an idea of which area you want to search for accommodation.
Plan Your Finances
With a new salary, you might not expect to find a change in their cost of living, so it’s always good to be prepared before relocating. Websites such as Payscale can help you compare the costs of supermarket goods, restaurants, gas, and medical bills.
Message boards and Facebook groups are also a great place to get unbiased and up-to-date information from fellow residents (and to make friends with your potential neighbors).
If you need to sign up for a new banking service, make sure you have an easy way to access and transfer your current funds.
Secure Your New Home
Whether you’re relocating for a set period of time or for the unforeseeable future, it is advisable to consider renting a house before purchasing one so that you have the chance to familiarize yourself with the environment and other housing options.
Schedule the Move
If you need to buy airplane tickets for you and your family, buying tickets ahead of time is still the cheapest option for tickets. Depending on how many belongings you’ll be taking, you may also need to book a reputable moving company available on your moving date. Compare moving companies to see which fits within your budget and provides the most suitable insurance coverage options to protect your belongings.
Save all your travel and moving receipts in one handy location, such as a Google Drive, particularly if you will be claiming reimbursement from your employer.
Personalize Your Checklist
Use this information to compile your own checklist that includes important dates and information. Don’t be afraid to ask for advice and use services that can help you find the home of your dreams in Lake of the Woods. After all, it’s not your career that takes you places — it’s all you.
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 homeowners. 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.
First-time home-sellers need an accurate value before listing.
Sellers need to make smart choices on repairs and staging.
Offers are evaluated on multiple factors, not just price.
The three most common questions first-time sellers ask our real estate team.
It’s common to be overwhelmed by the number of questions you inevitably run into when you’re selling your home. Does the doorbell work? Are the exterior colors suitable for today’s market? Am I getting what my home is worth? From marketing the house to negotiating a fair market price and making repairs, here are some of the most common questions sellers ask us and some helpful strategies you can utilize when selling your home.
Question 1: How do I know what my home is worth?
Ultimately, a home is worth what someone will pay for it. However, there are three values attributed to any home currently on the market:
What the seller thinks it’s worth.
What the buyer assumes it’s worth.
What a professional appraiser will think it’s worth.
One of the most critical aspects of selling your home is quickly getting those three numbers to align. Most real estate agents freely perform a comparative market analysis of home values to establish a property’s value to determine a selling price. They look at factors such as square footage, construction quality, condition of the home and neighborhood, design, and floor plan, plus all of the neighborhood’s features, like transportation availability, nearby shopping, and area schools.
Question 2: How do I get my home ready to sell?
Nearly all home purchase contracts include an inspection clause. This term is a buyer contingency that allows buyers to back out of the deal if numerous defects present themselves or negotiate their repair.
The trick to getting your home ready for the market is not to overspend on pre-sale improvements, especially if few houses are on the market with many buyers willing to pay almost any price. On the other hand, making such investments is the only way to stage and sell your house, even in a market that favors sellers.
Here are some quick highlights of expected home improvements and staging tips that every homeowner should have on their checklist going into negotiations:
Make sure that your roof is up-to-date; this will get you the highest return on your investment.
Fix any maintenance issues, such as leaks, plumbing problems, drafts, rusty areas, squeaky floorboards, mold, or mildew well before buyers can find them.
Applying a fresh coat of paint will make rooms look brand-new!
Polishing lighting fixtures and upgrading light bulbs is an inexpensive way to make a home look newer and brighter.
Less clutter helps a home look larger inside, so remove extra objects or furniture to give your home a more spacious feel.
Question 3: How do I pick the right offer on my home?
While seeing a bid over-asking price will make your heart race, it’s best to take a deep breath and consider the whole picture. Buyers include contingencies, like inspection, financing, and appraisal, in their offers. The fewer contingencies, the better it is for the seller.
You can consider an all-cash offer to eliminate the risk of contingencies. Anywhere from a quarter to a third of home sales now are cash offers, depending on the market, so this is more common than you may think!
What’s your next step after your home sells? The closing timeline can influence choosing your best offer—perhaps you’re in a hurry to move into your new place, or you need some extra time to finish packing. There’s always a lot to consider, and each seller’s needs are different.
The ultimate question: what are my net proceeds?
Because the real estate market is continually changing, and market fluctuations affect property values, your list price, sale price, and closing costs must be based on the most recent comparable sales in your neighborhood. To find out the current value of your home, contact our team today! Selling your home is a team effort that yields more success with the help of the most qualified and skilled realtors.
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 homeowners. 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.
In today’s hot market, it’s more important than ever to choose the right agent to help you buy or sell a home.
Real estate agents don’t just offer local expertise—their insider knowledge and marketing prowess come in handy, too.
Thinking about making a move in the new year? Contact us to start planning now!
Here Are the Top 10 Qualities Every Successful Real Estate Agent Should Have
Did you know that 75% of buyers and sellers work with the first agent they meet? It’s true—but that doesn’t mean it’s the best decision. If you want to come out on top in today’s competitive market, experts often recommend interviewing a few candidates before settling on the right real estate professional for the job. And if you’re not sure where to start, we’ve outlined 10 qualities of a highly successful agent.
They keep up with the latest sold data
Whether you’re buying or selling a home, you’ll want to keep up with the latest sold data for your neighborhood of choice. Sold data reports consist of homes that recently sold in your area, as well as their final prices. Not only do these numbers help sellers determine an accurate list price, but they can also be used by buyers to gauge an area’s affordability. A top-notch agent should be willing to provide you with up-to-date data every step of the way.
They know what’s happening in the real estate market
It’s hard to know what the real estate market will look like next year. But with careful forecasting, a local agent should be able to provide some valuable insight. Agents can educate buyers and sellers on everything from price fluctuations to mortgage rates—just make sure they’re using accurate data to back up their predictions.
They’re social media savvy
Nowadays, home-buying and selling primarily happens on the internet. According to recent research, over 95% of buyers start searching for properties online, which makes it imperative that agents maintain an active presence on their social platforms. Be sure to ask your agent about the virtual tools they offer buyers and sellers, such as access to the MLS, social media promotion, and paid advertising. Bonus points if they have their own website, too!
They have a network of contacts
When it comes to buying or selling a home, it truly takes a village. A well-connected agent can refer you to their network of local contacts, such as plumbers, landscapers, lawyers, and so much more. You’ll rest easy knowing that you can trust their recommendations for local service providers!
Their referrals are positive
If an agent provides legendary customer service, their past clients are more than willing to leave positive feedback—or even refer them to their loved ones! Ask your potential agent about their reviews, or take a look online to see what previous buyers and sellers have to say about working with them.
They’re punctual
This one should be a given! The current real estate market moves faster than ever before, which makes punctuality an even more important quality than usual. If your agent is on-time (or early!) to your appointments, you’ll know they’re treating you like a priority.
It’s easy to get in touch
Keeping in touch is key when it comes to real estate, so you’ll want to share the same method of communication as your agent. Tell your agent from the beginning whether you prefer to text, email, or talk on the phone. Not responding in a timely manner is a big red flag.
They’re shrewd negotiators
Buyers and sellers alike should look for an agent with top-notch negotiation skills to get them the best possible price. And if you want to evaluate a real estate agent’s prowess, just ask yourself this question: how well did they negotiate with you to win your business?
They’ve built their own brand
Real estate agents don’t just help you buy or sell a home—they need to be expert marketers on both sides of the transaction. Solid branding can help agents rise to the top of the competition and build a reputation that people rely on, trust, and recognize. Exploring an agent’s social media and website can give you a good idea of their personal branding strategies.
You get along with them
When you’re trusting someone with one of your biggest investments, it’s crucial to get along on both a professional and personal level. If you can’t have difficult conversations with your agent—or if you don’t get along with them—consider going with another candidate. Personality can sometimes trump experience!
Find the Right Agent for Your Move
Ready to start planning your 2022 move? Now is the time to find the perfect agent for the job! Contact us today to learn more about what we bring to the table, or explore our other resources to get a head start on buying or selling. We’re always here to offer superior service throughout every step of the transaction!
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 homeowners. 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.
